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Share Name Share Symbol Market Type Share ISIN Share Description
RPC Group LSE:RPC London Ordinary Share GB0007197378 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  -1.00p -0.13% 765.00p 3,450,057 10:36:08
Bid Price Offer Price High Price Low Price Open Price
765.00p 765.20p 766.00p 760.80p 764.20p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Industrials 3,747.70 316.60 61.60 12.4 3,118.9

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Trade Time Trade Price Trade Size Trade Value Trade Type
10:37:38765.203162,418.03O
10:36:52765.006695,117.85O
10:36:11765.001,0387,940.70AT
10:36:08765.004003,060.00AT
10:36:08765.004003,060.00AT
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DateSubject
24/1/2019
08:20
RPC Group Daily Update: RPC Group is listed in the General Industrials sector of the London Stock Exchange with ticker RPC. The last closing price for RPC Group was 766p.
RPC Group has a 4 week average price of 637p and a 12 week average price of 625.20p.
The 1 year high share price is 857.80p while the 1 year low share price is currently 625.20p.
There are currently 407,699,202 shares in issue and the average daily traded volume is 10,510,484 shares. The market capitalisation of RPC Group is £3,120,529,692.11.
21/1/2019
18:39
snowydays: By Ben Dummett and Miriam Gottfried Updated Jan. 21, 2019 12:37 p.m. ET Private-equity giant Apollo Global Management APO 2.40% LLC is in advanced talks to acquire RPC Group RPC 0.25% PLC, one of Europe’s biggest packaging companies, for more than $3.8 billion, according to people familiar with the matter. A deal could be announced as soon as Tuesday, marking the culmination of a protracted negotiation against the backdrop of mounting uncertainty over divorce talks between the European Union and the U.K., where RPC is based. Some bankers have suggested that political uncertainty and the resultant stock and currency-market volatility could crimp deal-making in the U.K., making it trickier for buyers and sellers to agree on a sale price. But the Apollo-RPC agreement offers further evidence that this view may be overly pessimistic for private-equity firms. Earlier this month, buyout firm Clayton Dubilier & Riceagreed to purchase a majority of U.K. catering operator WSH Investments Ltd. for $1 billion, including debt. The expected deal for RPC comes as the world’s major buyout firms are under pressure to invest the record amounts of cash they have raised to collect lucrative fees from their investors. In 2017, Apollo raised $24.56 billion for the largest-ever buyout fund. RPC, which designs and makes plastic packaging for food, beverage, personal-care and other sectors, first disclosed in September that it was in talks with both Apollo and buyout rival Bain Capital about a possible sale. Bain withdrew from the bidding in early December. Out-of-favor publicly traded companies or their divisions are often attractive targets as their relatively large size allows the cash-rich PE firms to invest the funds expeditiously to start generating returns. Last year, private-equity firms in Europe spent $61.1 billion on acquiring publicly traded companies—the largest annual sum since 2007, according to Dealogic. Driven largely by acquisitions, RPC grew revenue by 36% to £3.75 billion ($4.83 billion) for the year ended March 31, 2018, from the prior period, while net profit rose 92% to £253.4 million. Still, the company’s free cash flow fell 4% over that time, helping to explain RPC’s weak stock-price despite its earnings and profit growth. Investors have also been worried that efforts by the European Union to clampdown on plastic waste would reduce demand for RPC products. RPC, which employs about 24,000 people globally and operates in more than 33 countries, has said it doesn’t make any of the products that the EU is targeting. Before it first disclosed possible sale talks in September, RPC’s stock had declined 22% last year. It then jumped as investors bet on a deal, but it has since languished as talks with Apollo dragged amid political turmoil in the U.K. that increased the risk of no deal. That share-price weakness, though, represents an opportunity for Apollo if it can overcome the manufacturer’s challenges. Apollo’s offer price couldn’t be learned. On Thursday, RPC’s stock recently traded in London at £7.29, giving it a market value of £2.96 billion ($3.8 billion) and the private-equity firm is expected to pay a small premium to that level. The RPC deal isn’t particularly big for Apollo, but the acquisition will somewhat ease the pressure that the buyout firm is under to invest its cash hoard after dropping out of some auction processes for big acquisitions. Last year, Apollo withdrew from the bidding for the specialty chemicals business of Dutch paints maker Akzo Nobel NV, which a Carlyle Group LP-led group acquired in a €10.1 billion ($11.49 billion). Write to Ben Dummett at ben.dummett@wsj.com and Miriam Gottfried at Miriam.Gottfried@wsj.com
30/12/2018
18:32
snowydays: Jeffian, the link was to an article dated 27 Dec which I thought might be of interest to some people. I note that the full article might not appear for some readers so I will copy it below. ,....................... Apollo Global Management has been given another extension to make a formal offer for plastic packaging specialist RPC Group (RPC). The private equity group now has until 18 January to table a bid, with RPC noting that Apollo’s “due diligence is now substantially complete”, so it’s conceivable that an offer could emerge prior to that date. RPC:LSE RPC Group PLC 1mth Today change 1.57% Price (GBP) 647.40 If a formal offer is tabled, it could flush out rival bids, particularly if it’s perceived as a low-ball approach. And despite the continued furore in the western media over the industry’s links to maritime pollution, the push towards consolidation shows little sign of abating with commercial incentives still intact – and expanding. Market research from Radiant Insights shows the global rigid plastic packaging market growing at a compound annual rate of 5.57 per cent through 2018-2022, as “applications are rising enormously across the globe”, primarily due to the rapid growth in the e-commerce sector. Another significant factor is the increasing demand for pharmaceutical products among Asia’s rapidly expanding middle classes. None of this would have gone unnoticed by the private equity industry. By now, you would imagine that any financial permutations arising from European directives on packaging recycling rates and the phasing-out of ‘single-use217; plastic packaging would be factored into share prices, though government commitments remain suitably woolly at this point. Nevertheless, it’s reasonable to assume that regulatory risks are increasing and will have a greater impact on valuations than in previous years. IC View Even so, what you might ascribe as ‘fair value’ to RPC shares rather depends on whether you concur with the criticism of the group’s accounting treatment levelled by Northern Trust Capital Markets in 2017. Certainly, as Peel Hunt notes, the group’s forward price/earnings and cash-profit multiples are significantly adrift of the implied rates from Amcor’s (ASX: AMC) $5.25bn (£4.14bn) bid for US packager Bemis Co (NYSE: BMS). And we have also witnessed a step-up in the number of short positions on the stock. But the fact that Apollo is still in the mix, having had access to due diligence materials for an extended period, suggests that it doesn’t perceive any glaring anomalies within the numbers. So, shareholders should sit tight for the moment, as any formal approach is likely to be at a marked premium to the current share price of 654p, an undemanding 8.5 times Bloomberg consensus earnings. Hold.
03/12/2018
17:38
googly2: Phillis, as I stated, if Apollo do make an offer it will be up to the shareholders who ultimately decide the outcome and not the BoD. Whatever the outcome it still doesn’t explain why the BoD felt it necessary to explore the option of taking a successful 250 FTSE company private? The attention from NT questioning the financial reporting and the anti-plastic lobbying hasn’t done the share price any favours and the only real response we have seen to date is the £100m share buy-back which most commentators felt was not the best use of shareholders money. The BoD are already on record stating they believe the share price under values the company and its future prospects. This was when the share price was over £8 so I can only presume at today’s price level they will find it even more difficult to finance further acquisitions. IMO the BoD haven’t managed the events of the last few months well and as long term shareholder I’m starting to lose confidence in them.
03/12/2018
16:28
googly2: If you were a cynic you might think the markets are playing nicely into the hands of the BoD. Even though Apollo is supposedly still at the negotiating table the share price is collapsing which makes you think the markets are not confident of Apollo posting an offer at a price that some but not all believe reflects the true value of the company. They might also be thinking that Apollo will just walk away as Bain have done thus leaving RPC with a depressed share price and an inability to finance the BoD acquisition strategy. Apollo are an opportunistic buyout player but they do have a company in their portfolio called Berry Plastics who like RPC are a global manufacturer of rigid and flexible plastics so there are potential synergies with RPC and certainly a platform for Apollo if they so desire to continue and accelerate the acquisition strategy the BoD were so keen on. If this is a possible outcome then IMO we as shareholders will not see a big premium on today’s price level and it will then be our decision if we reject or accept the offer. If an offer is recommended by the BoD it will be make interesting reading as to why they think we should accept it.
