Renishaw Share Discussion Threads

[a3477681] 24/7/2013 10:51

The couple of analysts Investec (Under Review) and Numis (Hold) do not encourage me to buy back in yet. Investec "missed guidance by 5 M operating margins less than FY12 and H1 13 and for a company often hard to read no one to one meetings unhelpful. They want to assess the balance between revenue and growth potential.

It is a great company and product range and I like its ethos but my feeling is that it was over bought which is why I sold at 16.95 (too early then as it happened)I hope to buy lower but good luck to those that want to hold and I am probably wrong.

[chairman20] 24/7/2013 10:35

dasv -1st timer issues/questions

The abandonment of investor meetings coupled with the obvious (and
no doubt irritating) questions about succession risk and succession
planning - is hardly a support for the share price.

Costs rising twice as fast as revenues don't help but the explanation
in the Miskin expansion and aquisition-led 10% increase in headcount
is pretty obvious.

Then there I the still-to be proven (in profit terms) diversification into
healthcare engineering.

Not surprising there should be weakness perhaps. Do you agree?

Not been able to find out anything about insti holders - do you have
any info of funds (perhaps FTSE350) as long-term holders?

Many Thanks and apologies for the (obviously ignorant) questions

[redartbmud] 24/7/2013 10:18

dasv/Chair

Thanks for the comments.

red

[chairman20] 24/7/2013 10:14

dasv

not a chartist myself but isn't the support line now 1450 (top of previous resistance?)

and the question is if it breaches that is there any technical reson why it should not see 12500 ish again in the near future? Just asking

directed here by your comments.

thanks

[dasv] 24/7/2013 10:06

1500 support needs to hold till close to prevent further technical damage.

[redartbmud] 24/7/2013 09:53

bw

Thanks for the comment.

I just feel that there is a loyal following for the company. Trading volumes are tight and any movement tends to be exaggerated.
The top line is up, which is a positive, and the company is still in the early stages of the Miskin development.
I like the idea of new products, and the company is a world leader in it's field.


I must confess however that I did not run the slide rule over my any calculations and have gone with my gut rather than any more structured approach.
He who dares Rodney.....

red

[broadwood] 24/7/2013 08:58

red - not really. I just thought there might be a few weeks/months of weakness whilst this news beds in. But I still like them and probably will get back in down the road.

Best of luck.

[redartbmud] 24/7/2013 08:55

Added at 8.43. Long term investment.

Divergence of opinion then bw.

red

[broadwood] 24/7/2013 08:39

Phew. Glad I got out at 8.01.

[redartbmud] 23/7/2013 10:53

coldfish

A plague on your house. I want to see the share price advance.

red

[broadwood] 23/7/2013 08:41

Results tomorrow.

[coldfish 2] 19/6/2013 15:55

i desire to short this and FENR

[apad] 12/6/2013 12:35

hxxp://www.themanufacturer.com/articles/renishaw-completes-latest-wales-refurb-plans-for-extra-400000-sq-ft/
apad

[apad] 10/6/2013 18:40

Jobs down to 41 (from 61) all in Gloucestershire.
apad

[broadwood] 03/5/2013 14:00

Nice turnaround.

[dasv] 03/5/2013 12:04

at least he has contributed to liquidity for buyers by shorting ;)

[deadly] 03/5/2013 09:33

Well that short has had a marvellous effect - now rising strongly. Expect they'll be closing it soon!

[dasv] 03/5/2013 08:13

Forecasts (digital look)

Year Ending Revenue (£m) Pre-tax (£m) EPS P/E PEG EPS Grth. Div Yield
30-Jun-13 359.59 94.17 103.11p 16.0 2.0 +8% 42.01p 2.7%
30-Jun-14 380.05 102.14 112.06p 14.8 1.7 +9% 45.22p 2.9%

Historical:-

Year Ending Revenue (£m) Pre-tax (£m) EPS P/E PEG EPS Grth. Div Yield
30-Jun-08 201.16 43.06 45.90p 16.1 0.6 +28% 25.39p 3.4%
30-Jun-09 171.25 4.72 9.30p 36.7 n/a -80% 7.76p 2.3%
30-Jun-10 181.61 27.06 31.60p 22.9 0.1 +240% 17.60p 2.4%
30-Jun-11 288.75 82.08 88.50p 19.8 0.1 +180% 35.00p 2.0%
30-Jun-12 331.89 86.05 95.60p 14.6 1.8 +8% 38.50p 2.8%

So Pre-tax profit is likely to be 86.5 + (2.5 exceptional credit) rather than 94m predicted.

If profit is static for 2013 then PEG will be much higher - the implication is that 2014 will compensate with rising revenue assuming increased capacity can be utilised.

[broadwood] 03/5/2013 07:57

Renishaw said its expects current-year adjusted profit before tax (excluding the exceptional credit of £2.9 million) to be around the same level as last year.

The group faces particularly tough comparators going into the fourth quarter, which last year produced a number of large orders in China related to the consumer electronics market.

"Based on recent underlying activity levels, we currently expect that revenue in the second half will be at similar levels to revenue in the first half of this fiscal year," the company said.

"With global investment in production systems and processes expected to continue, we remain confident for the long-term prospects of the Group," it said.

Meantime, third-quarter revenue was £81.9 million, against £81.6 million. Cumulative revenue for the nine months to March 31 was £256.1 million, up 12% year on year.

"During the period we experienced growth in Europe, UK and the Americas, when compared with the corresponding period last year. Revenue in the Far East, our largest geographical market was, however, slightly below the level of last year," the company said.

"Cumulatively for the 9 months, revenue in the Far East is 29% ahead of the corresponding period last year reflecting very strong 1st quarter growth, with Europe and the Americas being at a similar level and the UK, a smaller market, being 12% higher."

[broadwood] 03/5/2013 07:32

Statement seems reasonably reassuring. I hope the market has discounted that profit drop in the third quarter.

Seems otherwise to be in line with a lot of inward investment going on to gear up for future demand.

[dasv] 01/5/2013 13:22

I got spooked out of SXS. Should have stayed in there too.

[broadwood] 01/5/2013 12:28

Most engineers getting nice bumps up on not too bad manufacturing figures.