Flutter Entertainment Share Discussion Threads

[bluebelle] 21/3/2013 09:27

Colin Day, chief executive of Filtrona, reluctantly accepts that his £1.3 billion company is a type of conglomerate. When such beasts as Hanson Trust and Williams Holdings last stalked the corporate jungle, they were indeed collections of seemingly unconnected businesses; Filtrona contains within it a maker of cigarette filters and one providing labels on drugs and healthcare products, and again, it is hard to see much connection between these.

However, making cigarette filters is a strongly defensive business, as is making cigarettes themselves, and provides excellent cashflow, from a market growing at 11 to 12 per cent a year, as Filtrona wins market share and smokers in emerging territories switch to more sophisticated brands.

The market supplying pharmaceutical products is likewise growing by 8 or 9 per cent a year, driven by the usual demographics: an ageing population and more sophisticated healthcare in those emerging markets. Regulation is increasing the amount of information consumers must be given.

Mr Day says Filtrona, spun out of Bunzl when the latter decided to devote itself purely to distribution, is in essence a maker of foam, fibre, filter and plastic products that are high volume, relatively low value, and essential.

He has placed a further bet on those pharmaceuticals markets with the £160 million purchase from private equity of Contego Healthcare, a UK company that provides print and packaging. This is the biggest deal so far for a business more inclined to small bolt-ons and is funded by means of a placing of new shares equivalent to almost 10 per cent of the issued share capital.

Filtrona had tended to fund smaller deals out of debt but had always made it clear that anything significant would be funded by fresh equity. The market had no qualms; the placing went through without a hitch at 675p, a premium to the price in the market at the time, and Filtrona shares ended 28p ahead at 690½p.

The business being acquired has lower margins than the division it is joining, there are plenty of cost savings available, and Contego products can be sold to Filtrona's existing customers and vice-versa. It looks like a textbook deal.

Filtrona has ambitious plans but is already just short of a share price target set only two years ago. The shares sell on almost 19 times this year's earnings, which looks high, but farther progress looks assured in due course. Buy on any weakness.

[bluebelle] 19/3/2013 18:22

Looks like it was pretty well received, dasv.

[dasv] 19/3/2013 07:23

Placing to acquire pharma packager Contego for 160m

[werty5] 26/2/2013 18:42

Fundamentals look good for Filtrona. Also looking at the weekly chart MACD Histogram looks like it is just entering a new trend ticking upward and EMA based on a 26 week (half year) also trending higher, so share price looks set to rise for a little while yet, with luck.

[bluebelle] 26/2/2013 15:11

Not many others are blue today (so far !) !!!

[ygor705] 22/2/2013 19:39

Good strong finish to the day...........I think that there is more to go for here.

[bluebelle] 22/2/2013 10:35

EI
In terms of cash flow ps - which is one of the main kpis I watch - I'm happy to look at gross rather than net.

[uhound] 21/2/2013 15:38

Agree, the general market pullback has forced me to add to my holding after a good set of results.

[essentialinvestor] 21/2/2013 15:12

There is a very detailed webcast available if anyone is interested enough
to listen to a 1.07 hr results presentation.

[diabhal] 21/2/2013 15:07

I think the share price is taking a battering due to market pullback. Very nice results and other news released this morning. Don't think that has been factored in at all yet. I'll wait for the bottom of this pull back (poss around 580?) and then dive in.

[wjccghcc] 21/2/2013 11:01

Ah I see. They quote free cash flow as being net of working capital, tax and interest. I calculate it as being before those items.

[essentialinvestor] 21/2/2013 10:29

WJ, I had a quick look this morning and read the free cashflow figure
as down 17%.

[wjccghcc] 21/2/2013 10:19

Fall? If you strip out the changes in working capital and the exceptional items I make it that cash flow rose from 95.1mm to 115.8mm.

[essentialinvestor] 21/2/2013 10:06

Bluebelle, any thoughts on the fall in free cash flow? TIA.

[bluebelle] 21/2/2013 09:11

Yes, I agree. A splash of blue - at least for the time being - in today's largely red sea !

[ygor705] 21/2/2013 08:28

Good results, solid balance sheet and earnings enhancing acquisitions announced in jurisdictions with a currency stronger than Monopoly money sterling. PE of less than 20 now and the divi is as good as you'll get in building society. Was going to take a quick trading profit this morning but changed my mind and bought some more. Dull day generally possibly provides a good buying opportunity as I suspect that press coverage will be positive.

[werty5] 21/2/2013 08:14

Nice set of year end results for Filtrona and a move above 600. Happy days.

[diabhal] 19/2/2013 13:39

Surprised there are no recent posts here. share price rising nicely towards results. Can see this hitting 600 shortly.

