We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Chemring Group Plc | CHG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 8.50 | 2.33% | 373.50 | 16:35:22 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 368.50 | 365.00 | 374.50 | 373.50 | 365.00 |
| Industry Sector |
|---|
| AEROSPACE & DEFENCE |
| Top Posts |
|---|
Posted at 28/9/2021 15:30 by professor john koestler I was just looking at this and read one of the recent acquisition announcements. The first paragraph reads this:ACQUISITION OF CUBICA GROUP Chemring is pleased to announce the acquisition of Cubica Technology Limited ("Cubica") and Q6 Holdings Limited ("Q6") (collectively the "Cubica Group") (the "Acquisition"). The consideration will be satisfied by a payment in cash on completion, funded from Chemring's existing bank facilities, and a deferred consideration payable in Chemring 1p ordinary shares in two tranches on the second and third anniversary of completion. The Acquisition creates further opportunities for Chemring to enhance and further accelerate growth in its Roke business. No statement of cost to Chemring nor mention of the dilution of equity we are to expect on the second and third anniversary of completion. In fact the rest of the RNS doesn't provide anymore detail whatsoever with respect to these important points investors or potential investors should know. Appalling. |
Posted at 18/7/2014 21:03 by sat69 Still managing to tread water above £2! There's a nice divi payment coming this Wed. I wonder if any income funds or investors will buy ahead of that? |
Posted at 29/6/2014 23:30 by sat69 .Future Key Dates Chemring Financial Website hxxp://www.chemring. |
Posted at 15/10/2013 23:48 by philanderer Fangorn mentioned last week that Neil Woodford overlooks many of Invesco`s funds - Invesco hold 25% of Chemring.Announced today that Woodford is leaving Invesco - seems to coincide with the afternoon fall "Woodford sends ripples though market" The departure of the star fund manager hit a number of London-listed companies Shares in those businesses in which Mr Woodford has built up significant holdings fell sharply in afternoon trade on concern about the potential consequences of his departure. BAE Systems, for example, lost 4.6 to 439.2p, Capita dropped 36½ to 970½p, Drax Group closed 20 lower at 639p and Rentokil Initial finished 3.2 cheaper at 107.9p. Dealers attributed the falls to market worries that funds currently run by Mr Woodford may be hit by investor redemptions and so stakes would be sold down to satisfy demand. The popular manager has a loyal following in the investment community and his departure could prompt investors to withdraw money. Traders added that his successor, Mark Barnett, may hold a different investment view to Mr Woodford and decide to trim back some holdings. Either way, the cutting of positions would put downward pressure on companies' share prices. |
Posted at 15/10/2013 23:18 by philanderer Investors Chronicletuesday 15th october "Chemring shot down by US shutdown" It's almost a year since chief executive Mark Papworth took command at Chemring (CHG) after a series of profit warnings forced out David Price. But while the new boss has made some big changes, the underlying business continues to struggle and has flushed out the first profit warning of Mr Papworth's reign. Orders from the US are being held up while politicians haggle over the Federal budget, and Chemring has suffered further quality and production issues, particularly at countermeasures business Kilgore. A strong dollar is shrinking the value of US profits when converted into sterling, too. In all, management reckon this trio of events will wipe £8m off operating profit this year, and they expect next year to be even worse. Liberum Capital slashed underlying EPS estimates for this year by 16 per cent to 20.2p and by 24 per cent for 2014 to 19.9p. And with little covenant headroom on its loan notes, the broker thinks further dividend cuts are possible. Thankfully, the Middle East countermeasures contract did arrive in time, and details of a new business plan will be made public alongside a trading statement next month. IC VIEW: It's bad luck that the US shutdown came in the last month of Chemring's financial year, but operational failure is not, and the company already has a reputation for being accident prone. But after plunging over a quarter to 215p, the shares trade on 10.6 times forward earnings and are now - perhaps only temporarily - oversold. Hold. Last IC view: Hold, 319p, 17 September 2013 |
