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CRU Coral Products Plc

10.75
0.00 (0.00%)
Last Updated: 08:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Coral Products Plc LSE:CRU London Ordinary Share GB0002235736 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 10.75 10.50 11.00 10.75 10.75 10.75 54,415 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Plastics Products, Nec 35.22M 1.26M 0.0141 7.62 9.59M
Coral Products Plc is listed in the Plastics Products sector of the London Stock Exchange with ticker CRU. The last closing price for Coral Products was 10.75p. Over the last year, Coral Products shares have traded in a share price range of 10.75p to 17.90p.

Coral Products currently has 89,168,957 shares in issue. The market capitalisation of Coral Products is £9.59 million. Coral Products has a price to earnings ratio (PE ratio) of 7.62.

Coral Products Share Discussion Threads

Showing 1376 to 1400 of 4075 messages
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DateSubjectAuthorDiscuss
05/10/2018
15:18
Forecast EBITDA is £3.4m.



I extrapolated H2's better margins and got £3.45m but that included 2 months losses at Haydock. It's just about conceivable that H2 margins could actually be beaten in the current H1, which could then see a significant fall in debt. I can see £14.5m of EV (£6.5m debt) on £3.5m of EBITDA when we see the numbers in a few months so a multiple of 4.1 - and possibly 2.5p + 5p dividends.

Later figures are common this year as some companies struggle with all the new accounting changes. Coral's figures might have been delayed by covenant issues that have now cleared.

aleman
05/10/2018
14:10
Charo,you should take into account that EV (Net Debt + Market Cap) is 15.7m so forecast Ebitda of 2.5m is 6.3x multiple.Given the yo-yo record over past 5 years clearly not a roaring buy as evidenced by the lack of buyers since the results. It took them 5 months after the year end to release the numbers for a tiny business. Good figures come out early bad figures late. Its also a forecast ebitda by brokers. You lead by example. The Chairman of the Board is a tax-exile. What example is that setting for the workforce. I said this was a single figure stock months ago & until the interims are out the jury is still out & I cannot buy these for clients.
atholl91
05/10/2018
07:53
market cap now 2.5 brokers forecast ebitda,bonkers.
charo
01/10/2018
09:31
The interims are not far away .With the AGM on 23 october the company should have 5 months management accounts completed and a flash for october the company should be able to inform market with high degree of confidence how first half has gone.
charo
01/10/2018
08:23
Good point TIS - but one has to think of the implications - i.e. there are funds etc that can only buy/hold stocks that pay dividends, and one or more of the larger holders maybe fall into that category, so on balance not worth the risk to reward, as I would rather have them aboard than selling off and watching the share price tank.

Anyway, it is clear that a recovery is well underway and it is just disappointing the share price has not reacted accordingly but that could be a Brexit thing because of the motor industry contracts, and possible disruption to business.

clocktower
01/10/2018
07:42
Regarding the dividend, will those who are doubtful of the wisdom of having a final dividend be voting against it at the AGM?
this_is_me
01/10/2018
06:33
Well today`s RNS clears up the compliance issue over the bank leading covenants. The company are now just waiting for a formal waiver notice.

Clearly the companies position in being in compliance since the companies last year end, shows the strength of the recovery at Haydock imo. That news on top of the dividend announcement that was made in the accounts, really does paint a different picture.

Now all that is needed is a recovery in the share price

clocktower
27/9/2018
19:03
Aleman
This is a minor matter and according to company but for a change in audit reporting would not have been an issue.The
company has declared a dividend albeit small,cost 205k,do you imagine the bank would have allowed this if concerned.

charo
27/9/2018
18:55
mixed bag. mortgage doesn't worry me too much, as long as they keep paying monthly, would it suprise me they would call the loan. working in a bank myself, it's not common practice when a company is on schedule. the fact they pay a dividend is also an indication of stability. these numbers are from april, we are now almost in october. next trading update/agm statement and especially the next interim report will be key: operating profit has to rise, exceptionals have to diminish and cashflow will be main focus.

maybe some more write downs installing the erp system at global one pak

i would have preferred buying some shares back for that 200.000 in dividend. at current prices that might have been more interesting for the shareholders.

taking a step back, this is a company that completely changed itself and where the business it was in a few years ago, is now gone. And yet the company has transformed itself, with ups and downs, and looks to be in ok shape.

kirmich
27/9/2018
17:26
Looks about right Aleman.

