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Share Name Share Symbol Market Type Share ISIN Share Description
Celadon Pharmaceuticals Plc LSE:CEL London Ordinary Share GB00BDQYGP38 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.50 0.95% 53.00 17,421 08:22:24
Bid Price Offer Price High Price Low Price Open Price
52.00 54.00 53.00 52.50 52.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Pharmaceuticals & Biotechnology -0.72 -9.60 87
Last Trade Time Trade Type Trade Size Trade Price Currency
14:06:21 O 2,415 52.00 GBX

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Date Time Title Posts
10/8/201109:24Caparo Energy3
10/10/200917:30Celsis - Sales and Profits grow1,036
06/6/200815:22Chris Evans - Biotech Guru1,401
04/7/200708:03Celsis - Bios that make money23
14/6/200610:44Celsis- A New Start?4,209

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Posted at 29/11/2022 08:20 by Celadon Pharmaceuticals Daily Update
Celadon Pharmaceuticals Plc is listed in the Pharmaceuticals & Biotechnology sector of the London Stock Exchange with ticker CEL. The last closing price for Celadon Pharmaceuticals was 52.50p.
Celadon Pharmaceuticals Plc has a 4 week average price of 49p and a 12 week average price of 49p.
The 1 year high share price is 162.50p while the 1 year low share price is currently 49p.
There are currently 163,591,538 shares in issue and the average daily traded volume is 3,056 shares. The market capitalisation of Celadon Pharmaceuticals Plc is £86,703,515.14.
Posted at 10/8/2011 09:22 by chaka
Mirabaud Summary

Powered Up

Caparo Energy has signed fixed cost, fixed term contracts for 3GW of wind capacity. With deliveries of 500MW by March 2012, this will make it one of India's leading IPPs. With a weighted average cost of US$1.16/MW, it has secured possibly the lowest new-build cost in the market and, as these are turn-key contracts, this ensures the most efficient use of capital.
Contracts in Place for 3GW

In addition to the terms for the delivery of 1GW from Suzlon, Caparo Energy has recently secured land leases for 3GW and has signed another wind turbine supply deal from Gamesa for 2GW for delivery by the end of 2016.
Deliveries Ahead of Schedule & Funded for 700MW

Caparo Energy is already generating and selling electricity and, contractually, it should have 500MW turning in the ground by March 2012. The Company has also successfully raised US$112m of mezzanine finance - without any dilution to existing shareholders. The Company is now financed for a total of 700MW. This should generate cashflows of US$95m+ per annum, which should fund organic growth of up to 2.2GW by December 2016.

Raising Price Target from 184p for 1GW to 284p for 2.2GW

2.2GW values the Company at US$884m (£553m) and 284p/share. At US$0.3m/MW, this is low and EV/Capacity multiples suggest a higher valuation than the price target. Our recommendation is also underwritten by earnings multiples and the Company should be re-rated as more capacity comes on-stream. BUY.

(US$m)
March 2012e March 2013e March 2014e March 2015e

Capacity
500MW 1,150MW 1,450MW 1,900MW

Sales
14.2 146.8 317.5 407.0

EBITDA
11.7 137.9 306.1 384.4

Net Profit
1.4 42.5 88.3 107.0

EPS (c)
0.9 26.0 53.9 65.3

P/E
nmf 7.1x 3.4x 2.8x

EV/EBITDA
nmf 9.7x 5.3x 5.2x

EV/Cap.
US$1.5/MW US$1.2/MW US$1.1/MW US$1.0/MW

Posted at 10/8/2011 09:15 by chaka
Caparo rides wind of change
Created: 28 July 2011 Written by: Graeme Davies

BULL POINTS:
Indian power deficit is driving investment
Capacity set to grow rapidly
Agreements with major power equipment makers

BEAR POINTS:

More fund-raisings likely
Wind power can be unpredictable

Shortages of electricity are a major headache for India's government and a threat to the country's growth. The government's latest five-year plan forecasts a massive expansion in generating capacity; and renewable power - primarily wind power - will play a major part. That should put wind power producer Caparo Energy in a promising position.

Installed wind power in India has the capacity to generate 14.2 gigawatts (GW). That represents three-quarters of India's renewable power capacity and makes the country the world's fifth-largest wind power market. But the Indian Wind Energy Association estimates that the country has the potential to install 65GW, which means there is plenty of capacity for Caparo to go for.

