Flowtech Fluidpower Share Discussion Threads

[martinthebrave] 17/4/2018 15:20

Paul Scott pretty upbeat about todays results -

"Overall though, I think the PER of only 10.9 seems excellent value. It seems a genuinely profitable & cash generative group of niche businesses. So it gets a thumbs up from me.".

[edmundshaw] 17/4/2018 15:08

For me this is a successful growth story, it's got to be worth a forward PER of over 12 - so for me £2 should be a minimum fair price. Management have not tripped up yet...

[boonkoh] 17/4/2018 14:14

Looks like a bit of overhang at 175p with a seller able to mop up demand this afternoon. Hopefully this overhang clears and we get the leg up to 180p.

[mfhmfh] 17/4/2018 12:24

positive write-up today by Paul Scott on Stockopedia

[martinthebrave] 17/4/2018 10:34

Flowtech Fluidpower PLC had its stock rating noted as ‘Reiterates217; with the recommendation being set at ‘CORPORATER17; today by analysts at finnCap. finnCap have set their target price at 215 GBX on its stock. This indicates the analyst now believes there is a potential upside of 22.2% from the opening price of 176 GBX.

[edmundshaw] 17/4/2018 09:50

Perhaps we are a bit under the radar because the headline numbers (and the numbers investors might look for in "screens") are always out of date in this rapidly developing business.

[edmundshaw] 17/4/2018 09:46

Yes, there is no underlying EPS figure given. But anyway, given 8(?) acquisitions over the last year and a quarter, we need to mess around with the numbers to get a proper notion of continuing underlying EPS.

But it is not too hard to work out 2017 underlying by multiplying basic EPS (of 9.69p) by 9.08 and dividing by 6.61 which are the underlying and basic op profit. Then assuming no seasonality (big assumption, but I cannot see how this can be estimated), and assuming margins flat, Q1 2018 multiplying crudely by 4) extrapolates to 106m turnover whereas 2017 was 78.3.

Then adjusting for shares in issue versus average shares over the year for EPS means * by 50.4 and divide by 53.1. (ignoring a small benefit of 2 weeks of Balu earnings, and a tiny adjustment due to the Jan 2018 acquisition).

I make that an April 1st "rolling" underlying EPS pre the Balu acquisition of around 17p.

Then the Balu acquisition can be expected to be a positive (though not immediately earnings accretive - given the dilution versus the extra earnings, the acquisiton seems fairly flat from an earnings per share accretion point of view).

Plus I cannot quite imagine zero accretive acquisitions for the remaining 9 months, nor some benefits from synergies and the recent price uplift.

On the basis of all that, I think Flotech Fluidpower is pretty good value! :-)

[petewy] 17/4/2018 09:23

Well spotted Bonkoh. For me the results cement the price at 175p going up.

[boonkoh] 17/4/2018 08:46

Buried in the annual statement is about £2m of administration expenses, relating to acquisitions, which is probably not recurring this year. I make that about 15-20% enhancement to net profit for FY2018.

[martinthebrave] 17/4/2018 07:40

"In Line" & looking pretty good. Rev's +46% & underlying Op Profit +21.9%, Acqu's bedding in nicely. Q1 started well. "the Group is now entering an exciting stage of development as its ambitions for growth increasingly improve its market share". Happy to hold.

[petewy] 16/4/2018 09:48

Results tomorrow?

[mfhmfh] 26/3/2018 14:10

positive write-up by ST in IC today.

[mfhmfh] 26/3/2018 11:05

finnCap target price 215p from 14.03.18.

[mfhmfh] 26/3/2018 10:49

bought in here today, GLA.

[boonkoh] 26/3/2018 08:26

Hallen get is that acquisition is not going to be EPS enhancing this year.If mgmt believe they can extract synergies and cross sell organic growth in FY2019, the brokers covering FLO don't seem convinced.

[boadicea] 25/3/2018 17:08

Probably have a glass ceiling at 170p for some time.
For the present, it would just be nice to test it!

[edmundshaw] 23/3/2018 12:38

Placing was recently easily completed at 170p, so Flotech comfortably under that price now and rather cheap.

[2vdm] 23/3/2018 11:52

Has the current share price factored in the new placing. I've been looking at FLO for some time and would value any opinions from LTHs as I'm considering putting some into ,y SIPP. TIA

[edmundshaw] 21/3/2018 11:58

Don't know why I was irritated. I can add now at a lower price now than the placing price! It happens quite often, perhaps because there is some selling by placees (probably at a higher level). Score one for the PI! :-)

[alter ego] 15/3/2018 10:14

clickable link without ADVFN's unhelpful corruption of the HTTP bit

[edmundshaw] 15/3/2018 09:46

Some details of the placing available today...

hxxp://www.flowtechfluidpower.com/media/1732/placing-of-ordinary-shares-and-notice-of-general-meeting.pdf

[petewy] 14/3/2018 22:12

price target raised by analysts at FinnCap from GBX 2.05 to GBX 2.15.

[edmundshaw] 14/3/2018 09:06

Yes, a positive sounding acquisition. Irritating dilution, and always a bit annoying when the "professional" investors get a discounted look in and I do not. But understandable I suppose, the acquisition didn't warrant the cost of an open offer.

Should be overall earnings enhancing although hard to be sure given the insubstantial detail on the benefits (though I am sure the "professional" investors got a nice prospectus giving some more helpful information).