Porvair Share Discussion Threads

[gleach23] 30/1/2023 18:33

Yes partridge. Very commendable results as flagged. Disappointing that the outlook comments commence on a cautionary note and take the headlines, particularly considering how they've navigated potentially tougher conditions so well in the year reported.

The art of the under promise? It's as if they went out of their way to highlight the negatives -

- "supply chain dislocation" - acknowledged as diminishing
- "inflationary pressures continue" - we all know that but aren't they meant to be easing?
- "wider economic picture uncertain" - as if it's ever certain
- "likelihood of currency headwinds" - well that's anyone's guess

[25october1969] 30/1/2023 18:26

A fine positive set of results. Long term hold. If/when markets return to normality it should not take long for 700p to be breached and 750p to be targeted

[partridge1948] 30/1/2023 18:17

Very solid results in my view. Always been a good generator of cash. Some caution comment going into 2023 seemed to unsettle the market, but year end order book at record levels and there is some history of under promising/over delivering. Always dyor.

[battlebus2] 10/1/2023 15:58

Taken a few more. Looks cheap under £6 imv

[kalai1] 09/12/2022 11:52

Porvair Plc issued a pre-close trading update for the year ended 30th November this morning. Revenue for is expected to be 18% higher than 2021 on a reported basis (13% at constant currency) with all three divisions ahead and margins sustained. Adjusted earnings per share are expected to be ahead of market forecasts – current market consensus is for EPS 27.8p – so there will be double digit EPS growth. The balance sheet remains strong with net cash at year end of £18.1 million. The outlook also looks solid with order books going into 2023 healthy and lead times returning to more normal levels. Valuation is a little unhelpful with forward PE ratio up near 19x and 3rd quartile for the Machinery, Equipment & Components sector. The share price also lacked some near-term momentum prior to today’s spike. PRV has steady growth and decent profitability, but it is a share to monitor for now...

...from WealthOracle

[partridge1948] 09/12/2022 11:09

I have held for 20 years! Well run and in my view tend to under promise/over deliver. Always thought one day it would fall to US predator, but always dyor.

[battlebus2] 09/12/2022 10:25

New buy for me this morning. 🤞

[partridge1948] 04/10/2022 11:39

Also several large trades at 515p this morning, beginning shortly after opening, well over 2% of the company if my maths is correct.

[gleach23] 04/10/2022 08:18

Positive news this morning although odd timing - an 'ahead' statement 3 weeks after an 'inline' statement.

[partridge1948] 13/9/2022 13:16

As a manufacturer, PRV 9 month trading update reads well to me. They look to be coping admirably with the various challenges currently being faced, with all divisions performing well. Historic tendency to under promise and over deliver I hope will be maintained. Always dyor.

[partridge1948] 06/7/2022 08:46

Solid half year results, maintaining good cash generation and decent profitability."Provided economic conditions allow, the outlook for the balance of the year is promising".Always dyor.

[km18] 03/5/2022 15:04

Porvair comprises departments manufacturing filtration and separation equipment in the UK. The firm is segmented into three business areas: Aerospace & Industrial, Laboratory and Metal Melt Quality. The Aerospace & Industrial segment is focused on designing and manufacturing a range of specialist filtration equipment for aerospace, energy and industrial applications. Subsequently, the laboratory segment is engaged in the design and manufacture of instruments and consumables for use in biosciences laboratories. Furthermore, the Metal Melt Quality segment is specialised in designing and manufacturing porous ceramic filters for the filtration of molten metals. Given the diversified funding structure on designs and manufacturing, the firm generated multiples sources of income, which in turn forced up revenue by 14%. As a result, EV/EBITDA was driven up to 14.08x, capturing intrinsic value. Considering the revenue hike, the firm simultaneously managed to optimise its free cashflow, illustrated by the solid and robust P/FCF of 21.2x. Consequently, it implies that the firm is expected to enhance organic growth in 2022, displayed by the P/B ratio of 2.5x. Furthermore, Porvair derived a robust Return on Equity of 11.5%, signifying that both operating and investing activities are effectively funded by the firm to continue as a going concern while boosting the value of their portfolio.

[partridge1948] 05/2/2022 10:10

To be fair, CEO has been there since 1998 and still owns over 500,000 shares.

[partridge1948] 04/2/2022 18:20

Not so nice to see CEO selling a chunk, notified at 3 p,m, on Friday

[partridge1948] 03/2/2022 14:02

And nice to see new FD buying a few. Been there long enough to get to know the business.

[partridge1948] 31/1/2022 18:23

Decent results and promising outlook, supported by improving picture in the aerospace division as air traffic hopefully recovers post covid-19.

[partridge1948] 13/7/2021 13:44

AGM statement reflected in half year numbers. Lab division boosted by covid related orders helping to offset aerospace shortfall and recent acquisition Kbiosystems looks imo to have been at a decent price.Always dyor

[partridge1948] 02/5/2021 12:06

Cautiously optimistic tone to the AGM statement recently seems to have been well received. Aerospace still subdued,albeit with early signs of better things to come, but other areas improving/going strongly.

[25october1969] 10/3/2021 13:10

presumably a false rumour this morning caused the spike? ..but good to see 20p of spike not given back

[trickyricky] 01/2/2021 11:39

Don't think results were that bad considering. I'd hope that the worse is behind them and that 2021 should see a recovery in the share price.

[partridge1948] 01/2/2021 11:06

Results about what was expected. At least orders have been steadily recovering from the nadir in July and cash generation remains solid. Shame that release of warranty provisions taken up by exceptional costs. I hold a little less uneasily than of late, but always dyor.

[partridge1948] 08/12/2020 13:06

Year end update about what might reasonably have been expected. Revenues only down 7% yoy, so could have been worse. Took action to cut costs as orders in Aerospace and Industrial/Metal melt shrank mid year,so some hefty exceptionals in the full year numbers. Profitable on a monthly basis and cash fine. Higher margin Laboratory side strong and some recovery being seen in other sectors, so perhaps better news in 2021. As a long term holder, I hope so!

[partridge1948] 10/11/2020 13:39

Two large deals gone through today at 547p (2 x 250,000 shares) so looks like someone has confidence. Year end is 30th Nov, so update due in the next month. As a long term holder I am sorry to see the FD relinquish full time duties(but staying as company secretary part time). Await the update rather nervously, but lab work should have meant they stayed profitable on a monthly basis, despite covid impact on aerospace/automotive and vaccine news might help those sectors in 2021. Also likely that lower working capital may have released some cash. Always dyor.

[ottrott] 22/9/2020 19:12

Only caveat to this is that Laboratory division has higher margins than Aerospace & Industrial and Metal Melt Quality divisions, according to FY19 results segment info. (15.2% vs 12.7% and 7%). So maybe drop in rev offset by mix.