IC TIP RATING

Tip style Speculative
Risk rating High
Timescale Long term

Caparo has secured a pipeline of wind assets that should establish it as one of India's major independent renewable power producers over the next five years. It also has contracts with major Indian wind turbine makers Suzlon and Gamesa. Under these, most of the development risk - and, with it, the working capital burden - will be carried by its partners. Caparo will buy the assets when they are close to completion. By doing this Caparo will, in a relatively short time, be able to boast a significant generating capacity.

Its early-stage pipeline is with Suzlon and the first 42 megawatts (MW) of capacity is already producing power. A further 25MW will be commissioned in August and another 34MW by the end of the year. A further 400MW should follow by March 2012, giving the company 500MW at the beginning of its next financial year. That should be sufficient to generate useful amounts of cash in the year to March 2013, at the end of which another 500MW of capacity should have come on stream.

According to management, that should catapult the company to number one wind power producer in India within two years. Caparo's bosses also reckon the company has some of the best sites available - an important factor because wind can be quite an unpredictable source of power generation.

CAPARO ENERGY (CEL)
ORD PRICE: 111p MARKET VALUE: £182m
TOUCH: 107-111p 12-MONTH HIGH/LOW: 124p 91p
DIVIDEND YIELD: nil PE RATIO: 7
NET ASSET VALUE: † NET CASH: †

Year to 31 Mar Turnover ($m) Pre-tax profit ($m) Earnings per share ($c) Dividend per share ($c)
2011* nil -2.0 na nil
2012* 14.2 1.4 0.9 nil
2013* 146.8 50.4 26.0 nil
% change +934 +3,500 +2,789 -
Normal market size: 2,000
Matched bargain trading
Beta: 0.3

*Mirabaud estimates
†Meaningful figures unavailable
£1=$1.63

Caparo has already secured orders for the first 1GW of capacity under fixed-price contracts with Suzlon, and a recent fund-raising means finance for the first 700MW of this is secured. The contract with Suzlon allows for a further 2GW of wind-farm assets. Agreements are also in place with Gamesa for 2GW-worth of wind turbines, and Caparo has secured leases over land sufficient to install 3GW of capacity. All that activity means its longer-term target to install 5GW of capacity by 2017 - enough to give it real clout - is feasible.

Power will be sold through a mixture of agreements with state power companies and through direct sales to the private sector. Crucially, Caparo says it can produce power profitably without any subsidies, although some are available, including carbon credits, which could add further value.

SHARE TIP SUMMARY:
Buy
True, Caparo is likely to tap shareholders for more equity before too long, but it will become increasingly cash generative. According to estimates from broker Mirabaud Securities, Caparo's shares are rated at just seven times forecast earnings for 2012-13, based on turbines that will be in the ground by March 2012. This compares favourably with UK-listed Indian renewables power company Greenko, whose shares are rated at 10 times 2013 earnings. Caparo's rating is likely to catch up as its capacity grows. Buy.

Posted at 14/8/2009 22:36 by boadicea
I nearly always have such a feeling with buy-outs and private equity.
In the first place , the share price too often gives the impression of having been manipulated for a period - sometimes as long as a year or so - before the offer finally comes. (RTD was the most blatant case of this that I recall.)
I am also naturally suspicious of 'agreed' offers for healthy and successful companies where there is an obvious temptation for mutual back-scratching between the parties to the exclusion of the shareholders. In the current case, I believe the preliminary report was uncharacteristically down-beat with the deliberate aim of softening-up the shareholders to accept a low-ball offer. Dividend policy is another weapon in their armoury.

This doesn't mean all invetors will necessarily end up with a bad deal; just that one has to be aware of the game being played and adopt a corresponding strategy.

At least in this case the market is giving out a clear message that a better offer is expected.
In most similar cases that I recall, where an offer was expected to go through (e.g. RTD or NSB), the share price has always remained at a discount of a few per cent to the offer price which is where it began on the first day - around 227/233p (bid/offer).
Our best hope is for a 'hostile' party to enter the scene.

Posted at 13/8/2009 11:20 by boadicea
Last week CEL, this week ALM (see my 850) announce an approach - not yet an offer.

Who next???
I suppose VLK is a vague possibility at its current share price

Verger - share price coming back a bit could indicate that any distressed shorters have now managed (or been forced) to close. Poor things!

Posted at 08/8/2009 09:20 by dpeach
I think we should all sit on hands at the moment and whatever shares you have hold on to them, at present we would still get 232.5 even if we hold them. I think as per DS in the FT on Friday the institutions are putting a slide rule over this one and probably aren't impressed either... 33% below research we paid for is taking the holding institutions and PIs for fools.

