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PHC Plant Health Care Plc

-0.02 (-0.54%)
08 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Plant Health Care Plc LSE:PHC London Ordinary Share GB00B01JC540 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.02 -0.54% 3.66 1,914,412 16:16:41
Bid Price Offer Price High Price Low Price Open Price
3.60 3.66 3.68 3.60 3.60
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Pesticides, Agric Chems, Nec USD 11.77M USD -9.48M USD -0.0278 -1.32 12.5M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:51:27 O 500,000 3.60 GBX

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Posted at 10/12/2023 08:20 by Plant Health Care Daily Update
Plant Health Care Plc is listed in the Pesticides, Agric Chems, Nec sector of the London Stock Exchange with ticker PHC. The last closing price for Plant Health Care was 3.68p.
Plant Health Care currently has 341,532,952 shares in issue. The market capitalisation of Plant Health Care is £12,500,106.
Plant Health Care has a price to earnings ratio (PE ratio) of -1.32.
This morning PHC shares opened at 3.60p
Posted at 23/11/2023 18:36 by cerrito
3.8m shares traded today-of course well down from yesterday's 33m but still an active day by the PHC standards of recent months.
I was expecting to see a TR-1 more exciting than the 0.8% increase from Spreadex.
Posted at 22/11/2023 23:37 by cerrito
I woke up Wednesday very long and very wrong on PHC and went to bed even longer and wronger. The key that made me comfortable buying more is that they have no immediate need for funds-their equity raise in June was in retrospect a v good move.
I note Cenkos/Cavendish remain comfortable having a positive ebitda next year(good as no interest or tax to pay) , as a result of expense reduction,  though I have never had the feeling they have had much fat to cut.
We have no info on the profitability of the different geographies. Given their business mix, Mexico profitability per sales is I assume the worst and I go on the basis that NA is more profitable than La as LA more of a start up.Remember NA sales in 2022 were usd 4.8m put of usd11.8m.
Cavendish in their note referred to the FMC investor day on November 16 when FMC commented on destocking trends. Specifically this is what FMC said quote  As I said at the top of my remarks and during our quarterly earnings call two weeks ago, we are operating in an industry environment that is frankly unprecedented. The crop protection market is working through the most severe channel destock everon record. A combination of inflationary prices and concerns about supply security during 2021 and 2022 resulted in channel participants and growers over-stocking in the last couple of growing seasons.In 2023, prices and supply stabilized for several product categories while interest rates continued to trend up, resulting in the same channel participants drawing down their existing inventories while at the same time meeting steady demand on the farm. Meanwhile, channel participants are under pressure to operate with lower-than-historical inventory levels. This has reduced or delayed typical order patterns, leading to severe volume declines across the whole industry.Unquote  
Note that FMC talking about the effects of destocking continuing into H1 24.
There is however the question that on September 25 in the interims PHC wrote quote With lower inventories and strong customer on-ground sales, we are expecting a strong second half of 2023 with material revenue growth anticipated.unquote.The fact that they have changed their tune in less than two months is a blot on their copy book.
Given today's heavy trading activities with 33m shares traded we await with interest any TR1's.I have to say that in some way with the current msrcap(even if sterling is currently stronger against the dollar than it has been for much of the last year), I would be worried if we did not get a takeover bid as it would suggest that PHC is not undervalued.
Posted at 22/11/2023 09:10 by pretax2
Covid is valid excuse. Distributors bought loads of product during Covid due to transportation issues. Whist our products are selling in the US, distributors have stocks to meet demand currently.
It’s a bump in the road and will shake a few people out, but I’m struggling to see how PHC are to blame for broader economic and regulatory issues. Delays to our progress are regrettable and the share price fall is inevitable. But there’s no fatal flaw in the business model, it’ll just take a longer to play out. My shares go back into the coffee can.
Posted at 09/10/2023 13:27 by cerrito
Thought of PHC when I saw the TU of Croda this morning and saw that too much inventory had hot their crop protection sales, though have to say do not know the read across between Croda and PHC. Seed Enhancement would include the PIN business
In Life Sciences, sales have weakened further in Crop Protection and improvement is now expected to commence in the first half of next year. Seed Enhancement continues to perform well with incremental future opportunities being driven by regulatory change
Posted at 22/6/2023 15:55 by cerrito
Given that CR was very clear in the AGM where he would like to invest resources - as commented in my note-the fund raise no real surprise and may explain why in the last fortnight the share price has been muted despite the London Road show of the 2 Jeff's.
Will in the coming month the share price dip below the 9p issue price as it so often does so that we disenfranchised retail investors can get it at 9p?? Possible but unlikely.
Note that Osarie and Scobie Ward coming in.
For all the talk of AIM being useless at raising capital, this is the second of my holdings that have done a fund raise in the last 24 hours-the other being Volex.
I should have a winge that not invited to participate but note small amount of the issue and not a big discount so my heart not really into it.
Posted at 14/6/2023 14:27 by cerrito
I am glad I made the AGM yesterday and we had a very good hour mainly with CR. Two other investors there including Bots from LSE.
The formal session took less than 5 minutes so we were able to cover alot of ground. The 2 Jeff's were in another meeting and came in at the end. Good division of labour as more important that they speak to prospective institutional investors.
A propos the RNS this morning we were told that there would be 279 sales in the US this year but they would not move the dial. Remember they are being sold to the speciality market which means peak sales in the Spring and Autumn. The issue is that as discussed on IMC once Federal authorization has been obtained you need to get state authorization . This is a six week proceedure in all states except California where it is a question of years... Relevant as California is about 1/3rd of the US market.
Harpin essentially the same for all products around the world.
My notes which may be wrong tell me they have 20 people in Mexico and 12 in Brazil.

