Anpario Share Discussion Threads

[zipstuck] 22/3/2023 08:52

Adjusted EPS HI 9.8 H2 6.3 going forward at this level on a PE of 15 Gives about 185p

[scepticalinvestor] 22/3/2023 08:18

Bargepole. Good luck holders, you will no doubt need it

[zipstuck] 22/3/2023 08:04

Difficult to see farmers returning in Europe until there is money to be made.

[partridge1948] 22/3/2023 07:51

Disappointing outlook, I had hoped for better. Balance sheet pretty bulletproof, allowing the increased dividend, but patience needed.

[igoe104] 22/3/2023 07:46

Not great reading. They are started the new year weak, but hope things improve as the year goes on. China should certainly improve going forward, Europe seems to be struggling... Lets hope the market, as already priced this bumpy period in....

[cfro] 22/3/2023 07:30

A 5% increase in the dividend to 7.35p.
All credit to them for increasing the dividend in what has been a very difficult year. I think that is now around 16 years of subsequent dividend increases which is an out-standing achievement.

[igoe104] 16/3/2023 11:34

Hopefully the market has already factored in the fall in profits. Hopefully we will see a positive forward looking statement, I would like to think these shipping issues and Chinese lockdown issues have cleared and the company can start looking forward again ...

[cerrito] 05/3/2023 21:30

The share price of this company where I have a good holding and which I would describe as a steady slogger has more than halved since the plus 700 peaks it reached twice in 2021.
The market is more circumspect now than then and we have been told that partly as a result of circumstantial timing factors that adjusted 2022 Ebitda will be not less than £5m which I take to be less than the £5.7m of 2019 and the £6.6m and £7m of 2020 and 2021 respectively.
Somethung to think about and does one wait till March 22 when we get the results before buying??

[igoe104] 28/2/2023 11:59

Judith Mckensie from Downing investments talks briefly and positively about ANP.

[cfro] 11/1/2023 09:53

Yes always a good time to add for the very long-term investor where only just a tiny few of us here qualify as.

Nobody today has any patience nor faith in the companies they choose to invest in nowadays..

[cerrito] 10/1/2023 17:36

On Bloomberg this morning they were getting very excited about the positive economic impact of China 's reopening. They obviously had not read the ANP TU.

[cerrito] 09/1/2023 09:07

Good that they were specific with their guidance. I note that adjusted Ebitda was £7m last year and £6.6m in 2021 and of course the share price no longer starts with a 6 or 7 ie has discounted this news which for me is transitory rather than structural.

[cfro] 09/1/2023 07:31

2022 has turned out to be a very tough trading environment for Anpario.

Revenues looking to come in at £33m which will be similar to last year. At least they are not going backwards...

Still a few positives like price increases implemented, working capital requirements improving, improvement in margins and, this is the big one, raw material prices easing.

Also cash improved £0.3m on the half year, so at least they are not draining cash.

[cfro] 18/10/2022 13:10

Nice find igoe104.

[igoe104] 18/10/2022 11:38

CEO interview.

[partridge1948] 18/10/2022 07:56

Strike price of Options granted about 9 or 10 years ago. Poorly worded!

[jolomo] 18/10/2022 06:27

Director buy at a price of 158.5p each?

[vprt] 03/10/2022 15:31

Hi Cerrito: The AGM votes are on the website (IR section), as is a nice presentation:

hxxps://www.anpario.com/investor/wp-content/uploads/sites/2/2022/06/AGM-Proxy-Votes-Cast-2022.pdf

hxxps://www.anpario.com/investor/wp-content/uploads/sites/2/2022/05/AGM-Presentation-2022.pdf

[cfro] 03/10/2022 14:59

Couple of confident director buys with the FD and a Non-exec both buying decent amounts.

At least they have some faith unlike some of the scaredy-cat pi's that have recently run a mile here..

[cfro] 15/9/2022 10:29

Nice post cerrito, thanks..

Completely agree about them doing an investor meet presentation, particularly at year end. Shareholders should press the company on this i feel.

[cerrito] 15/9/2022 09:51

A few delayed thoughts.
Not all that much surprise for me. Slow conditions in China:gross margin pressures and, as with many other companies, distortions and uncertainties in the supply chains have seen an increase in raw materials and finished goods.
They do have the useful tailwind of the current £/us Dollar rate, though that may be deferred with their hedging strategy.
Interesting to see pick up in R&D.
Note that with a revamped and less transitional board they are looking at m&a and indeed the CEO ended his outlook statement saying this will remain a priority..
One thing that struck me was the volatility in sales in some of the territories. ie Brazil, Chile and Australasia down 27pc,67pc and 28pc respectively.
I also noted the difference in profitability between the various reasons and the Americas so much more profitable than Asia.
One feature is that they have a pretty strong institutional share register and their holdings do not change very much. Yes there have been quite a few change of holdings RNS this year but that is mainly Investec going from 9.9%to 10% and back again . The corollary of having so many institutional shareholders who do not trade much is that the bid/offer spread is wide.
If I make the next AGM I can ask about share buy backs and what the new Board wants to do with the cash.
Too bad they do not have an Investor Meets Company type event. I have left a messasge with the CFO but doubt if it will have an effect.
Of course there is the unknown with current exchange rates if they will be bought out. As I have been unable to get to an AGM for the last couple of years I have not been able to discuss how they could benefit from being taken over. I remember about 7 years ago leaving an AGM convinced that they would be taken out by a US based company who would get their US sales up. Indeed not sure if their US sales are being held back by lack of scale.
I do not see myself selling but am not rushing in to buy as I agree with them that the short term outlook is sombre. The issue with the sombre outlook is that if you say that eps this full year will be 20p they are still trading after yesterday’s fall at a high pe.
PS
I was irritated that they did not give us the number of votes cast at the AGM. I follow the number of votes cast at an AGM as I am keen to know how engaged shareholders are with the company.

[cfro] 15/9/2022 06:39

The market itself doesn't have a brain and nor do those investors here selling yesterday. Imv they shouldn't be allowed anywhere near the stock-market..
Anyone with any sense knew what to expect, the company told us plus look what's going on in the real world...

Bear markets and hard economic times are periods where investors have to learn to lower their expectations. Anpario does have over £13m in cash which will help it get through this tough environment unlike many other companies.

Not saying the share price will not drift lower here, it may do, but if you choose to sell, then where ever you decide to place your funds all you will be doing is coming up against the same brick walls.

[wad collector] 14/9/2022 19:17

Hmm, sadly the market does not seem to agree that the numbers are satisfactory.
Not huge volume but the afternoon sells around 490p were at a 6 month low. Mind you , even quite upbeat results seem to be greeted by share price falls at the moment.

[cfro] 14/9/2022 12:53

Thankyou partridge1948..

Nice to see at least a tiny few of us long term holders staying in full support of the company and it's quality management team.

It's well entrenched now that this year (at least) will be a tough year for so many different companies. The majority will not be immune.

You see it time and time again (i have certainly!) that investors wet their pants with excitement on great trading updates and results (a year or so ago) but fall deadly silent when a company releases a slightly indifferent TU or results but, generally speaking, failing to stay the course and stick with a company is a huge investing mistake which those types of investors will sadly find out to their cost.

Edit: My over-riding point being that this year is shaping up to be a challenging year for so many companies overall and therefore investors will have to get used to that, lower expectations and give companies the benefit of the doubt..

[partridge1948] 14/9/2022 09:26

Another long term holder happy with these results. Well summed up in my view cfro.