The £200k hit at Tatra was a one off hopefully but this is not the first time that CRU has had these problems, maybe they should look at the debt management situation again.

The really good news that comes from these accounts is "The focus on Coral Products (Mouldings) has meant that it has been profitable for the last four months, this trend has continued into the current financial year." As Haydock has been the problem in the past, so I guess the only month that the Mouldings site was not profitable would more likely have been May - so Four strong months, hence the dividend I expect. I would have preferred them not to pay this but it maybe to keep certain type of stock holders and buyers on board.

a few big contract wins and back the share will go to 12/15 range I expect, based on the expected turnaround. No big winners here mind you.

clocktower
27/9/2018
16:05
I make gross margin in H1 was 33.9% and in H2 35.4%. Were the latter to be maintained on the forecast £28m sales next year, gross profit would be £9.912m compared to this year's £8.103. So next year is looking at £1.8m more gross profit and £650k less exceptional items in admin costs. Increased distribution costs might be £400k off their sum, so £2.05m higher operating profit at £1.85m. Finance costs £350k so PTP £1.5m. Tax £300k so attributable profit £1.2m or eps of 1.46p. Does that look about right right? Add nearly £1.6m depreciation and amortisation back to the operating profit and that's £3.45m EBITDA. Forecast is for £3.4m EBITDA, 1.5p EPS and 0.7p dividend so I make that amazingly close for me! What did I do wrong? £1.6m depreciation and amortisation covers the mortgage on its own if it has to be paid back early.

I do think the numbers are looking very good good if sales rise as forecast and margins are maintained. (Margins could rise if we put more volume through the same site and new recycling kit reduces costs, though that has to be paid for.) These results make next year look very promising so I suppose it might justify the surprise dividend this time.

Does anyone agree or disagree with my numbers? They've been done quickly with kids pestering me and starting to make dinner!

aleman
27/9/2018
15:36
The focus on Coral Products (Mouldings) has meant that it has been profitable for the last four months, this trend has continued into the current financial year.


There has been huge interest in the forthcoming recycling facility at Haydock. At least six local authorities, along with bread basket and home delivery customers are in advance talks with Haydock, with many others in early stage talks.

I'd be very happy with these results but for:

Based on the results of the Group for the year ended 30 April 2018, the directors have assessed compliance with covenants on the invoice discounting facility and mortgage. Although these financial covenants have been passed in respect of the invoice discounting facility, calculations show that they have been breached with respect to EBIT and Adjusted Cash Flow covenants on the mortgage with an outstanding balance of £1,604,000. As the bank have not formally reviewed these covenants to date, no formal waiver has been received. However, based on ongoing discussions, the bank has expressed their willingness to support the Group and the directors are confident that the mortgage will not be recalled for early settlement. Due to the technical breach of covenant, the mortgage has been disclosed as due in less than one year. However, it should be noted that the underlying term of the mortgage are that it is repayable by 2027 by monthly instalment.

The company looks set to generate a lot more cash next year so, even if they were asked to pay this back early, one would hope it might be managed somehow. I'm surprised they've paid a dividend, though, given this. That's £200k. If the bankers are as happy with the way things have gone in H2, and even better prospects for next year, then it should not matter, but I'd prefer if it was not there!

aleman
27/9/2018
15:00
Results out! Underlying EBITDA in H2 £1.1m and underlying eps of 0.61p. 0.25p dividend! They sound confident of further improvement.
aleman
26/9/2018
19:18
Appreciate the results could be out any day now but the fact that no one knows when they are coming is just another example of how the company needs to think about how it presents itself to the market. Most companies either set a results day well in advance or let investors know when they release the trading update. Its only a little thing but it would be a strong sign to say the company is thinking of investors and keeping them informed. Also, some investors may take the radio silence to mean something bad is going to be announced. The brokers are advising them badly.
valuschmalu
24/9/2018
22:12
Who is the seller and how much left?
jeevsje
24/9/2018
18:17
The only radon for nonsense earning is nonsense accounting rules.
If coral ignored then critics would have field day. The company has continued to invest continued to build and JG has had strength to pursue strategy.

