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Share Name Share Symbol Market Type Share ISIN Share Description
Chemring Group LSE:CHG London Ordinary Share GB00B45C9X44 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +1.00p +0.66% 152.40p 151.20p 151.80p 157.40p 151.20p 157.40p 514,032 16:35:17
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Aerospace & Defence 297.4 -40.8 -37.8 - 426.56

Chemring Share Discussion Threads

Showing 1326 to 1348 of 1625 messages
Chat Pages: 65  64  63  62  61  60  59  58  57  56  55  54  Older
DateSubjectAuthorDiscuss
11/10/2013
13:35
Well, no dead kitty bounce yet! Still think that it may find support around the current level but don't see the point in taking a long stake now, better to wait and see what the next few months bring Vis a Vis convenant testing etc. I am keeping them on my low level watch list so will monitor from a distance going forward.
salpara111
11/10/2013
11:49
Let's just be patient and see in 1-2 years time.
kiwihope
11/10/2013
11:15
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. http://ftalphaville.ft.com/marketslive/2013-10-11/
philanderer
11/10/2013
11:13
If you are a trader there could well be a technical bounce from 220 but I have a couple of other trades in mind which I feel are less risky so I am moving on. My target had always bee the long term support line at 220 it just took a while longer to get there than I had anticipated! I much prefer to take long positions but I just felt so strongly that this one was overvalued that I took a short position. I don't know how much the management is to blame but what was clear to see was that with the wind down in the Afghan conflict there was going to be less need for the type of consumables that CHG are involved in.
salpara111
11/10/2013
11:09
JP Morgan updated ..... retains 'neutral' drops target from 310p to 260p hxxp://www.ig.com/content/dam/publicsites/igcom/shared/Broker%20ratings/ukratings_111013.pdf
philanderer
11/10/2013
11:04
Top trading Salpara. Must say I`m tempted at 220p
philanderer
11/10/2013
10:53
Every turkey has its day.....I was beginning to wonder if I had called this one wrong.....I refer to my post 932 when I opened a short....closed it today for 220.....apparently I will be going skiing twice this winter after all! Given that they have effectively said that 2014 is going to be a turkey as well, why would you buy now? There may be a bounce off the technical support line which is pretty close now but there is no point in a buy and hold strategy. I always find it curious when people say " management recently bought at £3 so it must be ok" actually what it means is that management is alarmingly clueless!
salpara111
11/10/2013
10:29
And a cut in the dividend to reflect current events!
bookbroker
11/10/2013
10:26
Rights issue on the cards to prop up the balance sheet will be inevitable sooner rather than later, a good business but wind down of Many of Mid-Eastern operations no doubt having some effect, military cutbacks in US and other incidental issues as stated this morning.
bookbroker
11/10/2013
09:44
I bought 5000 at 230p. One of the Directors bought 50,000 at £3 recently and no doubt will buy more. It looks as if 2-3% of the company will be traded today.
ddahj
11/10/2013
09:25
I always remember one of Buffett's comments that you have to be prepared for a share price to drop 20% or more after you've bought it. If you buy at the bottom it's just plain luck. I bought at around 230p and it's still dropping. But it will probably come back one day (but nothing's certain).
kiwihope
11/10/2013
09:16
Agree with 1036 post absolutely nothing has changed in the long run. Good opportunity
ddahj
11/10/2013
08:58
Invesco playing the long term game - it's Woodford's fund right? Short term US debt crisis/debt ceiling will cause problems - long term Chemring is a decent company. Just have to tuck them away and forget about them imo.
fangorn2
11/10/2013
08:56
Invesco adding 250k last Tuesday , holding 27% now....:-S And only 3 weeks ago Espirito Santo reiterating their 'buy' and 360p target ???
philanderer
11/10/2013
08:53
Chart support around 228p which seems to be holding at present , then down to 217p for the next.
philanderer
11/10/2013
08:36
damn damn damn......I marked it to "review" 2 days ago but didn't get round to doing it. grrrrr
bigbertie
11/10/2013
08:01
Well I have bought more as a medium term trade. I think many of the issues are temporary and the share price could bounce back in a year or so.
kiwihope
11/10/2013
08:01
OUCH that is a kick in the goolies- held on to these for a long time hoping to get my money back -or near as damn it- just lost another pile today.
bravo1
11/10/2013
07:56
Best call was Prime Markets on 18th june with 'sell' and target 213p.
philanderer
11/10/2013
07:53
Yep, under 200p rather than over 250p.... a disaster area at the moment. And many knew it and got out looking at the share price graph - very lucky ;-)
philanderer
11/10/2013
07:40
Dangerous debts levels relative to mkt. cap., and likely to creep up with quality issues at Kilgore, one to avoid, could see some covenant issues emerge!
bookbroker
11/10/2013
07:40
Dangerous debts levels relative to mkt. cap., and likely to creep up with quality issues at Kilgore, one to avoid, could see some covenant issues emerge!
bookbroker
11/10/2013
07:35
JP Morgan - 'neutral' tp 310p reiterates.
philanderer
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