Share Name Share Symbol Market Type Share ISIN Share Description
British Polythene Industries LSE:BPI London Ordinary Share GB0007797425 ORD 25P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 985.00p 0 06:30:28
Bid Price Offer Price High Price Low Price Open Price
0.00p 0.00p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Industrials 468.3 23.1 66.2 14.9 270.33

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Date Time Title Posts
11/7/201611:26British Polythene with charts1,015
16/2/200713:50BPI Charts-
01/11/200618:36New suitor18
06/3/200611:49The British Polythene Industries Thread92
25/1/200216:54British Polythene Industries, excellent value, also splendid name18

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costanz: Correct me if I am wrong but isn't ex-dividend day March 12th - in which case the dividend has nothing to do with price movements today. All things equal you would expect the share price to drop by the dividend on the ex-dividend day - indicating a theoretical fall of 7.5 cents tomorrow.
costanz: The current price should be supported by the current dividend yield - especially when the board has indicated the current dividend payout is conservative. Relative to prior years the EPS is higher and dividend lower, indicating when markets stabilise and the economy is in full swing recovery the dividend should increase significantly. Unless some large institutions / funds want in over the coming months, unfortunately I feel BPI price will be dictated my the movement in the market.
cockneyrebel: delayed 45k at the close from the 11th - reckon that was some stock cleard that's freed up the price here now. Dunno about £3 by the results, might be too ambitious but then perhaps if they are significantly ahead as they say then we might go there shortly after the results. After all, these were 715p two years ago having done 38p eps - 28p forecast for this year but perhaps they can get back to near that 38p with a bit of a push and a bit of a recovery. They'd definitely look mighty cheap @ £3 then imo. I just plan to hold - I think the potential is huge and it's not out of the question with the cost cutting these have done that over 40p is eventually achieved next year with a modest recovery in the markets. That would be record earnings. I just think the risk is to the upside for earnings and the share price here so ain't selling. 16p yield over 14 months too. CR
recruiter: CR, I meant how the share price works, no fluidity to it, can be up all day & finishes down 2p on a sale of 5 shares. Same going up aswell, down all day, someone buys 1 share & it moves up.... How is the share price controlled ?
cockneyrebel: no problem :-) In the past 3 years BPI did earnings of 38.08p / 34.26p / 31.25p The have just said H1 will be significantly ahead of last year. The did 19.83p in H1 last year so I'm expecting 23p+ eps in H1 alone. H2 is usually a third of H1 so I'm expecting 7p+ eps in H2. Looks to me 30p+ is on the cards as per forecast, possibly a fair bit more depending how significantly they beat. When these were making 38p and 34p eps 2-3 years ago the share price was £5-£7 a share. That's the potential. With the cost cutting andclosures any pick up in the economy could see these doing record earnings before long. CR
cockneyrebel: Cracking statement imo especially when you consider the present environment and how the share price has been slaughtered. Growth and a geat yield on a very low PE. Nice call on the lower input costs whoever posted it above. CR
glasshalfull: Agree CR. With 13 Director purchases since March I wouldn't expect anything other than a positive update on Thursday. Most of the restructuring complete....lower cost base; NAV of £2 ; 10% yield; raw material and electricity prices down....margins up ; PER approx 5.5 ; sale of freehold sites also predicted to help reduce debt in the future As long as they maintain a prudent approach and concentrate in reducing debt then they have a lot further to go IMHO, especially when the economy picks up Only 30p off the bottom and at 143p considerably lower then the £7 mark that the share price attained a couple of years ago. Regards, GHF
glasshalfull: Last post today. Noticed that his previous write up hasn't been mentioned on the thread. Published in Company Comment on 3 March 2009 David Holding looks at a British manufacturing firm that is profitable and looks like good value. The last year was a tough one for British Polythene Industries (LSE: BPI); the largest manufacturer of polythene film, bags and sacks in Europe. What's that, a British company that actually makes things; are you mad!? Maybe. It's certainly not easy to manufacture and sell real goods in the UK at the moment as BPI's final results for 2008 testify. Increases in raw material and energy costs and a drop in demand from builders were the biggest challenges the Greenock-based group had to face. These factors combined to send profits before tax (and restructuring costs) down to £9.3m from £12.2m in 2007 on sales of £481m -- and the final dividend was reduced to give a total of 14.5p to "preserve cash and support the balance sheet." Of course, the results did absolutely nothing for the share price in the current climate, which languishes at 135.5p valuing BPI at just £36m. So what's the appeal? Well, the results seemed remarkably robust to me given the state of the market and the higher energy costs. If BPI can turn in a reasonable performance as the cold economic winds blow, then surely it can do even better in a more benign climate? And that's exactly what the chairman thinks will happen this year after his company had some tough decisions to make recently -- notably deciding to close down the group's Stockton site. Overall, he's cautiously optimistic as sterling's weakness and lower costs have combined to improve things a little. Also, the defensive sectors of the business -- agriculture, retail food and related transit packaging, healthcare and refuse sacks -- are putting in a resilient performance. Notwithstanding all the problems of 2008, earnings per share before restructuring costs still came in at 25.5p, placing BPI on an historic P/E ratio of a little over five -- and very probably lower going forward. The price to sales ratio is also a temptingly low 0.07 and the shares are yielding a massive 10.7%; clearly the market has little faith in the company's ability to maintain its payout. But there's good downside protection, too, as the shares are currently trading at a healthy discount to net asset value. There is net debt on the balance sheet, which may put off hardened value investors. It increased from £65m to £76m last year, as adverse exchange rate movements caused borrowing levels to rise in sterling terms. Director buying The chairman has put his money where his mouth is -- buying large quantities of shares steadily at prices around 235p. A recovery to that level over time would reward investors today with over 70% return on their capital. Of course, that's easy to say -- but it might just happen. The chart tells a sorry tale, like many others these days. Around two years ago, the shares went over £7 for a short while. But for the optimists and contrarian investors amongst us, this isn't necessarily a bad thing. The problem is that BPI has looked like good value for a long time but the share price has been declining steadily. Investors buying today need nerves of steel, but if you don't buy at a knock-down price in a recession, with some balanced optimism for future performance and effective cost-cutting measures in place, when do you buy if you're luck enough to have any cash left!? Regards, GHF
glasshalfull: We're not alone.....I can live with the "boring share" tag. Boring businesses can make great investments. David Holding provides four examples. BPI Much larger, but still nowhere near as big as it used to be is British Polythene (LSE: BPI). I explained in March why I thought BPI was good value at 135.5p. Today's improved price of 141.5p still factors in too much short-term bad news in my opinion. With a prospective PER of less than five and a yield, based on last year's reduced payment, of over 10%, something's got to give. Either the share price will rise or trading is worse than expected with the last results. I would counter the last point....if trading was worse than expected why have we experienced 13 Director related purchases during the last couple of months??? Remember those Director Buys:- 3/3/09 - 4.4k shares @ £1.35 3/3/09 - 3k shares @ £1.35 3/3/09 - 3k shares @ £1.41 10/03/09 - 5k shares @ £1.31 10/03/09 - 4k shares @ £1.28 10/03/09 - 5k shares @ £1.31 12/03/09 - 5k shares @ £1.27 12/03/09 - 5k shares @ £1.29 15/04/08 - 5k shares @ £1.20 15/04/08 - 200k shares @ £1.15...considerable purchase 15/04/08 - 10k shares @ £1.15 17/04/09 - 5k shares @ £1.24 22/04/09 - 7.5k shares @ £1.29 Regards, GHF
glasshalfull: Well CR....funnily enough I also see the value in BPI and SPGH.....both good Scottish companies :-) The Director buying in BPI also caught my interest and I had a small dabble after the latest Director (well Director's wife) purchase last week. Also good to see gg over here with a great post. Well done on FDP. Found the latest Edison research dated 9th March useful; Forecasts for 23.6p EPS in the current year leaving BPI on a PER of 5 and yield of 9%. Importantly they also make mention that the company will now be benefiting from the reverse in raw material prices, "Input prices are now sharply in reverse, so margins are recovering..." With restructuring behind it and focus on debt reduction, I can see material uplift in the share price in both the short and medium term. There are many other pluses and minuses....gearing is high, further pension contributions required...conversely lower polymer prices, lower electricity costs, reduction in staff costs, strong market share and potentially sale of freehold properties could bring in estimated £8m (see edison note) when markets recover. Anyway, I added a further 6k today on the pullback. Regards, GHF
British Polythene share price data is direct from the London Stock Exchange
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