charo
24/9/2018
17:49
In a best case scenario, which is that they restore the plastic extrusion business to health this is probably worth a bit more than the current price, but not much. I just don't see any reason to be particularly bullish about these myself.
arthur_lame_stocks
24/9/2018
17:04
i think we are actually in agreement on this. but you with a more pessimistic view, for me more with a positive view. i'm a newcomer to this company, i didn't know it 2 months ago, so i have been spared a lot of frustration.

with rising results, the buyers normally tend to come. i think it will be the interims in january and the outlook then that will be key

kirmich
24/9/2018
16:49
Kirmich, First the underlying profit/earnings nonsense has to stop. If you have run the 100m in 9.9sec but in the Olympic Final you do 10.3 & come 3rd what goes into the book. Not what you are capable of - what you did. The new CEO has been there for five minutes & has it all to do. British Industrial business's do not get real turn arounds instantly. They take 2-3 years. This stock will not motor until buyers in volume return.
atholl91
24/9/2018
16:30
Ct, I think its in a few trusts run by different managers. Only need to keep the total holding under 800k.
atholl91
24/9/2018
14:55
Atholl, i know i only have a small stake, first i want to see a change in cashflow and i want the exceptionals gone. i feel the first indications are there that everything is starting to be going in the right direction, but no certainty by any means.

of course there are risks, didn't think going from exec to non-exec is one, you could also "spin" it as having confidence in the new guy running things.

Curious as to who the seller is, will be looking at the substantial interest in the annual report.

if the numbers and the forward guidance are ok, and the next interim report shows what the trading update is suggesting, normally the share price will take care of itself. if it continues to be overpromise and underdeliver, it won't. being such a small company, it is basically quite simple : if mick wood turns the haydock factory around and the other businesses progress as they do now, then we are going to be ok. if not, we are in trouble.

kirmich
24/9/2018
14:51
atholl91 - Do you think the big seller should have informed the market, as they must have reduced their stake by more than 1% by now?
clocktower
24/9/2018
14:23
Good on you Kirmich. However you have bought about 4% of what is needed as everytime the stock moves up we have that seller dumping 100k. I think I know the seller and he has a few more million to go. CRU needs a broker with clout or to merge or be taken over. Grimmond & the other Exec both went non-res which shows you what they think of the future under a prospective Labour Economic collective.
atholl91
24/9/2018
09:27
The way i see it.

Joe grimmond saw a few years ago he was saddled with a dying business and a big factory which would become useless. What a bonus, we have an executive who actually tries to look into the future and acts upon it.

He then does a capital increase at a good price (nobody else saw it cause numbers were relatively ok and most shareholders don't look any further then the next 10 minutes. Bonus point 2.

He then goes on and buys a few companies, which all turn out to be great purchases at cheap prices. Who can say that? Big bonus point 3. The acquired companies actually keep the company afloat with the heritage business dying.

Does he stop there? no. He want to operationally change the main business and is attracting new type of business and a highflier ceo. Of course changing a complete operation takes time/costs a lot of money (hence depreciation and capital expenditure up) and involves some hickups along the way. Quickly he sees that the ceo is worth nothing (as most ceo's are) and is not what he needs to turn it around operationaly. He fires the guy and thinks, this isn't what i need, i need a top coo (chief operation officer) for my struggling factory and he hires a well respected guy who was in charge of running two factories, august 2017. Major bonus point. Presumably within the first few months, our new coo made such an impression actually doing something about the overhead and the actual operations, that he quickly made him ceo (probably fearing he would leave and a title change from coo to ceo has to be good for his ego).

Summarizing : we have a few acquisitions who are running very well, we have the main factory who completely changed operations with somebody running it who knows what he is doing. We have a chairman who in my opinion saved the company from death (most companies that small with a dying business would have been bankrupt already)with a few remarkable moves. There have been hickups, look at the share price, but extract all the exceptional costs out of the previous reports and then check the market cap. There was the contract and its extension, the trading update more positive than before, with rising sales and rising MARGINS. This could be a nice one. Of course it's a small company, this isn't an advise to buy the shares, just my take, and why i bought shares over the last 2 months.

long, 200.000 shares at around 10,6 pence.

kirmich
21/9/2018
08:37
Some more buys coming in this morning. Looking good for the rest of the day and next week. We know profitability have improved recently, as per last statement. The recent interview was bullish as well, with all the council contract.
jeevsje
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