Share Name Share Symbol Market Type Share ISIN Share Description
Low & Bonar LSE:LWB London Ordinary Share GB0005363014 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  +2.25p +4.78% 49.35p 207,845 16:35:02
Bid Price Offer Price High Price Low Price Open Price
48.80p 49.90p 49.70p 47.60p 48.50p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 446.50 -19.70 -5.86 162.9

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Date Time Title Posts
17/8/201818:15Low & Bonar Plc1,435
09/7/200717:36...i have followed this donkey from lowlands of still can double...8
31/7/200519:57Low & Bonar for the asset sensitive120
21/4/200412:05Low & Bonar + 30 Ј million contract4

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Low & Bonar Daily Update: Low & Bonar is listed in the Construction & Materials sector of the London Stock Exchange with ticker LWB. The last closing price for Low & Bonar was 47.10p.
Low & Bonar has a 4 week average price of 46.10p and a 12 week average price of 43p.
The 1 year high share price is 83.50p while the 1 year low share price is currently 43p.
There are currently 330,030,804 shares in issue and the average daily traded volume is 440,315 shares. The market capitalisation of Low & Bonar is £162,870,201.77.
cc2014: I think we can see someone still wants out but a share price around 48-50p is enough to tempt some buyers. Has the seller finished? Who knows. Feels like it's coming to an end but every time we seem to go a couple of weeks and I think the seller is done, either they or a different seller start again. It does seem to be getting there though
ed 123: Agree it's promising for (a bit of?) a bounce, CC2014. Looking at level 2, buying interest continues here. Up about 1p on a down day for the wider market. The volume is low, however. So, I'd guess it's not corporate activity. More likely, imo, it's shorts wanting to close but few willing sellers. Result? Share price is squeezed up. For shorts the danger is that a sale of the remainder of the CE Division is announced and/or the Q3 update (26 September) reads well. Strategic update is promised for Q4. Consensus adjusted eps for this year remains at 6.2p, following the interims. If they meet that, further reduce debt in H2, and provide an optimistic narrative, then maybe LWB is on its way back to 75p? Investment here certainly carries risk but turnarounds can be rewarding. No advice intended.
cc2014: "the Group remains on track to deliver its year-end objective of reducing net debt from the position at November 2017 by at least GBP15m in constant currency." Meaning debt falls from 138m to 123m by Nov 2018. I agree it would be helpful if the debt was under £100m but then the share price wouldn't be 45p. "The Group's EUR165m, five-year, revolving credit facility was refinanced successfully in May 2018. Gearing at 31 May 2018 was 2.9 times (2017: 2.5 times), below the 3.5 times covenant contained within the Group's new financing facilities. With the improvement plans being executed within the Group, and the anticipated reduction in net debt, gearing is expected to reduce from this peak, and the Board remains committed to reducing leverage to below 2 times. The underlying interest charge for the period of GBP2.5m was 4.2% higher than the charge for the same period last year, reflecting the higher level of average borrowings during the period" Underlying profit before tax = £6.5m so there's plenty of room to pay the interest bill. "During the six months ended 31 May 2018, the Group agreed and executed a new 5 year, EUR165m revolving credit facility with a syndicate of five relationship banks. The facility bears interest at between 0.9% to 1.95% above LIBOR depending on the ratio of the Group's net debt to EBITDA at each of its half-year and year end reporting dates. Until 31 May 2019 the ratio can exceed 3.0 up to 3.5 which would result in an increased interest rate of 2.45%." An interest rate of 2.45% is not that of distressed debt. The lenders appear confident the level of debt is manageable.
cc2014: A quick analysis of the EBITDA and the companies future capital spend plans will quickly lead to a conclusion that the debt will come down naturally over time even if the company does nothing other than continue trading as it is. Further, running some sensitivity analysis on EBITDA will tell you that the debt will come down even if their trading position deteriorates quite a bit. The directors are obviously not sitting around doing nothing. Whether we get disposals or not remains to be seen. What I expect some to jump on at the interims is that the debt is not likely to fall at half time. This is the natural cashflow position for LWB and is likely to be worsened this year due to investment in restructuring. However, the market is risk off in relation to debt at the moment and this may persist for some time. It will pan out as it always tends to in that the company will quietly get on putting things right, the debt will start to fall, the share price will rise and low and behold suddenly debt will be a good thing and they will be encouraged to take on more on it. Oh and by then the share price will have risen 50% and suddenly the broker upgrades will start appearing way after the turning point in the companies fortunes. Reminds me of RDSB and BP. when all the gurus were predicting oil was going to $10.
baner: NAV at 55p incudes a LOT of intangibles ! the "tangible net asset value" is significantly lower. there will be potential surplus values in some of the businesses - there are indeed some good ones in there - but there is a HUGE potential downside in the Civils related units. net debts are too high still however the dilemma is that if this should be resolved by the disposal of good businesses........there will not be much left to support the share price. conclusion: either a bid for the company (but do not expect a high price) or a substantial and dilutive placing of new shares - i believe the latter is the more probable. but for investors to jump into this.........30p is more realistic than 50p. if that.
