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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Fiberweb | FWEB | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 101.75 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 101.75 | 101.75 |
| Top Posts |
|---|
Posted at 24/9/2013 08:49 by bearbully80 dear sharw and paul, does everybody with shares at the close today (tomorrow is xd day) get the 1.2p dividend even if they sell tomorrow or do they now need to hold their shares to the bitter end and sell only to PGI in order to get their dividend? silly question maybe, but i am genuinely confused!holders must be hoping for a white knight... even somebody that will pay the same as what Petropar paid in 2011, 229m (130p), for a much smaller and dull part of the Fiberweb business would be better than this 183m nonsense (102p), for a remaining business 50% bigger than what Petropar bought, that now also has millions of pounds in the bank and boasting much better prospects. but time is not on our side as Blackstone keeps mopping up shares on the cheap and i am starting to think the only chance now is if our shareholders decide to reject the board's easy-way-out recommendation, but that might mean an immediate 20p drop if Blackstone refuse to improve their bid. maybe those big, long cfd play's announced on RNS (Henderson's look like they are genuinely hedging an existing short position but the others, as far as i can make out, look like they are betting on the price going significantly above the current 102p offer) can give some clues, or at least some blind hope! that and the buyer at 103.25p yesterday. |
Posted at 23/9/2013 12:16 by bearbully80 sharw - would Fiberweb not have been expected to make some announcements yet about how to vote or to justify their positive recommendation and stance on Blackstone's 102p offer and, most importantly, to disclose interest from from any other parties yet if there have been any other inquiries? royaloak - somebody was paying 103.25p this morning, more than PGI's 102p (even when you include our 1.2p dividend), so those cfds might already be in the money. if they calculated a fair price for Fiberweb based on the board's statement's (for example, in nov 2011 - "our mid-term target for profit margins is 8-10% after the disposal of Hygiene", and the likely looking 310m sales in 2013 based on the interims and well-documented improving USA markets) that the board have consistently since then said they are confident of achieving, which gives more or less 20m-35m profit this year or in 2014 which gives a fair valuation of 130p-180p even with very low PERs. it could also make one scratch one's head as to why the recommend a bid of 30%-60% less than that. by the looks of it buyers are still struggling to find shares to buy and according to yahoo! finance finance.yahoo.com/q/ there have been only 22m FWEB shares traded since the initial announcement on 20 August. if that is correct, Balckstone's brokers need to pull their finger out and get buying but I, personally, don't see too many more holders letting their shares go for 103.25p - what's worse, imagine how those who sold at 94p, after the initial shake-out, feel today, and if the price goes up 10-50% more. again, from the same yahoo! page, it seems Balckstone may have picked up half those 22m shares as low as 95p! they will make whatever happens - that goes without saying. still, I came across nothing new over the weekend confirming any other bidders are chomping at the bit, but I am still holding on for either a much improved offer by Blackstone to get closer to the real value or a competing bid that offers at least the equivalent of what Petropar paid ~130p, and even then most cynics would concede that Petropar bought the less attractive part of the business, especially considering where we appear to be now in the economic cycle. paul - i hope it is clear that the information you credit me for re the irrevocable 35% not really being irrevocable at all if a higher bid comes along is just my own interpretation of appendiz b - i am by no means certain i understand that part of the document - does anybody else? |
Posted at 10/9/2013 15:46 by sharw In addition to advising FWEB Peel Hunt is also a broker:www.peelhunt.com/Con Each day it will deal in shares including FWEB so in the interests of transparency the PTM rule 8.5 requires any dealings to be declared, so you will get one of these most days. I don't bother to read them and some RNS providers (e.g. Investigate) don't even list them. |
Posted at 08/9/2013 15:14 by joshuawu Disclosure: I hold Fiberweb shares for the long-term because of their dividend policy, quality of business, brands, products and experienced and proven management, the safe looking value in the shares based on their post-hygiene-divestmIf I am permitted to offer an opinion using such a pseudonym here (otherwise, moderator, please delete), I may begrudgingly accept an offer of 97.5p + 15p. The 15p covers the money from shareholders for a right's issue which annihilated the 107p share price at that time, and, also includes the upcoming dividend. Already 112.5p is a bargain for asset-stripping or integration, like PGI could do or other competitors, or some investment experts. Below this level, it is not even a serious proposition when compared with revenues (175p per share PER ANNUM) or assets (today's NAV 100p). |
Posted at 21/8/2013 13:21 by bearbully80 HARGREAVE HALE LIMITED (for Discretionary Clients) added more FWEB shares after yesterday's takeover announcement, some at 97.5p, and some even a little higher than PGI's offered price. Maybe somebody there (or their clients) believes the fat lady has only just started clearing her throat and that there is another twist.On the other hand, it stayed below the offered price again today so people are selling at 92p (bird in the hand) rather than waiting a month to get 97.5p + 1.2p dividend. I suppose they are nervous that PGI could pull out. Very strange though, especially since, for the whole company, PGI have only proposed an offer of just over 50% of Fiberweb yearly sales revenues! greg the grinch, so that probably means they would have made their move before now if at all interested in taking over such a relatively miniscule little company. |
Posted at 14/8/2013 15:33 by angela10 Got in to fweb on monday ,was in this share few years since ,made a tidy profit ,hope it does same again,think all the bad news is out. Also looking at evr,chart is roughly same as fweb. |
