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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
  -1.25p -7.58% 15.25p 319,103 16:22:23
Bid Price Offer Price High Price Low Price Open Price
15.15p 15.95p 16.05p 15.00p 16.05p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 446.50 -19.70 -5.86 50.3

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Date Time Title Posts
18/12/201814:26Low & Bonar Plc1,627
09/7/200716:36...i have followed this donkey from lowlands of still can double...8
31/7/200518:57Low & Bonar for the asset sensitive120
21/4/200411:05Low & 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 16.50p.
Low & Bonar has a 4 week average price of 15p and a 12 week average price of 15p.
The 1 year high share price is 67.75p while the 1 year low share price is currently 15p.
There are currently 330,030,804 shares in issue and the average daily traded volume is 717,329 shares. The market capitalisation of Low & Bonar is £50,329,697.61.
danny baker: The 10% rule is the requirement for fully listed companies to issue a prospectus when fund-raising which is very time-consuming and will cost £500k plus just by itself.I would expect Sterling to be deeply involved in the process as they will be the cornerstone investor and they have their nominee on the board. Timing wise I'd expect an announcement in Jan/Feb of the share issue before last year's accounts are signed off to avoid an emphasis of matter or worse in the audit report. I actually think we are near the bottom for the share price but there'll be plenty of time to get in when all the details are known.
ed 123: Well, if you're looking for an opposing view ..... Global macro economy is one of my concerns. Of the major trading blocks/countries only USA is growing healthily ..... and that is forecast to slow, as Trump's tax cuts annualise and impact of trade tariffs begin to bite. US long and short bond yields are closing in on each other (inversion could herald a recession). Eurozone is virtually stagnant. China's car sales fell for the first time in 6 years recently (important for macro and LWB specific reasons). LWB specifically .... LWB has been suffering from competition from Asia. Asian quality has had issues but will inevitably improve. LWB's CTT division has had its own quality problems for a couple of years. Is it finally now resolved? It had been losing customers. LWB's production second line at Changzhou has added to capacity at an unfortunate time, with China car sales declining. (Note, China sales falling due to the removal of a government subsidy on car purchases.) China's government debt is ballooning, so perhaps little chance of that subsidy coming back? The danger is that EBITDA could fall and the banking covenant ratios would then come into sharp focus. Good, Simpson and De Klerk have all had time wrestling with the issues here. Balance sheet strength and therefore capacity to recover, have gradually be draining away over the past half dozen years. Result? Concerns about viability if things worsen ... expressed as a share price of 20p. Of course I can't see into the future but, having held the shares many times over the past 30 years, I sold my last at 37p and won't be buying back unless I see some big improvement. (No advice intended and apologies to holders for my pessimism.)
cc2014: Baner, I would be most grateful if you can tone down the self-righteousness please. It's not helpful and doesn't contribute to an informed debate No-one has reacted angrily. Yes, people have chosen to disagree with you (mostly on your position that a rights issue is required), but no-one has been impolite. You clearly know a decent amount about the stock market and I for one welcome some balance as I know from other threads holding a contrarian view is not always received well. So, I'mm interested. We've hit your 20p. Have you gone long or are you still waiting? I'm still long regrettably and it's apparent from L2 and the trade flow there is one (maybe two) parties that want out at almost any price. It's hard for me to know right now why this would be. My thoughts are: 1. The low oil price will be helping polymer prices and so the share price should already have found a low and bounced (perhaps not far) 2. The inversion of the yield curve suggests negotiation of banking facilities will be at higher rates and could add say another £5m in interest costs (that's quite a pessimistic view and would imply loan rates going up about 3%). Even this is manageable although unpleasant for LWB 3. The exchange rate continues to decline which should be helping the value of repatriated pounds. 4. No directors buys - ouch Perhaps most importantly the question for me is when the seller(s) finish as clearly they must sometime, are they simply a distressed seller and the share price will bounce. The general market is covered with distressed sellers right now or sellers that whilst perhaps not distressed are selling down large stakes. At an individual stock basis these are slowly working their way through. The decision for me right now is fairly easy as I think 20p decent value. The harder decision is deciding what to do if it bounces to say 30p. I am not one to stubbornly hold onto something forever. 30p would put me in a very indecisive place. Any thoughts?
baner: So, here we go, L&B now below the 20p i have warned for so many times - with very angry reactions from some commentators on this site. I agree with Time that the company should now make a statement re this serious drop in the share price - mr Dayan recently bought a significant number of shares at 40+ - so what has happened since he came to the conclusion that this was an attractive price level to invest?
nick rubens: LWB share price is a good reminder why 'investing' is baloney alot if not most of the time. No comment from the company to reassure investors? Are things going from bad to worse on the trading outlook?
cc2014: tbh the market is starting to look like it's capitulating. FTSE down 180 today and the speed of the fall doesn't match the underlying earnings position. As for LWB someone keeps selling. Looks like one party to me. I have resigned myself that until the market changes I'm stuck in a whole load of trades which aren't going so well. Not sure what to do tbh. Happy to hold as I think this is oversold. The more difficult decision comes if the share price gets back to 30p
baner: i have repeatedly stated that there is a 20p placing in the pipeline, in order to sort the balance sheet up - a view that met very angry objection some months ago. today we are at a share price where even 20p may be too high for a placing. however, i am not as certain there is the need for such a placing today, as L&B´s margins could improve in 2019 as a result of reduced raw material prices, following the crude price dayan has a strong reputation in the City and may be able to convince lenders things are under control until they have managed to sell the Civils division. in such a scenario the EPS should reach 5-7p in 2019-20 and the shares are not expensive. sound risk reward at 23.5p and worth a punt.
nick rubens: Director buying isn't a reliable indicator. I remember the accountancy group Tenon where a director bought in the hundreds of thousands of pounds worth and yet I already decided on the figures, that things were bad financially. It went bust. This company has just warned that "full year profitability is now expected to be significantly lower than previously anticipated." The share price will at some point focus on getting past that and if the cost increases can be applied to customers(though they already said it's difficult because of competition). Margins are being squeezed. Until the results are reported and another trading update, I can't see much happening for a share price recovery, unless someone does a bid for it while it's vulnerable or maybe any activist shareholders take action. Dividend should be cut first and possibly a fund raise. Company bosses are never shy on taking shareholders money to keep themselves in salaries. Am I being too pessimistic?
cc2014: For what it's worth we are now back give or take a point to where we were pre-results which sent the share price down. It seems clear enough that 50 is now holding and if you believe in the wiggly lines the downtrend has been broken. Most of the volume is coming in on the buy side and it looks like someone is trying to acquire stock without disturbing the price. They aren't getting very much though and bit by bit the share price is nudging up.
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.
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