rathkum: If I were to speculate on the recent share price weakness, it leads me to believe that a rights issue announcement on 11th July is a real possibility.
ed 123: Why do you say that, Eastbourne1982? What figures are you using? The interest rates on LWB's debt are low. They have a 165 million Euro facility at only 1.0 to 2.0% above Libor (probably paying less than 2.5%pa atm) and 60 million Euro senior notes at a fixed 2.57% pa. Their net financing cost last year was only £4.8 million. They are also comfortably within their covenants. Last year they reported £36.6 million inflow from operations. Take off interest paid, tax paid, pension contributions and equity dividends, still left a cash flow surplus of £6.5 million. They are not in financial distress. There are operational difficulties in Coated Technical Textiles, which look resolvable. The Civil Engineering Division may need the knife taken to it. These are known and are reflected in the share price, in my opinion. The new Chief Executive has a plan to reduce borrowings, but there may be a rise with these interims (due in 2 weeks). That is likely to reduce again for the full year. This has been guided and the Group's lenders appear to be ok with it. I'm not saying things can't go worse but using information currently in the public domain, I'd say Low and Bonar are not in difficulty and are moving forward with their plans to improve business performance in a sensible and controlled manner.
rathkum: 2 mega-cheap dividend stocks that I'd buy with £2,000 today The Motley Fool Apr 30th 2018 10:45AM While Low & Bonar's (LSE: LWB) share price may have steadied in recent months, investors are still not compelled enough to buy back into the business en masse just yet. You cannot blame them, in some respects. After all, the firm shocked the market with not one but two scary updates at the back end of last year, the shares first dropping on it warning of "challenging" market conditions for its Civil Engineering division in October. It plunged again in December after warning that profits would be "weaker than expected" for the final quarter due to an adverse product mix and the impact of sales timings at its Coated Technical Textile unit. News that chief executive Brett Simpson had defected to Fenner in the run-up to the Christmas period added to jitters as to how the company can reverse its troubles. Consequently it saw its market value shrink by almost half in the final three-and-a-half months of 2017. I reckon it's about time share selectors took a close look at the business again, however, as there remains plenty to be optimistic about. Low & Bonar managed to keep growing revenues in the first quarter despite difficult market conditions persisting. And with the company undertaking a number of self-help measures, from solving production problems at Coated Technical Textile to introducing fresh cost saving initiatives, the news flow is likely to become more positive during the second half of the year. Yield charges to 6% City analysts certainly remain largely upbeat over Low & Bonar's profits outlook and they are estimating earnings growth of 4% in 2017 and 8% next year. These readings may be reassuring if not exactly spectacular. The same cannot be said for the London firm's dividend prospects, however, due to the colossal dividend yields it currently packs. This year a 3.1p per share reward is being predicted, up from the 3.05p dividend of 2017. This yields an eye-watering 5.8%. Moreover, the anticipated 3.3p payout estimated for next year moves the dial to 6.2%. Investors concerned about Low & Bonar's ability to meet these projections should revenues worsen again can take heart from the fact that anticipated dividends are covered 2.2 times by predicted earnings, comfortably above the accepted safety terrain of 2 times. With it also sporting a dirt-cheap forward P/E ratio of 8 times, I think it's well worth checking out today.
cc2014: I have the comfort of being able to watch the market most of the day and see what happening on L2. For the last week there is one seller out there trying to shift quite a few shares. As of last night he appeared to have at least 150k left to shift. He seems to want a price of 56.8 and won't go below that, although that the 36.5k trade today at 55.6 makes me wonder if he;s getting less precious about the price as we approach the AGM. I have seen this pattern on a number of stocks this week. It's like someone sold a whole raft of stuff last week (mostly industrials/manufacturing possibly related to Trump trade wars) and the MM's are still trying to shift it all. What seems to happen is as soon as the volume is shifted it's like a coiled price and the share price immediately moves up as there is no other seller. Anyways none of this will matter by tomorrow as the update will almost certainly move the share price. I am assuming the financials are going to look pretty flat. I think there will be an small improvement in the underlying position but this is going to get chewed up by the movement in exchange rate. I'm not too worried. Even in the worst case there's enough EBITDA to reduce the debt pile. It's just a matter of how fast.
ed 123: Been looking at today's trades. Although nearly all today's deals have been marked as "buy"s, it is a false picture. Reason? There has been a buyer offering more than the mid-price to anyone wanting to sell. As a holder, obviously I'm hoping this buyer continues to mop up and, eventually, the share price rises. But, who knows? Low and Bonar's financial year will end one month today. Broker updates are showing an average estimate of 6.77p earnings for the current year and 7.93p for next year. If those earnings figures are met and no more glitches, then a share price of 12.5 x 8p earnings, c. 100p, might be reasonable for February 2018? Dreamland ..... if some bigger player wants LWB and offers, say, 9 x ebitda. That might give EV of c. 522 million (for y/e 30.11.17), say 392 million after debt, or 118p per share. That would be about a 68% rise from today's 70p share price. Unlikely to happen, of course, but no harm in my dreaming. (No advice intended - no crystal ball, either.)
Low & Bonar share price data is direct from the London Stock Exchange
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