Posted at 14/10/2013 16:54 by philanderer Fair points kiwi... I`m looking for a reason to buy :-)4 million traded today, another 4% down and Invesco sold 500k friday , still holding around 25% though. Interesting thoughts here from Financial Orbit: "...Looking at a few numbers, the above guidance would imply the company would be likely to be generating about £60m+ in operating profit. This gives the company an EV of £700m (£425m market cap + £275m in debt), so around x11-12 EV/ebit. This is not classically cheap but clearly the company is likely to be at a low point of its business cycle and historically has generated much higher profits. "I note also that the company's net debt:ebitda ratio is x2.8 or near an important x3 covenant which leads to higher interest rate costs. This seems a bit high to me and - given the above - this is the key ratio I will be focusing on in their formal full year numbers in November. "Net net, I like the share price chart, I note some useful positions in defence markets and a £700m order book (equal to the EV of the company). However I want to see a few more numbers, particularly on the debt progression side. "Previous share price troughs tell investors that they have time to work with this one. It is firmly on my watch list, but not my buy list, today consequently." |
Posted at 11/10/2013 12:15 by philanderer FT Alphaville .not good at all .. "covenants looking tight"Chemring Group PLC (CHG:LSE): Last: 223.30, down 61.1 (-21.48%), High: 246.10, Low: 216.70, Volume: 2.82m BE It's a multi-parter of a warning. PM Grim details here BE And do remember it's not the first. BE So we're blaming US shutdown ...... BE And forex, and Middle East flux BE But the big surprise is that Kilgore's still causing problems. PM Ah, is that it BE That's their flare factory. BE I seem to remember a rumour went around that one of their earlier profit warnings was really because it was raining more than usual on their flare testing ground. BE So they were, literally, damp squibs. BE Anyway, we're looking again at whether Chemring's going to breach covenants. BE Let me cut to Barclays for some context. BE We are clearly disappointed by the statement from Chemring this morning. The statement highlights a number of issues, which together are expected to reduce consensus EBITA by £8m for this year (yr end October) equating to a 10% downgrade to the current Bloomberg consensus and early guidance for FY14E (Bloomberg EBITA consensus £86m), which would be below FY13E so the downgrade will be at least 15%. We suspect it will be 15-25%. If nothing else this highlights just how low the visibility in the business is. We had hoped the new management team had worked towards trying to resolve some of these issues, but this shows the tough task in front of them. BE Management has offered no breakdown as to how the £8m impact to EBITA splits across the various issues. BE This will of course open up debate on the balance sheet. The indicated £8m reduction to operating profit in FY13E would reduce Bloomberg consensus EBITDA to £93.7m (our recently downgraded EBITDA for FY13E is £99m). The current Bloomberg consensus net debt for FY13E is £232m clearly the £8m reduction to EBITA expectations will impact this and the company highlights issues with cash receipts in the Middle East as well therefore consensus net debt could increase by 5% or more. This would suggest net debt/EBITDA at the end of FY13E could approach 2.6-2.8x. BE Chemring announced with its interim results that it had renegotiated its debt covenants (which are tested quarterly) earlier this year to: · Revolving credit facility (£230m expires Apr 2015): net debt/EBITDA 3.5x (Apr & Jul 13), 3.25x (Oct 13 & Jan 14). · Private placement ($405m + £12.5m, expires 2016-19): gross debt/EBITDA 3.5x (Apr13-Jan 14). These revert to 3.0x beyond this. The changes to earnings indicated in today's statement suggest that Bloomberg consensus FY14E EPS could fall to c. 19-21p (15-30% downgrade). Which would put the shares on a PER 13.5-15.0x and EV/EBITDA of 8.5x-9.5x. BE So, looking tight. Uncomfortably. BE Cazenove's thrown in the towel. BE Chemring's new management team is focused on delivering on improvements to the business, and we see the opportunity for more to come in time, but we believe investors will need to be patient as the legacy issues will take time to resolve and the expected improvement in financial performance is likely to be incremental rather than immediate. The reduction in our price target means that it is below the last close and we downgrade to Neutral from Overweight. |
Posted at 27/11/2012 07:45 by bulltradept Chemring Group PLC Trading UpdateAlert TIDMCHG RNS Number : 0473S Chemring Group PLC 27 November 2012 FOR IMMEDIATE RELEASE 27 November 2012 CHEMRING GROUP PLC Trading Update Chemring Group PLC ("Chemring" or "the Group") today provides an update on trading having entered the close period in respect of its preliminary results for the financial year ended 31 October 2012. Trading The Group's performance during 2012 was extremely disappointing. Chemring's operational performance has been weak, and management of investors' expectations over the past year has also been poor. In part, this resulted from a failure to anticipate the likely impact of the changing market dynamics on the Group's businesses, but also reflected failures in performance at several of our businesses. Expectations for the Group's trading performance for the financial year ended 31 October 2012 remain in line with the trading update issued on 1 November 2012. The following further detail is subject to final