Macfarlane Share Discussion Threads

[cockneyrebel] 06/12/2012 12:47

Vol here since Sep is huge, some massive one day spikes on the vol chart since then.

CR

[cockneyrebel] 06/12/2012 11:48

Looking firm today - good results from SMDS.

CR

[limit up] 06/12/2012 11:41

i have added over the last week ,there appears to be a seller,no problem in getting the stock which is good,interesting to see once the seller is finished.

[shauney2] 06/12/2012 11:33

Blimey it moves.Nice steady buying.Maybe a tip somewhere.

[aleman] 05/12/2012 13:59

Pensions regulator to consider easing burden on pension funds with the smoothing of discount rates?

[bluebelle] 21/11/2012 11:26

Scarcely a trade on this one this week !

[bernie37] 19/11/2012 17:55

There's more then you know just watching in the background

[battlebus2] 19/11/2012 17:03

Great to see all the new faces :))

[limit up] 19/11/2012 10:31

i have bought the stock for the first time today 100,000 shares,i have been looking at the stock for some time,and finally the trading statement last week was very good..
regds

[cfro] 19/11/2012 10:05

Picked some for my ISA this morning. Fantastic to actually see management defiant in trying to increase margins and profits (similar situation in TRI too).

Very cheap and tasty divi. Relative strength is gaining traction too.

[cockneyrebel] 19/11/2012 07:31

Fwd PE around 6, a 6%+ yield - ISA-able.

CR

[aleman] 18/11/2012 23:53

Mr Atkinson said: "We expect profits to be up around 30% year- on-year and we would be pretty pleased with that result in a difficult market."

[cockneyrebel] 18/11/2012 19:26

If these do 3.3p or better this year then with the current momentum and the further reduction in corp tax rate next year then 4p eps would look like a reasonable possiblity.

Growth like this, a huge divi and a fwd PE at around 6.5 looks cheap if they do achieve that sort of performance imo.

ISA-able too - nearly forgot to ISA them last week.

CR

[daz] 18/11/2012 18:32

Yes, I think that's in the right ball park CR, I highlighted the tax issue, as it looked like it has been overlooked.

Agree BB, next years forecast is odds on to be raised.

[battlebus2] 18/11/2012 18:10

Hi Daz i was looking but couldn't see that so thanks for your edit note, any way i'll stick with 3.3p this year and if so 3.4 for 2013 is a certain upgrade to come imv. They have had a stronger trading performance since June than in the first half of the year. In Packaging Distribution, flat sales are being ofset by new business wins. Gross margins remain ahead of last year and with overhead costs similar to 2011 levels, the profit before exceptional items continues to show good growth versus last year. Manufacturing Operations' sales are 2% below 2011 for the year to date and mainly reflect previous actions taken to address lower margin business. The improved customer mix and focus on the higher added value areas of each business - resealable labels within Labels and design-led work within Packaging Manufacturing - have contributed to the recovery in gross margins. In overall terms, profit before exceptional items from Manufacturing Operations is well ahead of that achieved in 2011. Net interest costs are similar to those seen last year. The net effect of these factors is that the Group's profit before exceptional items for 2012 to date remains well ahead of 2011. Bank borrowings at 30 June 2012 are expected to reduce by the end of the year as a result of traditionally strong working capital inflows in the final quarter.

[cockneyrebel] 18/11/2012 18:03

They paid tax last year.

26% - they had credits from the previous year which reduced the actual rate to about 12% I think.

Pre tax profit is forecast to rise to £4.7m from £3.87m last year.

Profit after tax last year was £3.4m.

If they do £4.7m pre-tax profit and that is taxed at 24% (this years corp tax rate) that's £3.6m after tax, if they don't beat.

The 3p eps this year should be 3.2p eps on £4.7m pre-tax profit if they pay the full rate if they only meet forecasts imo.

All imo.

CR

CR

[daz] 18/11/2012 17:47

The reason why EPS is forecast to be the same as last year despite higher profits is that the company will resume tax payments in H2 - see presentation on company website.

[edit] The note in the presentation is far from clear as the company was paying tax last year but I think it's referring to Note 6 in the interim report which says '...The charge in the year to 31 December 2011 benefited from the use of previously unrecognised losses of £0.5 million.'

[s34icknote] 17/11/2012 19:13

Pe ofv10 = 33p
Pe of 12= 39p

[battlebus2] 17/11/2012 10:24

Hi C.R. yes the 3p looks well under and the forecast for 2013 is only 3.4p so surely an upgrade to come. The IMS states they are meeting expectations but i suspect they will achieve a little better. 3.3p sounds about right.

[s34icknote] 16/11/2012 21:42

The rest rest s on Tni and IGR !!!
Sold out pet at 26 and 19 . That made up for following pauliyoilot out of Tni !!!

[s34icknote] 16/11/2012 21:40

Nice to see you all here ! This 100 percent my isa holding !

[cockneyrebel] 16/11/2012 19:43

Held these a while back battlebus.

Quite amazing how the size of the director buys have increased.

Thy did 3p eps last year and H1 was up 0.2p this year. H2 has the scope to be up 0.4p as it's the larger half imo, well over the 3p forecast (which looks mad when they are up on the 3p eps last year already). 3.5p eps for the year perhaps?

31st Dec is the year end so their confidence about meeting forecasts should be pretty certain with 6 weeks to go. Directors buying here as ther emight be a 'ahead' trading update early Jan imo once the year is booked.

All just my opinion.

I think Chairman Archie going is a positive too.

CR

[shauney2] 16/11/2012 17:27

Lol,you couldn't make it up.Have a good weekend.Even you.