[bluebelle] 06/2/2013 10:36

Number : 2455X
Filtrona plc
06 February 2013
6 February 2013
FILTRONA PLC
Invitation to Full Year 2012 Results Presentation
Filtrona plc is due to report its Full Year results for the year ended 31 December 2012 on 21 February 2013. The results will be published at 07:00 (UK time) on the same day through the regulatory news service (RNS) and on the Company's website (
There will be a presentation for analysts and investors at 08:30 (UK time, registration from 08:15), which will be held at The Auditorium, Deutsche Bank, Winchester House, 1 Great Winchester Street, London, EC2 2DB.
There are two options for participating in the presentation:
To attend in person, please e-mail your details to [e-mail]
View a live webcast of the presentation at
A recording of the presentation will be made available on the website later in the day.

[bluebelle] 21/1/2013 10:49

FILTRONA PLC
A leading international supplier of speciality plastic, fibre and foam products
Director Change - Coated & Security Products
Filtrona plc ("Filtrona" or "the Company") today announces that Tony Edwards has tendered his resignation as Managing Director - Coated & Security Products division, to pursue other opportunities outside the Company. In order to ensure a smooth transition, Tony will remain with Filtrona until end-June 2013, with his successor announced in the next few months.
Commenting on today's announcement, Colin Day, Chief Executive, said: "On behalf of the Board and the Group Management Committee, I would like to thank Tony for his dedication and commitment to Filtrona during his 23 year career with the Company, of which ten as Managing Director of the Coated & Security Products division. He has played an important role in the delivery of Vision 2015 to date, and in the re-focusing of the division on packaging solutions and authentication and identity solutions so as to leverage our capabilities better. We wish him every success in his future endeavours."
Ahead of its Full Year 2012 results due 21 February 2013, the Company re-iterates that it is on track to deliver its targeted balanced growth in 2012 and to continue to make progress towards its Vision 2015 objectives.

[bluebelle] 15/10/2012 08:52

...and again : good, solid interim statement.

[bluebelle] 01/8/2012 13:17

Good set of figures yet again.

[deej4y] 17/7/2012 14:00

Worth a watch if you have time & would like to understand a bit more what the company does.

[bluebelle] 14/6/2012 07:18

FILTRONA PLC
A leading international supplier of speciality plastic, fibre and foam products
ACQUISITION OF LYMTECH SCIENTIFIC IN POROUS TECHNOLOGIES
Filtrona plc ("Filtrona" or "the Company") today announces that it has acquired 100% of the share capital of John R. Lyman Company and Big Blue Properties LLC (together "Lymtech Scientific") from William Wright and an associated family trust for a cash consideration of US$45.3m, subject to customary adjustments. Lymtech Scientific has been acquired on a debt-free basis, and the transaction was funded from the Company's existing facilities.
Based in the US, Lymtech Scientific is a manufacturer and distributor of porous speciality wiping materials used within the clean environments increasingly required by the medical, life science, electronic and industrial markets. The acquisition of Lymtech Scientific not only adds complementary technology in a growth segment to Porous Technologies, but also enhances the commercial capability of the division through the addition of a distribution selling channel.
For the year ended 30 September 2011, Lymtech Scientific generated revenue of US$28.7m and earnings before interest, depreciation and amortisation ("EBITDA") of US$5.7m. For the year ending 30 September 2012, Lymtech Scientific's current estimates indicate revenue in the region of US$30m and EBITDA of around US$6m. The transaction will be immediately earnings enhancing to Filtrona, and will be reported under the Company's Porous Technologies division.
Commenting on today's acquisition, Colin Day, Chief Executive, said:
"The acquisition of Lymtech not only extends our porous fibre manufacturing technology, but also gives us access to the attractive growth and higher value cleanroom and controlled environment wipes market. In addition, through leveraging the global commercial and operational resources of our Porous Technologies division, there is a real opportunity to expand the Lymtech business geographically into the sizeable Asian and European cleanroom wipes markets."

[northernlass] 18/5/2012 10:50

Oilfield Business Expanding

FILTRONA OPENS NEW MSI FACILITY IN HOUSTON

Filtrona has opened a new office, plant and warehouse for its MSI Oilfield Products business in Houston, US.

MSI -which was acquired by Filtrona in 1994 and is part of the company's protection and finishing products division - is the market leader in oil country tubular goods thread protectors and pipe protection products, manufacturing the broadest range with the highest quality standards in the industry.

Headquartered in Houston, with over 30 years in the business and more than 200 employees, MSI services the world through additional locations in Nisku, Canada; Veracruz, Mexico; Aberdeen, UK and its wide distributor network.

Source:



FILTRONA'S MSI OILFIELD PRODUCTS BUSINESS IS SET TO DOUBLE CAPACITY THIS YEAR



FILTRONA INVESTOR PRESENTATION OF 2011 FULL YEAR RESULTS



P.S.

Here's a couple of links about SCLP, one of the hottest stocks at the moment: