Premier Farnell Dividends - PFL

Premier Farnell Dividends - PFL

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Premier Farnell PFL London Ordinary Share GB0003318416 ORD 5P
  Price Change Price Change % Stock Price High Price Low Price Open Price Close Price Last Trade
  0.00 0.00% 185.00 0.00 0.00 0.00 185.00 01:00:00
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Premier Farnell PFL Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

edmundshaw: BEZ is one I know well. That historic yield is based on a last year's dividend of 28.3p at a share price of 335p. That includes a special dividend of 18.4p and a "normal" dividend of 9.9p. Around 3% yield plus whatever special they give - and the last three years have been good due to the state of the insurance market, there is no guarantee of perennial repetition. BP's dividend yield is in spite of a massive full year loss. If the oil price remains anything like this low that dividend is doomed within 3 years maximum. Laura Ashley is controlled from Malaysia via MUI. That may be fine, but for me the risk based on not knowing the major owner's personal goals there is toouncomfortable. Fenner's share price has fallen by 2/3rds in the last two years. The dividend is maintained though cover is quite low. Nevertheless, on an oil price recovery, and chinese recovery that looks an interesting play, but the yield is high for a reason: risk. I could go on. 5% is a good yield where risk is low. Whether that is the case here is of course another question... yer pays yer money....
simon templar qc: garycook, Think u are right on share price falling. What investors need to do is look at forecast earnings now excluding disposal and forecast dividend. I haven't had time to do the research albeit fairly sure earnings will continue to suffer in a difficult market. The report contained too much uncertainty for my liking. edit: Company has also indicated it will rebase its dividend to 1.5 or 2 times earnings that suggests to me further cuts to come. I base that on reduced eps per share dependant which figure they are using.
eastbourne1982: Simon Templar QC, ECM tells us nothing, anyone expecting good growth from PFL in the short term is living in cloud cuckoo land, if decent growth was on the agenda don't you think the share price would be a lot lot higher ?? The market has priced very challenging trading conditions into PFL. If PFL achieved any growth at all in the next year I'd be delighted. You seem to be expecting the world from PFL yet you wouldn't pay the current valuation, all seems rather bizarre to me.
eastbourne1982: Simon, Your market is making it's own mind up comment is a bit cheap imho. The wider markets tanked today with many FTSE 100 co's dropping 3 - 6%, PFL was very unlikely to escape the carnage. The share price rose 6 - 7% on Friday and even after the drop today is up nearly 10% in around a week, not bad going is it but they I'm only listing the facts. Short term this is likely to be all over the shop however I'm happy to have a position here averaging around £1.06, I will look to add if we hit the low 90p area again.
simon templar qc: By the way I am not saying debt is the most crucial its not, if the world downturn continues it could severely impact earnings. But Kenche knows that of course he knows everything but as most traders do they like to ramp when it suits them and the minute the share price hits their own exit point which only they know. All imo however.
simon templar qc: bs76 As u can see from my previous post I am not trying to knock the company just stating the obvious, the company is likely to cut the dividend. However I am not sure how dividend will pan out next year if things get more difficult they may rebase to 1.5 times earnings. Still a good yield however but may limit share price rise. Company still has high debt despite a forecast reduction after paying down.
bs76: At 5.6 (2.6 + 3 which is the worst case scenario) dividend At share price 106, yield is 5.29% when share price was 87.75 (52 week low), yield was 6.38% For yield to be 4.5%, share price has to be 125. Risk and reward is more skewed to upside.
rcturner2: Eastbourne1982 21 Sep'15 - 15:48 - 437 of 497 0 0 RCTurner2, I've just had a gander at KCOM. As of today: PFL is £1.0465 KCOM is 90.625p I don't see much appeal in KCOM, yes the dividend is good however there is no point having a decent dividend if the share price looks toppy, profits are fairly low and revenue has flat lined. I'd far rather be buying PFL as of today, we will find out which offers the best return over the coming months / years.
simon gordon: Ennismore - November 2015: Premier Farnell is a distributor of electrical components, mostly selling to engineering and manufacturing companies in the UK and the US. The products it sells are typically used for research and development, which means they are ordered in low volume as and when they are needed. We spoke to several customers that all said they use Farnell because of its huge range of available stock and the strong service from their relationship managers. This service offering allows Farnell to charge higher prices, and its gross margins have averaged 40% over the last decade, which compares to the 10-15% gross margin that most high-volume distributors generate. Barriers to entry are high as stocking half a million items only works if you have scale. It’s a business model that has been successful for a long time: Farnell’s average pre-tax return on net operating assets is 20% over the last decade. However, a series of profit warnings this year has seen the share price halve. We believe the market has overreacted, and that Farnell is a classic case of a fallen angel. Internal and external factors have contributed to Farnell’s recent problems. Its former CEO, Laurence Bain, was overly focused on driving top-line growth at the expense of margins and returns – Farnell added stock and lowered prices – and in the end, it failed on all counts. Over the last two years, sales were flat, gross margins declined from 39% to 35%, and inventory turns fell from 2.7 to 2.3 times. We expect operating profit to fall by 20% for fiscal year 2016 (ends January 2016). The CEO left in August and the former CFO is now the interim CEO. On the external front, some customers have been switching away from the one-day delivery service that Farnell offers to cheaper three and four-day alternatives from competitors such as Mauser and Digi-key. We believe these external factors are a small part of the story and, regardless, solvable. Firstly, Electrocomponents, which has a similar one-day offering to Farnell, has performed much better. Secondly, Farnell is restructuring its distribution model so it can offer two to four day delivery options. We believe that these changes, combined with the appointment of a permanent CEO, will lead to a recovery in operating profit. We’re already seeing an improvement in stock turns and free cash flow, which increased from GBP 14m to GBP 42m in the first half of this year. We would also not be surprised if Electrocomponents acquired Farnell. It is rare for two businesses to overlap so directly and a tie-up would add significant value for shareholders. Premier Farnell has a market cap of GBP 375m, less than ten times our estimate for this year’s earnings. With net debt of GBP 235m and a pension deficit (tax adjusted) of GBP 45m, the enterprise value of GBP 655m is 8.5 times our estimate for this year’s operating profit. We believe this is the trough and that operating profit will increase once the company has proper leadership. Net debt, at three times operating profit, is too high but the company is selling its manufacturing division, Akron Brass, and announced a cut in the dividend. These actions should allow the company to reduce its debt to two times pro forma operating profit, while still paying out a dividend yield of c. 6%, covered 1.7 times. We expect the shares to re-rate once profitability stabilises or, more obviously, a deal with Electrocomponents emerges. Using a multiple of thirteen times net operating profit after tax, we see upside of 30% in twelve months’ time.
eastbourne1982: RCTurner2, I've just had a gander at KCOM. As of today: PFL is £1.0465 KCOM is 90.625p I don't see much appeal in KCOM, yes the dividend is good however there is no point having a decent dividend if the share price looks toppy, profits are fairly low and revenue has flat lined. I'd far rather be buying PFL as of today, we will find out which offers the best return over the coming months / years.
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