Morgan Crucible Share Discussion Threads

[skyship] 19/2/2008 16:18

At 15.45pm the seller dried up - we've broken out - next stop 250p.

[skyship] 19/2/2008 08:23

2008 PRELIMINARY RESULTS FOR THE Y/E 4 JAN'08

* Strong year-on-year financial performance:

# Revenue increased by 6.3% on a constant currency basis
# Group operating profit margins before one off items rose to 12.5% from 10.9% driven # by improved pricing, operational efficiencies and continued growth in higher margin business
# Group operating profit margins after one off items improved to 11.2% from 8.1%
# Profit before tax increased 47.8% to £71.7 million on a constant currency basis
# EPS(2) before one off items improved by 24.6% to 22.3 pence (2006: 17.9 pence)

* Robust financial position:

# Net debt(4) at year end remains low at £119.7 million. Following the acquisition of the two businesses from Carpenter Technology Corporation, the net debt will be c. £200 million, representing 1.8 times proforma EBITDA (including the last full year Carpenter EBITDA), comfortably below our gearing target of 2 to 2.5 times EBITDA
# Total dividend increased by 50% to 6.75 pence per share (2006: 4.5 pence), reflecting the Board's confidence in the future prospects of the Group

Commenting on the results, Chief Executive Officer, Mark Robertshaw said:

"Morgan Crucible has delivered a strong financial performance in 2007, with results that reflect the quality in our business. Top line revenue growth has been good and we have made further progress towards our goal of mid-teen operating profit margins.

Our strategy remains to focus on higher margin, higher growth, less economically cyclical markets.

Morgan Crucible ended 2007 in a strong financial position. We have reduced our exposure to cyclical end markets both through positive mix shift in our organic business and through our acquisitions, targeting long term secular growth markets. Our order books are well up on last year and we look to the future with confidence."

[skyship] 01/2/2008 17:20

Chartists get pretty excited about W-formations at the foot of a big drop.

If we can break & hold 206p bid, then a QUICK 20%-25% looks very much on the cards:

[pippit] 29/1/2008 17:14

SKYSHIP. The analyst at Landsbanki agrees with your target price of 250p.So do I as long as the market stays reasonable calm.

[skyship] 19/1/2008 16:17

Lostozzie - thanks for that - did they post a Target?

Personally I bt half back @ 188p & have been sorely tempted to recover the other half during the past week. May have to do so now! If they can break north of 208p then 250p looks a rapid target IMO.

[lostozzie] 19/1/2008 14:52

MGCR finally upgraded yesterday by Citigroup from Hold to Buy should see some movement now especially as they have been buying back their own shares (over 2 million in past two weeks) possibly to protect themselves.

[skyship] 08/1/2008 14:48

JH - Having taken the quick turn @ 202p, I too am watching this one very carefully for a re-entry. Technically it could be a case of buying only after a good base has been confirmed, possibly after it breaks north of the 206p level.

I agree with the focus on the bombed-out engineers - have recently been buying Trifast (TRI) - one worth investigating ahead of the new brokers Research expected later this month - see the TRI thread here on ADVFN.

[john hampton] 07/1/2008 18:54

Watching this one very carrefully, it was suggested as being swallowed up by a mega cap when the price was 305p !

The thinking is most of the UK engineering sector could be targeted as they are global companies with strong market share in niche products that global mega caps will find attractive as part of a broader porfolio build at this point in the cycle.

[skyship] 21/12/2007 08:04

Earnings enhancing & strategically sound acquisitions, combined with a closing positive statement - should assist the recovery....

[skyship] 19/12/2007 12:08

Royaloak - looks as though you exited c.200p. Perhaps time to be aboard again, in time for the bounce....I've bt in this week @ 180p -looking for at least a 10% turn in short order

[royaloak] 04/12/2007 08:14

Nice start!

Did not last long, took my profits, too volatile in this market. Will look after Wall Street tonight.

[royaloak] 03/12/2007 22:34

PUGUGLY

Thanks I had not seen that, so that is a pe of around 9!

Obviously all $ earners have been hit the past few months, and although the $ will probably remain sick for some time, there is a good chance that the £ could become even sicker. If this does happen, providing the World has not slipped into recession there could be some drastic bounces on these types of stocks IMHO.

This does look oversold a touch.

[pugugly] 03/12/2007 18:04

royaloak;> you are a bit low according tothe Merrl research today which is estimatin eps adjusted of 21.6p.

inki:> Agreed but it takes a long time for the penny to drop with investors.

[royaloak] 03/12/2007 16:09

My basic calculations still show this earning around 18 to 20 p for the full year. Took a little gamble at 197p.

[pugugly] 03/12/2007 10:10

No insider trading - (imo & dyor) All in the public domain - If you look - 45% of turnover in the Americas (see refs) - The $ has fallen and will (imo) continue to fall - It should have been obvious that thsi would have a significant effect on translated profits.

[inki] 03/12/2007 09:53

stefan2006 - consider the following, for making a complaint:

Regulatory Complaints
Trading Services
London Stock Exchange
10 Paternoster Square
London EC4M 7LS

Financial Services Authority (FSA)
25 The North Colonnade
Canary Wharf
LONDON E14 5HS

[stefan2006] 03/12/2007 09:35

Tell me how and who to inki and I will

[inki] 03/12/2007 08:24

Typical insider trading - and not enough people complaining to the LSE to prevent this occurring.

[juno99] 27/11/2007 21:25

Not sure what is happening - like stefan I can't find any news. Another 5% today !
Certainly not market turmoil since the market is down less than 10% from its recent high
The underlying trend on the shares had been steadily upwards since May 05 until 8th Nov and it fell steadily since. It is nearly 20% below its lower trend line and this suggests that someone knows something but no-one is telling!. Or there is a move to drive out smaller holders through panic.

Don't follow this since with this sort of fall, unless there was a serious downturn in trading (no profits warning though) this would bring the vultures in.

[greenslug] 27/11/2007 17:13

Lost 1/4 in about a month for no apparent reason, other than market turmoil?!

[stefan2006] 27/11/2007 15:29

Does anyone know why this has dropped so much today - I cant find any news

[conan the trader] 07/7/2007 12:47

Anyone know the reason for yesterdays good share price rise: up 6.4% on the day and 10% on the week ???

And how can anyone say this share is boring? On 17-Feb-03 it was 30p while today it's 318p - that's over a 1000% rise in just four years, making it a ten bagger! And we had a takeover bid last year which the management rejected because they considdered the money on offer was too low. Perhaps a higher bid is on the way following the strong results this week which beat expectations and broker upgrades which followed.

[prankster2] 25/5/2007 11:39

As this has been going nowhere for some time I've decided to sell them, as I'm doing a spring clean on my portfolio, so that's a small loss of £40.