Asked about the companies in the peptide space he admired, CR cited a US company Vestaron and Biotalys NV,a quoted Belgium company whose R&D spend is E18 m pa compared to the US3m that CR confirmed PHC expect to spend pa for the next couple of years and had operating income of E2m and a 2022 cash burn of E20m. As I understood it from CR, both companies have issues at getting the manufacturing issues sorted to lower production costs. What is interesting is that Biotalys had as per the Cenkos note a Marcap of £164m, ie 5x that of PHC.
I did not get a sense at the meeting of the huge apparent discrepancy in Marcap between the two companies .
Quite a bit of the meeting focused on the share price and also their desire but not need to raise cash for working capital requirements and to finance expansion in India and elsewhere. In the near term they are concentrating their efforts on 279 and 949.
I do not see much chance of them getting debt finance. They have no hard fixed assets to pledge. CR was not keen on convertibles.
CR confirmed that he was dead set against being taken over on the cheap.
He confirmed what was implicit in the Result of the Consultation that there was no appetite among his shareholder base for them to do acquisitions which I am sympathetic to.
He acknowledged there was market scepticism as there have been false starts including under his leadership.. I am not too aware of this as I bought my first shares in 2019.
No real surprise that apart from the accounts all resolutions passed a la North Korea. Given the shareholder base would have expected a slightly higher voter turnout than 50pc, which is still respectable for an AIM company.
I did not ask specifically what future news flow there is. Obviously we get the interims in the next few months and last year we had a mid July IMC. Apart from that I cannot think of anything specific until we get full sign off from the various Brazilian authorities on 949.
Silly me did not ask how US OTC market activity is nor rough percentage of shares held by UK retail.
Posted at 02/5/2023 08:06 by pretax2
Not sure I completely understand the wobble here.
“The board is mindful of the impact to existing shareholders of any potential future equity raise at current share price levels”
Says the non-exec chairman, a man who holds more that 1% of the company’s shares, many in an ISA. Seems clear to me they’re trying to improve the status of the company whilst protecting shareholders.
‘If’ a reverse takeover occurs, this would by a quick and less expensive way to list on an exchange. It also increases liquidity (currently lacking for PHC) and increases the share price
Posted at 02/5/2023 07:42 by sidam
If Cenkos are correct, the fall in the share price appears ridiculous. They have reduced 2024 revenues by about 10% and projected a small profit. For 2025 the look for a PER of less than 3 at the current price and have a target of 37p. So, assuming Cenkos are correct and the share price is 9p, the shares will be profitable in the then current year and stand at next year’s PER of 3 when it is projected to still be growing at 30% for the next few years. I think their target is too low, but this could be a superb buying opportunity. The only problem appears to be the “consultation”.
Posted at 26/4/2023 11:33 by pretax2
If you don’t mind me giving my own 2.5p worth.
Both CR and JT have indicated that the share price should be higher. I asked CR why it was stagnating and he suggested that the company seemed to be viewed as a “show me” company. In other words show me that it works, show me that it sells, show me that you’re profitable. Up until last year I might have thought the same but things have fundamentally changed. PHC now has a suite of products; the products work brilliantly; revenue is growing towards profitability. But the big thing for me is climate change, energy change (biofuels), and a biblical food crisis. PHC have an answer for this - so the timing is right too.
I guess all great companies start small and investors end up regretting they didn’t buy the shares way back “then” when the share price was peanuts. Well for PHC, this is the ‘peanuts’; time when you should be buying. In my view, there is enormous upside to come with just 309m shares in issue, but no idea what’s going to shake Mr Market out of his manic-depression. Here’s a few possibilities though (just for fun).
1.Profitability (especially if earlier than expected).
2. Takeover talk. PHC has destribution deals with a number of monster companies. There are also some interesting connections with Syngenta.
3/ Premise: The need for consolidation in the sector is well known and it’s starting to happen. Second, PHC is an American company keen to engage American investors. If you’ll forgive my fight of fancy, how about a reverse takeover of an American ag-tech company? If that happened hold onto your eyebrows, PHC shares would supernova.
4/ No reason at all. Many companies breakout from their doldrums for no apparent reason. There’s just a move to a more realistic value that gets bought into by traders.
5/ Press article. To me PHC has a really exciting story. The right article in the right journal at the right time and bingo.
Posted at 19/1/2022 17:51 by cerrito
Arden’s note on Research Tree a good summary pf the WE IMC meeting. It was good to hear that 279 will have a shelf life of 5 years; interested in the WE comment that these days a new product launch needs greater investment in time and effort than before and also that if a new product has not caught on after three years it never will.
Good that Arden’s forecast has $4m of cash at the end of 22 with no equity raises forecast for 22.
The PHC share price is suffering the same fate as my pre profit clean tech stocks such as CWR and ITM.
Plant Health Care share price data is direct from the London Stock Exchange

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