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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Foseco | FOSE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 295.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 295.00 | 295.00 |
| Top Posts |
|---|
Posted at 08/10/2007 16:16 by rivaldo Hi Tole, hope you had a good time wherever you were! Looks like FOSE is creeping upwards, though I'm not sure if this is due to realisation that the bid is going ahead or whether other players might enter the fray. I'm holding on for more for the moment. |
Posted at 03/10/2007 00:33 by grigor FINANCIAL TIMESCookson in bid talks with Foseco By Maggie Urry Published: October 2 2007 13:16 | Last updated: October 2 2007 22:52 Foseco and Cookson are in talks that might lead to a bid for Foseco at 295p a share, valuing its equity at £491m. The prospect of a merger between the two, which both supply products to the steel and foundry industries, lifted both companies' share prices. Foseco shares rose 55½p, or 25 per cent, to 280p, while Cookson shares rose 20½p to 794½p, close to the 12-month high of 800p. The two said there could be no certainty of a bid but Foseco had agreed to give Cookson access to information so that it could carry out due diligence. If the bid proceeds, Foseco shareholders would also still receive the 1.73p interim dividend declared last month. Foseco had net debt of £99.5m at the end of its half-year in June, meaning the total cost to Cookson could be approaching £600m. It is thought Cookson could finance a deal through debt, although it might prefer to issue some shares to raise part of the consideration. Cookson's ceramics division supplies flow control products to the steel industry and has been benefiting from the growing global demand for steel. It announced a £20m investment on Monday to expand its operations in China. The ceramics division also has a small but growing business making crucibles for solar panels. In August when Cookson reported a 10 per cent rise in interim profits to £68.2m on revenues of £785m Nick Salmon, chief executive, said the group had set up new plants in China, as well as in Poland and the Czech Republic. Cookson's ceramics division sales are 70 per cent to the steel industry and only 10 per cent to the foundry industry. While Foseco also has a business supplying the steel industry, the foundry industry is a more important customer, taking 80 per cent of its sales. Cookson is regarded as having recovered well in recent years under Mr Salmon, who restructured the company after it ran up heavy borrowings in the early 2000s from an acquisition spree. Foseco, formerly Foseco Minsep, was taken over by Burmah Castrol in 1990 and was later bought out by management. It floated on the stock market in May 2005 at 100p a share. Last month it reported interim pre-tax profits of £22m on sales 10 per cent ahead at £210.2m. Jamie Pike, chief executive, said the foundry division had enjoyed outstanding margins in Europe and Asia, where business was growing particularly strongly in China. |
Posted at 02/10/2007 22:55 by sammu I bought some more today. I was enclouaged by the detail given like:If the bid proceeds, Foseco shareholders would also still get the 1.73p a share interim dividend declared last month. I don't think a competing bid is likely, but it would be nice. That process has done wonders for Consolidated Minerals in a slightly related sector supplying the manganese for the steel industry. As normal the news was leaked. How annoyed would you be if you sold out yesterday or this morning to buyers some of which clearly had some knowledge that was not in the public domain. Sam |
Posted at 02/10/2007 20:56 by rivaldo I disagree - I think it would have taken a while to get to 295p.From the FT: "Cookson in bid talks with Foseco By Maggie Urry Published: October 2 2007 13:16 | Last updated: October 2 2007 13:16 Foseco and Cookson Group said on Tuesday they were in talks that could lead to a bid for Foseco at 295p a share, which would value Foseco's equity at £491m. The prospect of a merger between the two, which both supply products to the steel industry, lifted both companies' share prices in lunchtime trading in London. Foseco shares jumped 49¾p or 22.2 per cent to 274¼p, while Cookson shares rose 12p to 786p. The two said there could be no certainty of a bid, but Foseco had agreed to give Cookson access to information so that it could carry out due diligence. If the bid proceeds, Foseco shareholders would also still get the 1.73p a share interim dividend declared last month. Foseco had net debt of £99.5m at the end of its half-year in June, meaning the total cost to Cookson could be approaching £600m. It is thought Cookson could finance a deal through debt, although it might prefer to issue some shares to raise part of the consideration. Cookson's ceramics division supplies flow control products to the steel industry and has been benefiting from the growing global demand for steel. It announced a £20m investment on Monday to expand its operations in China. While Foseco also has a business supplying the steel industry, the foundry industry is a more important customer, and it is thought the two groups' activities would complement each other. Cookson is regarded as having recovered well in recent years under Nick Salmon, chief executive, who restructured the company after it ran up heavy borrowings in the early 2000s from an acquisition spree. Foseco, formerly Foseco Minsep, was taken over by Burmah Castrol in 1990, and was later bought out by management. It floated on the stock market in May 2005 at 100p a share." |
Posted at 02/10/2007 10:36 by rivaldo Yep, excellent volumes again. Having been in since the summer lowpoint I'm not that aware of the history - has there ever been any bid interest for FOSE? Apart from the fundamentals, it'd be interesting to know if there's anything else behind this. |
Posted at 27/9/2007 19:17 by rivaldo Well, that's definitively a new closing high :o))Hi dixi - I find the quietest threads are often the best. Hopefully this is just a recognition of what's happening at FOSE and a re-rating is taking place, but perhaps we'll see something in the press tomorrow. Certainly the volume traded is encouraging. The latest broker target is 265p - no reason why we shouldn't steadily advance towards that imo if the markets remain stable. |
Posted at 13/8/2007 12:52 by rivaldo FOSE has held up terrifically in the current market. Hopefully it'll soon challenge the recent highs - on a forward P/E of less than 11 on the most recent broker forecast the two recent broker price targets of 250p would be a reasonable level to go for.With most forecasts going for 18p-19p EPS in 2008, at 250p FOSE will soon be on a current year P/E of only around 13 or so - probably about right and maybe pretty undervalued if FOSE continues to perform well. 20% upside tax-free in the ISA will do me over the next few months. Then the market will start to look forward to say 23p EPS the following year, at which point the price could target 300p-350p. |
Posted at 01/8/2007 22:37 by rivaldo Grigor, I suppose you could be right about doubling, though it would take a bit of a re-rating.The top forecast for next year is 19.3p EPS, up from 16.26p EPS this year. Let's go for say 23p EPS the year after. By this time next year, if FOSE has continued to thrive I can certainly see it as being on a higher forward P/E than the current miserly 11.1. On a forward P/E of say 14, FOSE would trade at 322p. i.e exactly 50% up from here in a year. Pretty good tax-free in the old ISAs. To double, FOSE would be trading on a forward P/E of around 18 - not impossible, but pretty demanding and unlikely I'd have thought. Unless you believe FOSE will accelerate its growth and surpass my EPS estimates above. |
Posted at 26/7/2007 08:59 by rivaldo Janeann, he's a bit of a chart trend follower. I can understand his thinking as FOSE seems to be establishing a new trading range, brokers are increasing their price targets, FOSE are issuing postive updates etc - in summary things have taken another upturn recently.Agreed about his followers, but for a £364m m/cap like FOSE that's hardly a problem, unlike certain other stocks. |
Posted at 02/7/2007 15:32 by rivaldo There's a new 5 page report out today on FOSE by Edison:Main points: - FOSE trades at a 15% discount to its competitors and its sector average - double digit growth forecast for the next 2 years - profit forecasts have just been raised to: 16.1p EPS this year 18.2p EPS next year Enough said - plus the company is buying in its shares like they're going out of fashion. And FOSE is ISAble. PS : the report on TRI on the same page makes even better reading imo! |
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