05/11/2018
15:51
whatsyourgame: Just googled RPC Group and there's little or nothing in the media about today's announcement ... surprising really, given the company's considerable size and its recent somewhat controversial past. What do people here think are the upside and downside prospects for the share price from where we are now? My guess is that the upside is around 1075p per share, assuming a cash offer at that level is forthcoming. On the downside, I reckon the share price could fall to around 675p, firstly on the back of disappointment at no offer materialising, coupled with uninspiring, albeit broadly satisfactory interim results. Based on the current share price of 787p, that's + 288p on the upside and -112p on the downside. Another way of interpreting such numbers is that there is currently a 28% chance of a bid materialising and a 72% chance of no such offer being forthcoming. You pays your money ... etc.
23/10/2018
15:00
jeffian: Agree absolutely, Phillis, and that's exactly what they should be doing. squidsgone, The share price had been in pretty continuous decline since the highs of early 2017 and by July 2018 it was in danger of going into freefall, plunging to c.£6. Look at the chart below and spot the following. The first unusual statement was made by the Chairman at the AGM Trading Update on 18/7/18 when he made a Delphic allusion to "resolving" the weak share price caused by shareholders not supporting his acquisition strategy. That was widely interpreted as putting the company "in play". This was followed on 22/7 by a Daily Telegraph article reporting major shareholder Standard Life saying the weak share price made RPC vulnerable to a bid. Then on 10/9 we had the 'response to press speculation' RNS talking about "preliminary discussions" which "may or may not" lead to a bid. It buys them time (during which they hopefully continue to pump out the figures and eventually the fundamentals overcome the NT innuendo). Sure, a 'bid talk off' announcement will unsettle the share price but we're now only a month away from the Interims, so they have a chance to show that actual performance outweighs speculation and innuendo. If no bid materialises, it doesn't give "substantiation to NT suggestions". To my mind it would just confirm that it was never on in the first place, as I said at the time.
20/9/2018
10:31
jeffian: This whole 'bid' thing is a complete red herring and I wish it had never started. Until Northern Trust began their de-stabilisation campaign, there was no question of a takeover (quite the reverse, in fact, as RPC's strategy is specifically growth by acquisition/consolidation in a fragmented market) and it only came about as a result of the Chairman, egged on by large shareholder Standard Life, seeking to support the share price. Frankly, I think the whole Private Equity 'interest' was cooked up and has every chance of going nowhere which will further destabilise the share price. In the meantime, it takes the focus of the BoD away from their proper role - running the company. I would like to see the whole thing knocked on the head on 8/10, take any short-term pain in the share price, and then get back to growing profits, earnings and dividends which is what has made this company such a great long-term hold.
29/7/2018
05:43
sogoesit: “More Notes on RPC” from this week’s IC: “In last week’s Telegraph, Tom Rees noted recent speculation that RPC (RPC) could become a target for private equity firms given its shares have been on a downward trajectory since the final quarter of 2017. That the plastic packager should end up in the crosshairs isn’t all that surprising, though ironic given that its perceived weakness in some quarters is down to an acquisition spree – 10 deals in a little over 12 months – which critics of the group, specifically broker Northern Trust Capital Markets, said had masked disappointing capital returns and cash flows. Or as Paul Moran, head of research, describes it: “stripping out losses that are embedded in acquisitions in the [profit and loss account (P&L)] post consolidation mostly through provisions (cash losses, not P&L) and claiming this as growth”. Ostensibly, there wasn’t much to spook investors in RPC’s March year-end figures, with total provisions and other liabilities down 44 per cent year on year to £90.6m, while net cash flows from operating activities were up 40 per cent to £387m. Despite the surge of M&A activity, the group maintains that returns remain well ahead of the weighted average cost of capital. But the accounting treatment that Mr Moran has been highlighting, namely the application of provisions for off-market contracts, enables companies to mask or distort returns through the creation of provisions on the balance sheet for acquired assets at the time of consolidation. Theoretically, this practice can hide a multitude of sins if a company remains in the buyers’ circle and the treatment is employed repeatedly. But if the acquisitions dry up it should be easier to determine the effects of this treatment on cash flows. RPC has previously stated that the dilutive effects of lower-margin acquisitions had periodically weighed on profitability; a more prosaic explanation, but one that’s just as difficult to quantify within the