Share Name Share Symbol Market Type Share ISIN Share Description
Alumasc Group Plc LSE:ALU London Ordinary Share GB0000280353 ORD 12.5P
  Price Change % Change Share Price Shares Traded Last Trade
  3.00 3.64% 85.50 18,290 12:05:27
Bid Price Offer Price High Price Low Price Open Price
84.00 87.00 85.50 82.50 82.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 98.41 5.37 12.00 7.1 31
Last Trade Time Trade Type Trade Size Trade Price Currency
12:05:28 O 5,319 84.00 GBX

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Date Time Title Posts
05/9/201922:58Alumasc - 2010543

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Alumasc Daily Update: Alumasc Group Plc is listed in the Construction & Materials sector of the London Stock Exchange with ticker ALU. The last closing price for Alumasc was 82.50p.
Alumasc Group Plc has a 4 week average price of 82.50p and a 12 week average price of 82.50p.
The 1 year high share price is 129.50p while the 1 year low share price is currently 82.50p.
There are currently 36,133,558 shares in issue and the average daily traded volume is 33,838 shares. The market capitalisation of Alumasc Group Plc is £30,894,192.09.
pvb: RNS Results:
the diddymen: The worst aspect of any pensions deficit is the cash contribution to fill the hole. This is cash that would otherwise be used to invest in the business or pay out as dividends. The share price drift over the last year will start to undermine confidence in the ability to sustain the dividend. The antidote would be a storming set of 2019 results, but we already know that they will be soft from the profits warning. A difficult time, but is it temporary or structural? TD
the diddymen: There is not much turnover in shares, but the trades that are happening are taking some shine off the price. That is the market. All it is, is a collective view. At what share price does ALU become a target?
pvb: Sale of Facades business:
pvb: "Alumasc, the premium building products group, will announce results for the year ended 30 June 2018 on Tuesday, 11 September 2018."
pvb: Trading statement. Oops!
pvb: Non executive director bought 20,000 shares on 20 March:
dan_the_epic: FWIW, I re-estimate a 5 bps swing in gilts (10 yr investment grade corporate sterling a useful benchmark) is about £0.75m swing in the deficit, or a couple of pence on the share price. Looking at the multiple attached to Alumasc, it certainly looks correlated to the pension deficit size. This used to trade at 12-13x earnings a couple of years ago. Now its on 7.2x cash adjusted 2018e. Of course, you can't just ignore the deficit, but one would have thought gilts are at the bottom of their cycle, and we all know that this is quality outfit. I fully expect long-term investors to be duly rewarded here in time. Finncap report out yesterday (Who are the most bearish brokers in terms of PT) and they have a retained 225p PT which is based off a multiple improvement to 9.4x on the back of stronger 2018e EPS of over 21p. They expect revenue to come in at £106m next year (remember to adj for scaffolding sale on the top line but not profitability as breaks even). I take a very sceptical view to any commissioned small cap research, but hard to fault any of their applied logic. Even adjusting that deficit into the EV calc and you get 9.6x adjusted PE on my calculations, again below the range from a couple of years ago, despite the business fundamentally having made great strides. Easy to forget the CEO bought a very decent chunk of stock (£90k IIRC) at around these prices earlier in the year. Happy to let this chug along for a merry while yet! P.S. Wilmdav - think you typo'd; you mean a reduction of 35%
wilmdav: Hi WCB I also hold. £20.6m is the yearly IAS19 deficit which has little relevance other than an effect on reported profit. Much more important is the triennial valuation of the scheme which now shows a deficit of £33m, requiring yearly supplementary contributions of £3.2m until the next such valuation. I deduct the supplementary contribution from pre-tax profit and recalculate an adjusted eps from there. In this case adjusted PTP is reduced from £9m to £5.8m, a reduction of 35%. Prospective eps for 2018 is currently 21.3p. If this is reduced by the same percentage it becomes 13.9p, thereby increasing the prospective p/e from 7.9 to 12.2, which would seem about right for company of ALU's credentials without a pension deficit. The share price was 169p when I did the calculation. My expectation is for Brexit worries to increase and gilt yields to remain low for a long time as a consequence. However the £3.2m contributions are virtually set for the next 2 years regardless. 08/09/17 Corrected PTP reduction to 35%. Previously shown incorrectly as 65%.
runthejoules: SHARES magazine Great Ideas: The market valuation attached to building products business Alumasc (ALU) does not reflect its earnings potential or inherent qualities. The market doesn’t appear to have picked up on the Kettering-based company’s transformation from an engineering conglomerate to a pure play on premium building products. The stock trades on 8.2 times forecast earnings for the year to June 2018 which looks far too low, in our opinion. RENEWED FOCUS It is not a perfect like-for-like comparison but Renew Holdings’ (RNWH:AIM) share price has increased six-fold in the last five years as the company shifted its focused from heavy construction to specialist engineering services. Its share price was also static for a while, but the re-rating was spectacular once investors realised how Renew’s business had changed. The same could apply to Alumasc. Great Ideas The last of Alumasc’s engineering-related businesses was sold in July 2016 with the £4m disposal of Dyson Diecastings. The focus is now on ‘fast flowing streams’ in the building products space. This encompasses a focus on sustainable products which help conserve energy and water and solutions which help constructors meet building regulations. The investment in these areas and an increase in marketing spend was rewarded by a 17% increase in first half revenue to £50.7m. Unfortunately, the impressive top-line growth was not replicated at the bottom-line. Adjusted pre-tax profit only nudged ahead 2% to £4.1m as rising input costs hit margins. The increase in costs can be attributed to sterling weakness and rising steel prices and although these have now largely been passed through, there was a lag which hit profitability. BUMPER ORDER BOOK A near-record £27.6m order book and the timing of completion on several large contracts underpins boss Paul Hooper’s confidence that margins can be rebuilt in the remainder of its current financial year. This could act as a positive catalyst for the share price. ALUMASC GROUP - Comparison Line Chart (Rebased to first) The company’s operations coalesce in four key areas: solar shading and screening; roofing and walling; water management; and housebuilding and ancillary products. The Levolux solar shading business and Gatic drainage systems arm are successfully winning orders overseas. Mainly driven by Levolux sales in the US, export revenue almost doubled to £7.5m in the six months to 31 December 2016. The niche focus and international expansion should help the company outperform the modest growth expected in UK construction in the coming months. Keep a close eye on the £33m pension deficit. Annual cash contributions of £3.2m didn’t prevent Alumasc from hiking its first half dividend by 5.6% to 2.85p. (TS) Alumasc (ALU) 174.5p Stop loss: 139.6p Market value: £63m
Alumasc share price data is direct from the London Stock Exchange
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