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RNO Renold Plc

-1.15 (-3.27%)
08 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Renold Plc LSE:RNO London Ordinary Share GB0007325078 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  -1.15 -3.27% 34.00 784,504 16:35:07
Bid Price Offer Price High Price Low Price Open Price
34.10 34.90 35.00 35.00 35.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Engineering Services 247.1M 11.8M 0.0523 6.69 78.9M
Last Trade Time Trade Type Trade Size Trade Price Currency
17:06:58 O 2,000 34.00 GBX

Renold (RNO) Latest News

Renold (RNO) Discussions and Chat

Renold Forums and Chat

Date Time Title Posts
22/10/201307:15Renold: the recovery story1,817
16/6/200812:00Renold - Long way to go..-
21/11/200715:16Time to SHORT RENAULT.....3

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Renold (RNO) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-12-08 17:06:5834.002,000680.00O
2023-12-08 17:00:3134.00983334.24O
2023-12-08 16:38:0234.505,0001,725.00O
2023-12-08 16:37:3334.5064,60722,289.42O
2023-12-08 16:35:0734.005,7371,950.58UT

Renold (RNO) Top Chat Posts

Top Posts
Posted at 09/12/2023 08:20 by Renold Daily Update
Renold Plc is listed in the Engineering Services sector of the London Stock Exchange with ticker RNO. The last closing price for Renold was 35.15p.
Renold currently has 225,417,740 shares in issue. The market capitalisation of Renold is £78,896,209.
Renold has a price to earnings ratio (PE ratio) of 6.69.
This morning RNO shares opened at 35p
Posted at 15/11/2023 07:17 by hardupfedup
Excellent results should be double present price imo
Posted at 26/9/2023 13:23 by dozey3
PJ84, The read across from wincanton to RNO is highly relevant since it is the pension liabilities that are holding the market valuation back. Is anyone cleverer than me able to put figures on the likely re-valuation?
Posted at 06/9/2023 17:41 by pj84
I posted the following on the Wincanton thread but the pension comments may have some read across here.

Peel Hunt: Pension review will drive growth at Wincanton

Analysts from Peel Hunt see logistics group Wincanton (WIN) kicking growth up a gear after its triennial pension review.

Analyst Alexander Paterson reiterated his buy recommendation and target price of 300p on the Citywire Elite Companies + rated stock, which was trading at 236p on Tuesday.

The review of the pension started in April and is set to conclude imminently. The deficit has declined from more than £200m to just £11.9m at the end of March and we expect it to have declined further given a £5.7m contribution at the end of June and higher bond yields, said Paterson.

The group is also exiting low or no return closed-book transport and transitioning to lower-risk open book contracts and areas of higher value, which would provide capital to invest.

We see significant growth potential and commercial benefit from investing this capital where it can exceed the risk-adjusted returns from a share buyback, which would drive a rerating of the stock on higher profitability, said Paterson.
Posted at 06/9/2023 15:52 by essentialinvestor
Update very solid, all be it wider macro looks to be weakening.

If we get back near 28 pence on the offer might add a few.
I hold RIII and RNO comprises approx 7% of that fund.

Perhaps a fair chance this is taken out at some point, particularly if the pension situation starts to look better.
Posted at 17/7/2023 14:44 by petewy
In an Ian King interview last week the CEO talked for ten minutes and very briefly mentioned the share price. Uninterested. Despite the upbeat results, Midas etc the share hasn't exactly rocketed.
All buys for share this morning but mall ones.
Posted at 12/7/2023 07:09 by prokartace
Reads very well but predictable share price movement. They might think they give better returns by withholding a dividend but the market thinks otherwise
Posted at 15/6/2023 17:45 by thirty fifty twenty
chart looking increasingly full of potential.
trading volume today of over 900k compared to an average daily of 300k.

i wondered from the capital markets day presentation why they presented nothing at all on non-chains.... does anyone know would it be practically possible to sell this Torque business. any sales price above 5 times ebitda would all value to RNO plc and of course would then give them fire power to make further acquisitions to consolidate the sector.

all IMHO, DYOR and BoL
RNO is in my top 5 hldgs
Posted at 13/5/2023 12:45 by pj84
I am expecting the current years eps to be above 5p.

Last year’s basic eps was 4.7p and the adjusted eps was 4.3p.

