Scapa Share Discussion Threads

[cockneyrebel] 21/4/2011 11:29

You're as late as ever trendfloor lol - but not too late.

If anyone has had a look at the sales growth in H1 (up 13% @ 98m) then it's plain to see that th broker forecasts of £192m sales this year are not very testing at all. Having done 1.2p eps in H1 then 2.7p now forecast looks easy peasy and they have scope for big tax credits from all those past losses too.

All in all the 3.5p and 3.6p eps forecasts for the coming year looks conservative and probably because the year end results aren't out yet.

£18m net cash. Shares are just 38p netting off the cash - very cheap consindering the sales and earnings growth here imo and the scope to double margins imo.

CR

[mechanical trader] 21/4/2011 10:13

Nice to see the Brokers all with BUY recommendations...... forward P/E of just over 12 going into 2012 far too cheap imo. Look at the NAV per share aswel, 36.4p. at 2010!!!!!

Scapa Group PLC

FORECASTS 2011 2012
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Brewin Dolphin
19-04-11 BUY 5.60 2.70 7.00 3.50
Arden Partners
15-04-11 BUY 5.60 2.70 7.30 3.60
Cenkos Securities
13-04-11 BUY

2011 2012
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Consensus 5.60 2.70 7.15 3.55
1 Month Change 0.82 0.36 1.35 0.71
3 Month Change 0.79 0.35 1.32 0.70


GROWTH
2010 (A) 2011 (E) 2012 (E)

Norm. EPS % % 31.44%
DPS % % %

INVESTMENT RATIOS
2010 (A) 2011 (E) 2012 (E)

EBITDA £-13.80m £13.20m £14.70m
EBIT £-18.70m £m £m
Dividend Yield 0.00% % %
Dividend Cover x x x
PER -3.27x 16.67x 12.68x
PEG f f 0.40f
Net Asset Value PS 36.34p p p

[mechanical trader] 21/4/2011 10:01

Recent Killik view.........


This morning, Scapa (SCPA.L, 42p) the global supplier of bonding systems and solutions, issued a brief trading update2 for
the year ended March 2011. The group has reported a continuation of the momentum seen at the time of the interim results,
with operating profits significantly ahead of the same period last year and ahead of current market expectations. We remain
positively inclined on the shares, and believe that the medium-term EBIT margin targets set by the new management team (for an
increase in EBIT margin to c. 8% from c. 3.9% at present) are achievable, driven by an improved product mix towards higher-growth,
higher-value verticals (such as medical and electronics), improved pricing and the continued underlying cyclical recovery. The group
remains debt free, with strong operating cash flow, which has increased net cash reserves to £18.6m at the year-end (including the
£6.2m restricted cash deposit). Following the trading statement this morning, the market has upgraded EPS forecasts by c. 13% for
FY2011 and c. 23% for FY2012. On upgraded numbers the shares (at 42p) trade on an undemanding prospective P/E of 11.7x, with
c.30% of the current market cap backed by cash.

[cockneyrebel] 20/4/2011 22:11

Killiks say the co new management is targeting EBIT margins of 8% from the present 3.9% and they think that's achievable.

They are also growing sales strongly.

H1 last year 86.7m
H2 last year £90m

H1 this year £98m +12.9%

Rather exciting imo

CR

[choppa] 20/4/2011 20:18

Nice rise :-)

[cockneyrebel] 20/4/2011 14:56

47p for 4K ?

CR

[cockneyrebel] 20/4/2011 14:28

Looks it 5dally :-)

Cazenove just gone from 4% to 14% in that RNS?

CR

[5dally] 20/4/2011 14:10

Rise into prelims ? :-)

Next prelim announcement 26- May- 2011 C

[cockneyrebel] 20/4/2011 14:02

Nice buying - new highs.

CR

[cockneyrebel] 19/4/2011 18:54

over 1% of the co shares traded today.

CR

[cockneyrebel] 19/4/2011 11:09

Bit of voume again today.

I keep looking at these and they look so cheap - a lot of past tax losses here so that should keep the tax rate down going fwd imo.

CR

[cockneyrebel] 15/4/2011 11:09

Nice chunky trades at the Offer.

CR

[cockneyrebel] 15/4/2011 08:21

I see Arden have upped their forecasts already to 2.7p eps for the year done and 3.6p eps for the coming year.

£18m net cash and no debt means a share price of 30p with it strippped out.

Reckon those forecasts will be tweaked up more at the results in May too imo.

CR

[michaelmouse] 14/4/2011 20:21

Mentioned in my personal blog:-



Cheers.
Michael.

[5dally] 14/4/2011 10:24

Thanks for that CR :-)

[cockneyrebel] 14/4/2011 10:10

Brewin raise their target today from 41p to 50p.

CR

[cockneyrebel] 13/4/2011 18:54

Completely agree :-)

And made an eight year high today :-)

CR

[cockneyrebel] 13/4/2011 17:32

All you need to look at Frauddyboy - I can't read your posts as you know.

[ydderf] 13/4/2011 16:32

Crookney you're so fickle, you have just jilted one poor sucktress at the alta after declaring undying love (ALY) and now you are taking the hand of another....

there must be hundreds of abandoned pumps out there......your heart must be made of ice my friend...

[rumithepoet] 13/4/2011 15:23

Scapa Group recommendation by GCI

[cockneyrebel] 13/4/2011 11:12

These had £11m cash at the last year end - will now have £18m despite paying £4m into the pension.

They have generated £11m cash over the past year - has to tell you how well they are doing imo.

If someone wanted to buy this co at this price they could pay for it in two years with the additional cash generatred from the co - that is miles too cheap in anyone's book imo.

CR

[mmickyboy] 13/4/2011 10:53

Bonanza Grades

It is an AIM listed company so if my memory serves me correct any gains are tax free anyway if you hold your investment for 2 years. I know there are certain tax incentives for AIM listed companies.
May be worth checking out :-)

[yasx] 13/4/2011 09:02

All,

A brief but very robust statement. Exceeding expectations, and the price is now moving above the highs reached earlier this year.

A recent overhang despressed this for a while, but that appears to have cleared and after this statement we should expect demand from buyers going forward.

dyor - my view only.