audit. Trading in the final quarter was impacted by the issues set out in the 1 November 2012 trading statement that principally affected the Countermeasures and Munitions business segments. As a result, turnover for the financial year ended 31 October 2012 is expected to be approximately GBP740 million (2011: GBP725 million). The year end order book of approximately GBP760 million compares to GBP878.3 million at the prior year end. Financial position There was a significant operating cash inflow in the final quarter that resulted in net debt at the year end of approximately GBP250 million. (2011: GBP262.7 million). Market conditions Defence spending in the US, UK and Europe is expected to remain under significant pressure. The US defence market remains vulnerable to ongoing budget uncertainties, particularly around sequestration and the impact of a six month continuing resolution from 1 October 2012. The threat of sequestration continues to have a negative impact on customer behaviour, and there is a lack of clarity about defence expenditure in the medium term. As a result, we are seeing delays in the procurement process whilst customers await greater visibility and certainty as to their future budgets. The UK MoD's review of its procurement process continues to result in delays to the start of new programmes and reduced funding for existing ones whilst, in Europe, ongoing deficit reduction programmes are exerting downward pressure on defence spending, leading to uncertainty in the procurement process and delayed programme implementation. Chemring's non-NATO markets continue to offer opportunities, although order intake remains subject to the granting of export licence approval, which is proving more difficult to achieve in some markets. Outlook The wider market backdrop is likely to remain challenging. Chemring needs to adapt and better equip itself in order to meet these challenges. Mark Papworth joined Chemring as Chief Executive Officer on 5 November 2012, and brings significant experience of delivering performance improvement and implementation of strategic change in the manufacturing, technology and service sectors. He will present his initial views on Chemring and his operational priorities at the Group's preliminary results which are expected to be announced on 24 January 2013. |
Posted at 07/11/2012 18:19 by ards we will see. I think the failure of the bid have long been discounted in price. we are at historic lows. I think to hit 200 we would be on a pe of 3 which would be ridiculous unless you think company going belly up which I dont think anyone is suggesting. with bid out of way value investors will become interested again as they were holding off knowing that shorters will pummel share price on bid termination. I agree no real buy signals at all but imho impossible to call bottom in these situations. still think picking up a few at these levels good idea and a bit of fun as well. after all that is why we are in the game. as long as you dont bet the wife's jewellery. you have probably seen this one |
Posted at 15/10/2012 09:03 by aleks_atanasov "15 Oct 2012New York, October 15, 2012 -- Military spending cuts will spur continued consolidation in the defense industry despite the collapse of the proposed merger between BAE Systems plc and European Aeronautic Defense & Space Co. (EADS), Moody's Investors Service says in a new report, "Defense Industry Consolidation Still Likely Despite Failure of BAE-EADS Deal." "Significant spending cuts in the US and Europe point to the urgent need for defense companies to cut costs and improve operating efficiencies through consolidation and other restructuring actions," says Senior Vice President and author of the report Russell Solomon. The failed merger between BAE Systems and EADS does not change that reality, Solomon says, though it does illustrate the difficulty of executing cross-border mega-mergers among defense companies. The talks failed because BAE and EADS were unable to reconcile their merger objectives with the demands of their respective governments. Mergers among second- and third-tier suppliers are more likely, Solomon says, since the barriers in these cases for the most part would be lower. And while margins are currently strong in this part of the market, these firms will see them erode as revenues come under pressure from declining volumes and tighter pricing. "Smaller companies with specific capabilities will be attractive acquisition targets," Solomon says. "Prime contractors looking to expand their presence in a particular segment will shop for acquisition targets that offer specific capabilities, though competitive bidding could prompt acquirers to pay excessively high EBITDA multiples." And while prime contractors are the most likely acquirers, spin-offs are also more likely as falling military budgets erode the profitability of individual business units, prompting firms to jettison weak performers and exit businesses that no longer fit their revised long-term business strategies. " |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
