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Share Name Share Symbol Market Type Share ISIN Share Description
Anpario LSE:ANP London Ordinary Share GB00B3NWT178 ORD 23P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 325.00p 1,452 08:00:00
Bid Price Offer Price High Price Low Price Open Price
310.00p 340.00p 325.00p 325.00p 325.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Food Producers 29.24 3.40 14.66 22.2 75.3

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Date Time Title Posts
17/2/201920:58ANPARIO (formerly Kiotech)1,136
04/11/200810:58Appian Technology1

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Anpario (ANP) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2019-02-19 15:45:51335.90294987.55O
2019-02-19 13:10:24325.118502,763.44O
2019-02-19 12:31:38325.113081,001.34O
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Anpario (ANP) Top Chat Posts

Anpario Daily Update: Anpario is listed in the Food Producers sector of the London Stock Exchange with ticker ANP. The last closing price for Anpario was 325p.
Anpario has a 4 week average price of 305p and a 12 week average price of 305p.
The 1 year high share price is 515p while the 1 year low share price is currently 305p.
There are currently 23,160,173 shares in issue and the average daily traded volume is 12,454 shares. The market capitalisation of Anpario is £75,270,562.25.
tailgunner: More shares bought than a good margin.....this share price savaging is beginning to stink....maybe company quite happy... .predators maybe circling now.... .ripe for a takeover.......aim market corrupt as get out.... I'm nearly back where I was 10 years ago ffs!!!!!
tailgunner: Why aren't company bringing out a " we have noted the companies share price yada yada, and know of no reason yada yada"......
cerrito: They must be enjoying the current FX rates. I see that roughly half their receivables are in US and my reading of the footnotes of the AR is that they hedge most of them and we need to brace ourselves for a negative impact in the Interims- as foreshadowed on the AGM statement- and a much more positive second half. If Downing ( or indeed any other big shareholder) want to sell more, it will put a strain on the share price I checked to see if either of the Downing Funds are/were forced sellers. Downing One VCT had at March a market value of £ 2.6m in ANP and the Micro Cap Fund at the end of January £1.4 m in ANP and both funds appear to be robust. The current share price is tantalising.
hiddendepths: steve - Yes, I meant Downing. This share is thinly traded and 1% of the stock has a disproportionate effect on the share price. For all I know, Downing are getting out completely. If so, it'll take quite a while. I agree - probably fair value around here. The P/E (PEG nearly 2) and div yield (a smidge over 1.55%) do not represent much of a buy case. Still, I like the cash generative properties of the company and the business itself. Even the large percentage of overseas earnings is a bull point ahead of sterling risk over a bodged Brexit. I'm not getting back in yet but am watching closely for a re-entry point.
nocton: TY for your analysis, Cerrito. Yes I went to the AGM and there was a very good turnout - about 20 shareholders I should think and the (small) room was full. After the AGM there was a good set of presentations by directors and staff, following by a tour of the plant. I asked about the remuneration figures. The explanation was that a deferred bonus from the previous year had been paid and the basic salary had not changed. It was agreed that if the breakdown of the remuneration had been given, as is best practice, then the matter would be clear. Apparently next year it will be required. Re cash and spending, they have installed a fully automated bag packer which is working flat out and already paying back well; they are going to reorganise the warehouse to make space for a liquid/bottle filler thus bringing that in house to give faster response times and improve margins. Then the final pallet packing will be automated. R&D spending is significant and targeted at clearly improving the business. In the last 18 months they have appointed a new R&D manager and a Corporate development manager, both with good technical qualifications and experience. As someone who has been involved in industrial R&D during my career, I thought they had the right approach in terms of testing their products on animals, both in-house and in collaboration with customers and universities. They are trying to get clearly away from the 'snake oil'/'muck & magic' idea of their products to show proven performance for the customer. You say: "How do they see growth coming in future years? Better products? More sales penetration in the main markets? I see that per page 9 they see themselves as having four product categories, Can we have revenue and operating profit broken down into these four categories?" There was some discussion about this and about breakdown by country. They do not want to give too much detail as most of their competitors - not the giants - are private companies who don't give this info of course. They are certainly looking at improving sales penetration, partly by owning their own distributors and partly by train their other distributors in the technical merits of their products, which includes the R&D providing clear technical support. What I can say is that when going round the warehouse, products were going to, among others: Iran, Mexico, Kuwait, Ecuador, which gives a flavour of their markets, the large majority export. All pallets in the warehouse were going out the following day - they make to order and do not have product in stock. Re Brexit, it was not discussed at the AGM or after, but I spoke to the CEO during the factory tour. Just 14% of exports go to the EU, so not a big risk. As all are approved under EU legislation he does not see any serious problems after Brexit - perhaps a bit more paperwork. with their experience in exporting to countries such as Iran, I should suggest that EU paperwork will not be a problem. Overall, I cam away impressed and positive about the future. The directors and staff were welcoming and positive and the plans for the company looked sound and feasible. They could perhaps double production on the present site. IMO the share price fall reflects the high PE and nothing specially positive in the AGM statement - there was discussion about the lack of anything concrete - what are "full year management expectations". The usual trading speculation on the run-up to an AGM and profit taking after a good run over the last year. Let's see what the Sept interims show.