From the F.T on Friday, David Schwartz column:

Last Monday brought news that Celsis, one of my recent trades, was the target of a surprise takeover offer. Ordinarily, announcements of this nature are pleasing. But the Celsis offer brought little joy. The acquirer offered 232.5p per share, a disappointing premium over the previous day's closing price

I do not understand why the Celsis board accepted this weak offer. Celsis is a steady profitmaker. Company-sponsored research by Edison suggests its fair value is almost one third above the offer price. Celsis pays no dividend although it can afford to do so. I suspect that a commitment to pay a reasonable dividend could have boosted its share price to a level very close to the offer price, assuming management wished to remain independent.

Another point to consider is that the world economy is at the bottom of a downturn and an expansionary phase approaches. Market statistics suggest a bull market is underway. In this kind of environment, an independent Celsis will probably be worth more in the near future without a takeover premium.

My conclusion is that the acquisition price is too low. I wonder why a major financial institution such as Gartmore accepted such a poor offer so quickly. I contacted Gartmore but no one was available to explain its decision.

The deal is now quite advanced with 38 per cent of the shares already committed. Even so, I am hopeful that uncommitted institutional investors with clout will do the job that the Celsis board should have done and demand a higher price.

Posted at 21/7/2009 08:29 by dpeach
hi silverfern (hello as presume in yesterday if followed FT, goodbye as presume sold out this morning)
Also read the FT article I think DS was tipping for longer term, ref. the last sentence:

"Management's focus on the bottom line helps to explain why Celsis has turned in six consecutive years of pre-tax profit growth and is on course for another increase. In spite of this sterling record, house broker Nomura notes that the company currently trades on an earnings multiple of 7.1 times historic earnings from continuing operations. This figure is significantly below its peer group multiple. It suggests to me that there is further upside potential for the share price when the economy begins to improve.

Celsis is strongly cash- generative and has a healthy balance sheet. To my way of thinking, these shares are a safe place to park money in troubled economic times."

Posted at 28/6/2009 14:32 by dpeach
From Investors Chronicle :

Celsis pushes profits higher

Created: 26 June 2009 Written by: Jonas Crosland

Celsis International delivered a decent performance, thanks to another solid result from its Rapid Detection division which tests pharmaceutical company products for contamination. Turnover there rose 9.2 per cent to $23.7m (£14.5m).

However, turnover fell 13 per cent to $10.7m at IVT, Celsis' unit that supplies human and animal cells to drug developers for the purposes of carrying out early-stage safety tests on new drugs. Business levels declined following consolidation within the pharmaceutical industry and a general squeeze on research and development budgets as a result of the economic downturn.

Meanwhile, sales at the Analytical Services division, which provides outsourced laboratory testing services to pharmaceutical and consumer product companies, fell 4.7 per cent to $18.1m - although business picked up in the second half after falling 9.2 per cent in the first half. And following a strategic review, Celsis has decided to close the loss making Development Services division, which provided very early-stage and pre-clinical drug development laboratory services. Ongoing losses and closure related costs totalled $2.4m.

Celsis continues to run a tight ship, though, and reduced operating expenses by 9.7 per cent to $23.5m. Moreover, cash flow from continuing operations rose from $12.9m to $13.7m and, while the gross margin did edge slightly lower, it still stands at an impressive 69.8 per cent.

CELSIS INTERNATIONAL (CEL)
ORD PRICE: 182p MARKET VALUE: £39.8m
TOUCH: 179-186p 12-MONTH HIGH: 200p LOW: 129p
DIVIDEND YIELD: nil PE RATIO: 7
NET ASSET VALUE: 251c* NET CASH: $4.6m


Year to 31 Mar Turnover ($m) Pre-tax profit ($m) Earnings per share (¢) Dividend per share (¢)
2005 30.4 6.20 35.7 5.10
2006 33.1 7.20 20.8 nil
2007 47.4 8.70 26.8 nil
2008 52.9 10.5 32.8 nil
2009 52.5 12.8 41.9 nil
% change -1 +22 +28 -
Ex-div: -

Payment: -

*Includes intangible assets of $32.3m, or 147¢ a share £1 = $1.631



Click here for a guide to the terms used in IC results tables

For more analysis of company results as they're released, go to www.investorschronicle.co.uk/results


--------------------------------------------------------------------------------

IC VIEW:
GoodValueCelsis has cut costs and improved cash flow, while demand for its rapid detection services remains robust. True, there has been a slowdown in companies spending on research, but Celsis is well placed to take advantage of any improvement. Good value.

Last IC view: Buy, 144p, 17 November 2008.