From the latest trading update it says: -
“As a result of the stronger sales, the impact of the YUK acquisition, benefits of cost reduction and efficiency programmes, and the successful implementation of inflation cost recovery programmes, the Board now expects underlying trading profit and margin for FY23 to be materially ahead of the previous upwardly revised market expectations (1).”

and note (1) says: -

“(1) Company compiled market consensus for 2023 revenue, underlying operating profit, and underlying PBT is GBP238.3m, GBP19.8m and GBP14.3m respectively.”
From slide 6 of the Capital markets day presentation on 10 May, it looks like the unaudited revenue is £247m and the adjusted OP is £23.5m.

Renold PLC - Capital Markets Day (With Q&A) (

It is a long watch, just under 2 hours and whilst it is the company selling themselves, it is nevertheless very informative, and they seem to be very focussed on both inorganic growth and further acquisitions and to be very focussed on a very disciplined approach to capital expenditure for both investment and acquisitions. It also explains that even though Renold is not regarded as a tech company, it is benefitting from the new economy through businesses in all sectors increasing automation and demand for its products which is continuing to grow and in my view even following the recent increase in share price the PE of Renold is far too low.

The following is the summary from the FinnCap update on 17 Apr: -
“The Full year trading update to March 31 is positive pointing to underlying trading profit materially ahead of previously upgraded expectations. Revenue has increased by 18.8% on a CER basis and up 13.4% on a like for like basis excluding the gain from the YUK acquisition. Strong sales momentum in Q4 coupled with gains from the YUK acquisition, cost and efficiency measures and inflation recovery actions to achieve this positive result. Net debt at £29.8m was also better than expected. In FY23 we upgrade EPS by 21% to 5.8p. This places the shares on a P/E of just 4.3x, which clearly looks too low. We also raise our TP to 58p, on a modest 12x P/E target, the shares should respond well to this positive announcement.”

I’m not sure how they arrive at 58p from 12*5.8p unless the 12 is a typo and should be 10*5.8p otherwise it should be 69.6p.
Posted at 12/5/2023 15:21 by this_is_me
It will be another 2 months until the results. An eps of above 5p is likely and a P/E of 12 would see the share price double from around the present value. that is quite possible. Not much hope of the share price getting to £3 it was in 1997!
Posted at 20/2/2023 10:53 by thirty fifty twenty
hi all...

for me RNO is a very likely take over candidate.
i think any bid wold be at >40p+
and thus even if it happens on the last day of my 3 year time horizon, it will yield to me my portfolio target of 15% per annum.

my reasoning...
I think the stock market has valued RNO 'reasonably correctly',
is has moderate debt and a low share rating and thus despite being no 2 in an industry ripe for consolidation does not have the currency to do so.
secondly, the pension is a small theoretical risk. i trust the actuarially profession and calculations but thus by definition of the long term agreement the company will always have to 'overfund' to support the most conservative sceario. in reality this 'overfunding' will return to the company but only when the pension scheme winds down and thus that return is vaued very lowly by the market.

lets take these 2 risks if exactly the same business was part of a bigger business.
1 - those same profits £30m fcst ebitda profits (less the agreed £6m to pension) would be valued at 10 times in a multinational engineering business, and there could even be a premium rating as there was a chance for the number 2 player to consolidate a key industry as global manufacturing on-shores.

2 - firstly the 6m agreed is less material to a multinational thus it carries less risk, and secondly the longevity of a stable multi nationals is seen to be 'forever' as it is diversified and can continually re-invent itself to be around decades ahead. thus any 'over cautious' funding to the PF required by the conservative actuarial calculations is not 'wasted' CASH but just a long term savings plan.

thus to me the bid premium for RNO would be much higher than the average 35% typically seen in the market. indeed - smaller cap UK bids this last 18mths have averaged 50% premiums.

the other side is that if RNO can get some momentum then the returns as a solo business will be greater.

so an investor and risk/reward is see this as win/win
bid scenario is 15% per annum over 3 years (maybe earlier),
RNO pulls it off sees 20% share price growth compounding over 5 years,
my downside is that the RNO make a mess,
and i see this as quite low risk given the skill they have demonstrated to restructure and grow through the pandemic and pre.

RO is in my top5 hldgs
Renold share price data is direct from the London Stock Exchange

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