cerrito: Too bad Nocton that things have come up my end and I will not be able to join you;let’s hope that you are not by yourself as that can be pretty hard work. I have been through the AR; the big question on which they are silent is what they plan to do with the cash mountain; of course good that they have not made ill judged acquisitions and not keen on them doing buybacks with the current share price- Note FWIW that current marcap at £110 m compared to book net worth of £30m. and roughly 3.3x 2017 sales. I personally found the AR rather unsatisfying. Yes they give a clear breakdown of geographic sales and profitability but we get no clear ideas as to what their product lines are-I see that Orego-Stim once again had a whole page extolling it and I assume therefore is the lead product but we learn just represents 25pc of sales in China? Sales breakdown between diary and non diary? How do they see growth coming in future years? Better products? More sales penetration in the main markets? I see that per page 9 they see themselves as having four product categories, Can we have revenue and operating profit broken down into these four categories? How much does new sales growth depend on R&D? Note that the amount of R&D tax credits received had gone up from £250k in 2015 to £330 k in 2017 which suggests R & D expenditure adequate, Note total personnel expenses were £4.4m in 2015, £5m in 2016 and £6.3m in 2017. This reflects both Executive Board remuneration and the new direct sales force as well as people like the new post of Corporate Development Director. Good to see amount of trade receivables down despite increased sales. Continue to be comfortable with the inventory figures but do note increase since 2015 year end. Gone through the Goodwill) intangible figure-ground a quite high third of net worth. Discount rate is a rather high 12pc which for me and s good. Rather surprised to see that even if growth was a negative 15pc then there would be adequate goodwill cover. Many things to get one’s teeth into and would have liked to be there, and if the meeting is on site you get a better feel for what makes the company tick. PS Re reading my March 7 post, I am rather surprised price is so high. Be interesting to see if there is an AGM statement. PPS Well done to them on US success. I am interested to know how they are getting on with the big US integrators
cerrito: I guess no real surprise that there was a V modest drop in the share price given that at these levels people may be looking at an increase in diluted EPS at more than the 12.58p to 14.17p achieved; also as you would expect from Lawrence the outlook statement was sober; in addition sales fell H2 over H1 £14.8m to £14.4m and PBT as well £1.6m to £1.4m. I assume that the stronger £ vs the US$ accounted for some of this fall. I have gone through what came out this morning and have the following observations. I had a modest top up last week, have reduced in the last three months as I need liquidity and do not anticipate buying or selling in the near future Shareholder change on last year. Unicorn down from 11pc to 8.8 pc and Investec down from 6pc to 4.8pc. Geographic sales/profits split YOY 2016/7 decent increase in all regions except Europe with an increase from £6.5m to £6.8m. Profit increase in Asia and Europe pedestrian but decent in Middle East and Americas. Intangibles I see they are valued at about 22pc of book net worth. It seem we will need to wait for the AR to get details but good to read the Auditor's letter and the focus they placed in intangibles valuation FX As they highlight in the text FX is important and the strengthening of the £ against the USD is a headwind. I see that 30 pc of trade receivables are on sterling. We will need to await the AR for more information on this. Baring anything significant , the next news will be the mid year AGM statement
glasshalfull: ANP Share price still defies gravity despite earnings downgrades. I saw martinthebrave's post looking for clarity on earnings for the coming year and revisited my detailed post on earnings in March 2016 (post 910) where I talked of earnings stalling & intimated that I felt the share price was up with events at c.250p at the time. Shares are (+67p) since my what do I know!!!??? The share price was 134p in March 2013 when they released 2012 figures, and had risen to 305p when they released 2016 results on the 8th March 2017, or rise of 128% in 4-years. This is during a period when earnings have only risen marginally and are forecast to tread water this year & next. Worth clarifying that I still believe Anpario is a quality company & hope to reinvest at some point. Just don't feel I should be paying up in anticipation of growth 18 months away, especially when earnings have been fairly static for the last 4 years which I describe below. Looking back to post 910 a year ago, Peel Hunt lowered 2017 estimates from £5.3m PBT to £4.6m which translated into the forecasts for adj EPS falling from 20.7p to 18.1p. PH indicated that this would result in ANP achieving 12% earnings growth in 2017. In a March 2017 PH lowered 2017 estimates yet again, this time from the £4.6m to £4.3m or 17.7p adj EPS to 16.9p. So we now have a (-4%) earnings contraction in 2017. Singers has an even lower forecast of 14.7p adj EPS for 2017 My point is that ANP has essentially treaded water - in terms of earnings - for a number of years now whatever way one cares to look at it, with forecasts suggesting that earnings will continue in a similar vein for the next 18 months. Anpario Adj EPS: - 2012 - 15.1p EPS 2013 - 13.1p EPS 2014 - 14.8p EPS 2015 - 16p EPS 2016 - 16.6p EPS Consensus forecasts: - 2017 - 15.8P EPS 2018 - 15.4p EPS Worth pointing out that cash has risen from £3.7m