confines of a P&L statement. Paul Moran did make the point that the recent first-quarter update referenced profits growing year on year, but not cash flows. At the March full-year, those flows had been underpinned by an adjusted operating cash conversion rate of 77 per cent, although that was down from 95 per cent in the previous year. Jamie Pike, chairman of RPC, complained that the group’s ability to pursue acquisitions is being hampered by “pressure on the market valuation and differing investor views on the appropriate level of leverage”. In other words, the Northern Trust critique has gained wider support. If deals dry to a trickle, Mr Moran expects that a negative free cash flow trend could be apparent in the group first-half returns published in November. That would follow on from a 4 per cent decline in free cash flow at the year-end, although it’s conceivable that ongoing plans to hive off non-core businesses could eventually muddy the waters in this regard.“ IC View The IC was told that management at RPC wasn’t prepared to comment on the speculation, which will obviously do nothing to quash it, but we would have thought that any interest on the M&A front would have come from an industry peer, at least an entity with a complementary business model and sufficient scale to pursue a tie-up – Australian Securities Exchange (ASX)-listed Amcor (ASX:AMC) readily springs to mind. You could always take a speculative option if you think RPC will fall victim to industry-wide consolidation, but the current share price is around 84 per cent in advance of the broker’s fair value estimate of 430p a share, based on 10 times its free cash flow estimate for 2019.”
06/6/2018
07:42
jonwig: Not a holder, but price now looks interesting! here's the FT Opening Quote e-mail: A regulatory crackdown on single-use plastics, in the UK and in Europe, has raised many questions. Last Wednesday, with much of the City on its half-term holiday, the main one was: “If straws have to be made out of paper from now on, can you still get bendy ones - or will they just go soggy?” A very good question - and one that stumped this commentator. But, today, with FTSE 250 packaging group RPC reporting full-year results, it’s more a case of: will its profits and revenues hold up… or will they just go soggy? And, this morning, RPC has not been stumped. It has reported a 36 per cent rise in revenues, driven by acquisitions, which led to a commensurate 36 per cent rise in adjusted pre-tax profit, to £389m. Its most recent deal was the €75m acquisition of Nordfolien, which completed after the year end. On a statutory basis, pre-tax profit actually doubled to £317m - reflecting a “significant reduction in adjusting items” in the past year. But revenues also grew organically, by 2.8 per cent, continuing RPC’s recent record of increasing its sales by around 3 per cent a year, excluding acquisitions. In China, organic revenue growth was 26 per cent, helping to lift revenues outside Europe to £831m, from £384m previously - now 22 per cent of the group total. Cash flow generation was “robust”, too, with net cash flows from operating activities up 40 per cent to £386.7m. But free cash flow was lower than the prior year, at £229m, due to the “non-repeatability of working capital related cash synergies”. Much of this improvement had been expected after a trading update in late March said the positive trading trends outlined in its third quarter update had continued, and revenue for the full year “is expected to have grown significantly versus last year, driven by organic growth and aided by acquisitions, polymer price and foreign exchange tailwinds”. Back then, RPC had also flagged that profitability and cash generation - before and after exceptional items - were set to meet management expectations. However, that was not enough to reverse a 20 per cent fall in RPC’s share price since the end of September, after governments and regulators stepped up their fight against plastic waste. As one of Europe’s largest manufacturers of plastic packaging, the market has expected RPC’s businesses to be directly affected. Recent EU proposals target single-use plastics, such as cutlery and straws, and calls for all plastic bottles to be recycled by 2025. So, today, it is the outlook that investors will be drinking in, not last year’s performance. RPC chief executive Pim Vervaat insisted the group was well placed to benefit from opportunities driven by the recent sustainability trends, and from e-commerce. He said RPC was still expecting “through the cycle underlying organic growth” to be ahead of GDP growth, and adjusted operating profit in the core businesses to improve - but more slowly. RPC expects it be about about £50m higher, but only by the financial year ending March 2021. Some analysts agree. Hargreaves Lansdown reckons that, longer term, RPC’s focus on innovative design should mean it is well placed to weather a more difficult plastics environment. Tougher regulation may even improve its position relative to smaller competitors.
09/2/2017
15:11
gibson59: Hi, as a complete newcomer to shares... could some explain why RPC share price has fallen today following this morning's announcement?Thanks!
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