Posted at 30/3/2009 16:00 by boadicea
Two points about the share price
First, the company will not want to over-promise in the current environment because too many things can go wrong beyond their control. A good example would be the possible failure of a significant customer leaving them with a debtor write-off as well as loss of sales. Much better to under-promise and (in the absence of bad luck) record a margin of over-delivery.
Secondly, any company with enough good news to attract a few of that currently rare species, a buyer, will often also suffer sellers simply because their shares have become reasonably saleable without unduly depressing the price and with a known lull until June before they are likely to receive any further impetus from good news.

Finally, they indicate "broadly" in-line results. As there are several views that can be taken, e.g. the company reports in USD but has a largely UK holder base, so they could be in-line either in USD or in the sterling translation, but due to the unforeseen exchange rate variation, not in both, so one view will be out of line. Technically, it is the dollar figure which should, with corresponding advantage, be the reference point, however, the use of the word 'broadly' just raises a small question mark.
If I had to guess, it would be dollar results at the lower end of original expectation which nevertheless look excellent when converted to sterling.
Incidentally, any conversion that they offer may well be at an accountants average exchange rate. This can be misleading as it assumes the current fall is a random or transient variation which can be expected to return towards that average. Personally, I lean strongly to the view that the exchange shift is itself a correction from an overvalued position which is unlikely to reverse.
In that case, the current rate (~$1.40) conversion of the results is a reasonable base from which to view any forward dollar denominated forecasts.

Temporary share price weakness may be disappointing but not worrying imho.

Posted at 25/1/2009 08:17 by rivaldo
Ywp. Should provoke a bit of interest (Schwarz seems to be following me around given his interest in CAR as well!):

http://www.ft.com/cms/s/2/707b1994-e96b-11dd-9535-0000779fd2ac.html

"I eagerly await the next interim statement by Celsis, which is due to be released shortly. The company provides laboratory products and services to pharmaceutical and consumer products companies. Its upcoming statement will review third-quarter performance. I hold a small position in Celsis and might top up if the IMS is as positive as I expect.

Celsis is on a roll. It has turned in six consecutive years of profit growth and is currently on course for another increase.

And although its share price has drifted sideways in the last 10 months, the FTSE 100 lost more than one quarter of its value during this period. In other words, the company is exhibiting a great deal of relative strength which is always a good sign.

The biggest operating division is Rapid Detection, which tests health and beauty products before they leave the factory gate. Customers get a 24-hour turnround service against a five-day turnround by some competitors. The company will soon reduce this to two hours – a significant competitive advantage.

Its In Vitro Technologies division supplies drug companies with products and services to test new drug compounds in their early pre-clinical phase of development.

According to Edison Investment Research, these two divisions contribute about 90 per cent of the company's total profits.

A third division, Analytic Services, is having problems. One company in this group provides laboratory outsourcing to pharmaceutical companies. But clients have cut budgets in recent months, a combination of recession and potential threats posed by the new US administration.

Nevertheless, Celsis claims that profit gains in its two main divisions more than compensate for weakness in outsourcing. The company also follows a "fix it or sell it" philosophy. It recently promised investors that the performance of Analytic Services will shortly be improved or the division will be sold.

I shall study the upcoming IMS to answer two important questions. Are revenue gains continuing for its two main divisions? Are problems within Analytic Services being resolved? A positive answer to both questions could significantly boost share prices."

Posted at 23/1/2009 12:50 by rivaldo
CEL are to be featured next week on CNBC in a programme fronted by General Alexander Haig!

http://www.emailwire.com/release/19071-The-Award-Winning-Producers-of-21st-Century-Business-Announce-the-Airing-of-Celsis-Segment-On-January-27-2009-on-CNBC-As-Paid-Programming-.html

"The Award Winning Producers of 21st Century Business Announce the Airing of Celsis Segment On January 27, 2009 on CNBC (As Paid Programming)
Multi-Media Productions (USA), Inc. announces that Celsis will be featured on 21st Century Business, hosted by General Alexander Haig.

(EMAILWIRE.COM, January 23, 2009 ) Pharmaceutical and consumer goods companies are often at the mercy of the microbial contamination testing of their products, costing them time and money.

Celsis shares with us how their Rapid Detection System is helping customers reduce inventory, reduce manufacturing cycle times and free up working capital.

"Manufacturing management should be looking at the cost of testing in terms of time and bottom-line impact, rather than the cost of the test itself. Increasingly, companies around the world are using Celsis Rapid Detection systems to cut days out of their production processes--which frees up working capital and gets their products to market faster." – Jay LeCoque, CEO, Celsis International plc

JL Haber, Vice President of Programming for Multi Media Productions, added "Celsis is an exciting company with a unique mission. We are excited to have them as a guest on our program.""

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