at year end 2012 to £11.1m at end of 2016, but the dividend has only risen a meagre 2.5p (from 3p to 5.5p) in 4 years. So in conclusion, I recognise the steps management are taking to invest in subsidiaries & build relationships that will hopefully drives sales & earnings in the future. However, as I've discussed above, I happen to believe that the current 317p share price & PER of over 20 is simply too high. If ANP was churning out consistent 10%-15% earnings growth YoY then I would agree with the current rating, but in 2016 they produced marginal earnings growth with a dividend yield of only 1.7% despite strong cash generation. Earnings are forecast to fall back this year and next, so paying up 18/24 months in advance for growth doesn't appeal to me. Hopefully I'll join shareholders again as growing earnings materialise, or in circumstances where I consider that the share price has fallen back to a reasonable rating. Only my tuppenceworth FWIW. Best wishes to holders. Kind regards, GHF
woodcutter: thx mods my analysis fwiw ANP Chart free stock charts from ANP Fundamentals hxxp:// ANP provide natural animal feed additives for livestock in particular chicken, pork and beef. There are strong moves within the animal farm industry to move away from steroid and antibiotic induced feed additives to more natural products and ANP have a nice niche here. They've recently sold the lower margin side of their business to concentrate on higher margin product sales. It's quite an illiquid stock and the share price can move quite quickly so buying small blocks is the best way to accumulate. The Fundamentals P&L Market Cap £54m number of share in issue 21.85m. share price 260p revenue £23.33m operating profit £3.55m operating margin around 15.2%. adjusted reported eps (earnings per share) 15.72p per (price earnings ratio) 15.3 but there's almost 43p a share of net cash on the balance sheet so the adjusted per is around 13.5 for forecast eps of around 16.2p. This is against a more recent historic per of 20+ dividend 5.5p/share for a yield of around 2.2%, covered close to 3 times by eps. interest adequately covered by operating profits as there's no debt. market to book value roughly 2 times. tax charged at 10%, due to R&D credits, prior year adjustments and deferred tax assets on the balance sheet. The Fundamentals Balance Sheet ROCE return on capital employed 13%. current ratio 4.8 very strong acid ratio 4.32 debtors days around 106 days net gearing -ve 20%. So no gearing at all, cash positive pension obligations none The Fundamentals Cash Flow net debt £0m to EBITDA £4.4m is no problem as it's cash rich. pbt £3.6m. cash generated from operations after movements in working capital £3.6m. depreciation £573K capex £301K demonstrates the investment in new equipment relative to depreciation charge. Capitalised R&D spend £0m. All in all this is a very sound well managed business with further global growth prospects. woody
glasshalfull: I've been watching ANP for a while now. Especially as the shares have fallen back 30% since the beginning of December 2015. I originally bought in during 2009 c. 60-70p (I think) & only left when I felt valuation had got too rich. I sold out c. 250 - 270p in 2014 so have very fond memories of the company. Been watching ever since for an opportunity to reinvest, either on share price weakness or earnings accelerating & where I could then feel comfortable with the valuation. Unfortunately having given these a good look I have decided against investing at the present time. Reading back through recent commentary on this thread I've failed to note any comments recently concerning the reduction in PBT & EPS forecasts following FY 2015 results (Peel Hunt). They also reduced their price target to 330p from 370p. Perhaps that's having a bearing on the weak share price??? Diluted EPS came in at 15.97p last year (FY 2014 14.76p) for 8.1% earnings growth. Irrespective of the fantastic cash generation & net cash position, that is fairly pedestrian growth IMHO and may partially explain why the shares have fallen back from a fairly steep PER of 23 around Dec 2015. ANP are investing in the recruitment of key sales appointments as acknowledged in the recent results outlook, "...The investment in senior commercial staff in our regions will increase overhead costs in the short term in order to support stronger long term performance." This would appear to have resulted in the brokers forecasts being reduced by c. 10% with PBT reducing from £4.6m to £4.1m in the current year which translates in a reduction in EPS forecasts from 18.3p to 16.2p. Therefore just 1% earnings growth in 2016 and only 8% growth in 2015. That would be okay if the business was valued on a PER 12-15 & growth perhaps stalling for 12/24 months as they invest in sales/markets/products , etc. Especially when they are exhibiting strong cash generation. But for a small cap with PER > 20 , it is bound to fall back to a more realistic rating while awaiting indication that earnings are once again accelerating. Forecasts for 2017 have also been lowered from £5.3m PBT to £4.6m. Again knocking EPS forecasts from 20.7p to 18.1p. That equates to12% earnings growth in 2017. So I don't think it unrealistic to see the shares fall back to c. 250p. ANP is a quality business & has delivered excellent growth since 2010, but I will sit on the sidelines until either the share price comes back further offering a better risk/reward opportunity to invest IMHO or I see evidence that earnings (growth) supports the valuation of the company. My tuppenceworth FWIW. Delighted to hear any opposing views. Kind regards, GHF
Anpario share price data is direct from the London Stock Exchange
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