Anpario Share Discussion Threads

[tailgunner2] 11/3/2016 13:26

The chairmans phone will be red hot again this week reassuring the institutions ...... Wish he'd phone me..... !!!!!

[tailgunner2] 10/3/2016 15:46

This is getting silly again....... Nothing warrants this chopping AGAIN!!!!!.....

[cerrito] 08/3/2016 19:19

These were good results, the cash flow was excellent and the balance sheet continues strong; that having been said not surprised that the share price weakened a bit as they continue to be priced for higher growth than we saw.
I will look at increasing if the share price weakens more and have no desire to sell.
Some random comments from going through the figures.
• I see that sales in UK/Eire were static between 2014 and 2015 as was adjusted ebitda which was 9% of sales compared to 19% in ROW.
• I see that receivables turnover was quite slow-just over 90 days. There may be of course seasonality issues. Good information provided on the receivables credit quality.
• The exercise of employee share options saw the number of shares issued go up by 9%.
• Had a look at Goodwill given that it represents 40% of Net Worth. I see £425k of development costs were capitalized which seems reasonable enough. I have no particular comment on the discount rate but was expecting to see a reference to the cost of capital-perhaps we will see that in the Annual report.

[tailgunner2] 08/3/2016 13:26

Market doesn't seem to like our good set of results....... Typical

[truffle] 08/3/2016 08:39

Yes, very good results in a difficult environment globally.
It's a debt free company which has increased its cash balances again alongside the increase in profits and dividend, so very happy overall.

[spekky] 08/3/2016 07:58

Yes,great results but a bit mean with the dividend rise.

[grahamhacker] 08/3/2016 07:07

Another excellent set of results and divi up as well :-)

[spekky] 03/3/2016 07:53

Anpario still being very proactive,and more recently....

[spekky] 01/2/2016 11:03

I know what you mean but they have previously stated that U.S. sales were growing faster than expected.Perhaps it's a general consequence of the move away from antibiotics.For clarity,it was the ORGANIC division which was sold off.

[cerrito] 01/2/2016 09:56

As their June 30 cash balance was £7.9 they had another good six months of cash generation.
Do you folks have market expectations of pre tax profit of £3.88m which would suggest a £2m pre tax profit in the second half?? and revenue of £24m which would suggest a second half revenue of £13m?? This would suggest that second half revenue was up from the £11m in the frst half which is counter intuitive to me as the first half had sales of the now sold Animal Feeds division.
Comments welcome

[spekky] 26/1/2016 08:52

Nice to see further confirmation.......(regarding antibiotics)

" McDonald's chief has enacted numerous changes at a burger chain that had been struggling to remain relevant with consumers. He has pared down the menu, provided customers with more transparency about how its food is made, raised wages for workers at company-owned stores and announced that McDonald's will switch to antibiotic-free chicken and cage-free eggs in the U.S."

[nivison] 21/1/2016 11:41

Well yes, eps up 5% but it was up. It would have to be close to nil to warrant a p/e below say 10. The free cash flow is good too and rising.

[rcturner2] 21/1/2016 10:44

PE net of cash is 13.5 as you say. I still wouldn't call that cheap. At the interim results things were a bit sluggish, eps only up 5%.

[nivison] 21/1/2016 10:33

You're a hard man, but I can understand the approach especially in the current climate. If we got to 20 I would sell too! Current p/e is around 13.5. To me that's entering cheap territory. It's not as though this is National Grid or some other sluggish monster.

[rcturner2] 21/1/2016 10:05

Don't get me wrong, I like the company, I held in the past and made a good profit here. I would buy back in again, but this is not cheap at this price. a PE of 15 is full value and a PE of 20 is a sell for me.

[nivison] 21/1/2016 09:59

Disagree. We are looking at a growth company with no debt, approx £9 million in the bank in fact, and net profits of close to £4million.. Apply a p/e of say 15 (which I think is v conservative) and what do you get? Use a more appropriate p/e of 20 and what do you get then? Answers on a postcard please.

[rcturner2] 20/1/2016 09:56

It's been up and down before.

On bare numbers (PE and yield) this is still not cheap.

[nivison] 20/1/2016 08:22

My phones not ringung off the hook either! Still scratching my head here. Looking at the last interim report all was going well, end of year profits heading towards £4million after tax, and possibly £9 million in the bank. Market cap by my fingers and toes should be about £85 million, so share price of £3.89 ish. DYOR and all that. So why are at about a quid lower. Still think this is a bump in the road but what do I know.

[tailgunner2] 19/1/2016 22:15

He's not called me yet!!!!!..... Lol

[nivison] 19/1/2016 21:10

think you are right. about 60% of this is held by 8 institutions between them so i imagine richard edwards has been doing the rounds.

[spekky] 19/1/2016 13:33

Anything is possible but one thing is certain,the institutional investors will have been in contact with the company for "reassurance"......I think it's nervous private investors who might be worrying over China and other world issues.

[nivison] 19/1/2016 11:14

In the absence of any news from the company , I have been trying to figure out what is going on. This is all pure speculation on my part based on nothing at all. It is probably rubbish and I am sure people will tell me if they think it is. But. Why would the CEO of a growing, profitable, well run business with a good product decide to leave?

My thinking goes like this:- David Bullen has a sales background and is the youngest of the senior managers at 42. Probably not yet ready to retire and still eager for new challenges. Sales guys tend to be very ambitious. Perhaps, just perhaps, the older generation are looking to sell up and head for the golf course and David Bullen isn't ready for that. By the time of the next interim statement I would envisage about £9 million in the bank and annual profits of near £4million. Maybe the MM s have taken the opportunity to drop the share price in order to make the offer, if one comes, look more attractive.

I don't know. Just an idea, and one I hope isn't correct to be honest as i have always viewed this share as a long term hold. But I put this out there as an idea.

[tailgunner2] 18/1/2016 14:40

The company cannot look at their share price...... By now, after about third day of savaging, the company really should come out with " we have noted share price .... We know no reason..... Yada yada"...If they don't, then folk might start thinking there is something wrong........ Come on ANP / nomad do yer job!!!!!...

[tailgunner2] 18/1/2016 14:30

This is just getting downright silly now ......