Posted at 06/8/2013 09:38 by bearbully80 Paul,I appreciate your extensive reply but it is only what you have said before and I understand this "gut feel" approach and agree with it. My question was more about why my calculation, which is done exactly as I understand how companies should be valued (discounted cash flows) I get such a big PER (20) which gives a fair price of 134p assuming 6.7p EPS . I did not pluck that PER of 20 out of the air, I calculated it. If you have knowledge in such calculations, please review the logic and calculation of my post and tell me where it went astray! I repeat the logic below to save some time for anybody that has such knowledge and experience with this sort of calculation and has time to help me understand what I got wrong: The board's medium-term target for margins is 8-10%. The CEO reiterated management is confident of meeting the board's targets. The company recently announced a "Long-Term Incentive Plan" (RNS 8162E) where 1 million shares will be shared between the CEO, FD and the Director of Business, at nil cost, in May 2016. If we assume that one measure of performance for this award is this margin target being met, say 9% by 2016 interims, starting from today's 6% actual-margin, at least 15% earnings-growth per annum is required for 3 years. If you consider 10% to be a good annual return, then the fair FWEB price-earnings-ratio (PER), assuming the above mentioned 15% earnings growth for 3 years followed by a benign 3% earnings growth per annum thereafter, would be 20. With an expected 2013 EPS of 6.7p, that would indicate a fair share price of 134p for FWEB. |
Posted at 06/8/2013 07:06 by paulypilot Hi bearbully80,I think a PER of 20 is a bit of a stretch, starting as we are from a PER of about 10! In my view we should be looking for a re-rating to a PER of about 13-15, on the back of solid interims just announced, and economic recovery in the USA & UK, which combined comprise 59% of FWEB's total sales. Based on consensus forecasts of 6.3p this year, and 7.4p next year, that translates into a share price of 82-111p. So barring something unforeseen happening, I reckon there's a fairly easy 30-40% gain to be had here, from the current 77p share price, and moreover we receive an excellent dividend yield whilst we wait. With an excellent Balance Sheet too, the downside looks well protected - i.e. if they did have a bad year, then they could continue paying the dividend, and restructure without having to worry about debt, because there isn't any! It's not the most exciting thing I've ever seen, but looks a very nice low risk, reasonable reward type of thing that is overdue a re-rating. DYOR as usual, just my opinion. Regards, Paul. |
Posted at 06/8/2013 00:25 by bearbully80 sharw, Paul and others who can help - I have been working on this every free moment I got since Sunday afternoon but I still make the fair value of FWEB 134p - can you please review my logic below?The board's medium-term target for margins is 8-10%. The CEO reiterated management is confident of meeting the board's targets. The company recently announced a "Long-Term Incentive Plan" (RNS 8162E) where 1 million shares will be shared between the CEO, FD and the Director of Business, at nil cost, in May 2016. If we assume that one measure of performance for this award is this margin target being met, say 9% by 2016 interims, starting from today's 6% actual-margin, at least 15% earnings-growth per annum is required for 3 years. If you consider 10% to be a good annual return, then the fair FWEB price-earnings-ratio (PER), assuming the above mentioned 15% earnings growth for 3 years followed by a benign 3% earnings growth per annum thereafter, would be 20. With an expected 2013 EPS of 6.7p, that would indicate a fair share price of 134p for FWEB. Search for "money chimp pe ratio calculator" for an easy to use PER calculator. Add to the equation the cash (which when invested properly should improve earnings further) and the expected recovery in Fiberweb's main markets, the benefits of the big capex projects, on top of the optimism for their latest innovative products and new "talent" they have taken on, this seems like the place to be. I am not much good with formulae so please do point out, and if you can, correct the errors in my logic. 134p and 76.5p are not very close. |
Posted at 11/3/2013 21:31 by ryandj2222 Fiberweb patches up deficitThese solid full-year figures from specialist materials company Fiberweb (FWEB) suggest that its turnaround programme is working. The recovery in the North American property market, in particular, generated more demand for house and landscape materials and was key to the 39 per cent year-on-year increase in underlying operating profit to £15m. Although progress was offset somewhat by pension scheme issues - the £27.9m pension deficit it reported in June related to two closed US schemes and that required urgent attention. This involved a one-off payment of £15.5m, from the proceeds of the disposal of its hygiene business, in addition to its usual contribution - which helped bring the deficit down to £6.5m at the year-end. That action, however, probably prevented a special dividend, which had looked like a serious option after the hygiene business disposal. Meanwhile, efforts to reduce working capital helped generate cash inflow of £10.1m, before the pension contribution. Still, chief executive Daniel Dayan hasn't closed the door on a return of capital this year - he reckons the likelihood should grow if no suitable bolt-on acquisitions are found. Peel Hunt expects adjusted pre-tax profit for 2013 of £17.5m, giving EPS of 6.5p (from £13.6m and 6.5p in 2012). FIBERWEB (FWEB) ORD PRICE: 78p MARKET VALUE: £135m TOUCH: 78-79p 12-MONTH HIGH: 80p LOW: 56p DIVIDEND YIELD: 4.1% PE RATIO: 35 NET ASSET VALUE: 100p* NET CASH: £14.5m Year to 31 Dec Turnover (£m) Pre-tax profit (£m) Earnings per share (p) Dividend per share (p) 2008 513 -25.2 -18.0 4.20 2009 454 -6.10 0.40 4.20 2010 269 2.50 1.80 4.20 2011 298 -7.20 -1.80 3.00 2012 300 6.50 2.20 3.20 % change +1 - - +7 Ex-div: 24 Apr Payment: 24 May *Includes intangible assets of £45m, or 26p a share IC VIEW True, more work is needed to reach Fiberweb's medium-term return-on-operating- Last IC view: Buy, 69p, 1 Aug 2012 |
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