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
  +16.40p +2.20% 761.40p 210,629 11:04:02
Bid Price Offer Price High Price Low Price Open Price
761.60p 762.20p 761.40p 747.40p 748.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Industrials 3,747.70 316.60 61.60 12.4 3,104.2

RPC Group (RPC) Latest News

RPC Group News

Date Time Source Headline
15/8/201817:51UKREGRPC Group PLC Holding(s) in Company
13/8/201816:58UKREGRPC Group PLC Holding(s) in Company
13/8/201810:00UKREGRPC Group PLC Holding(s) in Company
08/8/201817:14UKREGRPC Group PLC Holding(s) in Company
02/8/201817:22UKREGRPC Group PLC Holding(s) in Company
01/8/201817:25UKREGRPC Group PLC Holding(s) in Company
01/8/201817:11UKREGRPC Group PLC Holding(s) in Company
01/8/201812:40UKREGRPC Group PLC Total Voting Rights
25/7/201809:33UKREGRPC Group PLC Holding(s) in Company
24/7/201817:21UKREGRPC Group PLC Holding(s) in Company
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RPC Group (RPC) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
10:03:38761.401621,233.47AT
10:03:37761.201501,141.80AT
10:03:37761.2050380.60AT
10:03:37761.403412,596.37AT
10:03:37761.4049373.09AT
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RPC Group (RPC) Top Chat Posts

DateSubject
16/8/2018
09:20
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 745p.
RPC Group has a 4 week average price of 736.80p and a 12 week average price of 642.40p.
The 1 year high share price is 1,032p while the 1 year low share price is currently 642.40p.
There are currently 407,699,202 shares in issue and the average daily traded volume is 1,224,681 shares. The market capitalisation of RPC Group is £3,104,221,724.03.
29/7/2018
06:43
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.”
22/7/2018
19:23
jeffian: There's a front-page story in today's Sunday Telegraph Business Section saying that RPC may now be 'in play'. htTps://www.telegraph.co.uk/business/2018/07/21/rpc-meltdown-puts-investors-bid-alert/ I don't know if non-subscribers can read it but it basically says that in a fast-consolidating industry, the current share price weakness will draw the attention of bidders and particularly Private Equity. They also say that the Chairman's rather Delphic remarks ("However, pressure on the company's market valuation and differing investor views on the appropriate level of leverage is constraining the Group's ability to pursue some attractive opportunities for growth and your Board is working to resolve this.") could be interpreted as inviting such interest. It will be interesting to see if there is any share price reaction tomorrow.
14/6/2018
23:32
jeffian: I'll be honest with you, Dr, I don't give a stuff about how companies achieve growth as long as they generate growing revenues, profit and cashflow and reward shareholders with a growing dividend. The result of that is that the share price will grow over time. RPC is not the only company to grow by acquisition - several of my more successful investments e.g Diploma (DPLM) and RWS follow a similar strategy - and but for the shenanigans of Northern Trust (who have a vested interest via their short position) I do not believe we would be where we are. All the RPC board can do is to go on delivering growing profits and dividends and the share price will take care of itself over the long term.
06/6/2018
17:50
jeffian: I'm with Hargreaves Lansdowne and this is what they have to say about it, FWIW. "Our View Plastic packaging manufacturer RPC has been under pressure to prove its long-running acquisition programme is creating value for shareholders, and not masking a lacklustre operating performance. Management have put a hold on acquisitions while it deals with those concerns. So far, we think the results are good. Organic growth is healthy and exceptional integration costs, the focus of much of the investor discontent, are falling. From an operations perspective the company looks healthy, and the group looks set to maintain its 25-year track record of dividend growth. Unfortunately the share price hasn't reflected the improvement. That's partly because RPC is facing new pressures. This time from regulation. Following the airing of 'Blue Planet', the UK government has faced calls to tighten up rules on plastic waste. The EU has followed suit, and is already tightening controls. RPC argues that it's well placed to weather the political turbulence, and could even benefit. The group is Europe's leading recycler of polyethylene film and the majority of its products are recyclable. Its focus on innovation should mean it can respond quickly to demand for more easily recyclable products. It says its innovation centres are actively researching renewable polymers and compostable materials that break down completely when treated correctly at the end of their life. We think RPC's scale and focus on innovation are significant advantages. However, it's unlikely the group would escape a crackdown on plastic completely unscathed. Nonetheless we remain upbeat about RPC's prospects. Plastics are a key weapon in fighting that other environmental bogeyman, carbon emissions, and RPC is well-placed to benefit from the consolidation the sector as well as increased demand. Prior to full year results the shares offered a prospective yield of 4%, and traded on 10 times expected earnings, well below their longer-term average. But with the public mood firmly against plastics at the moment, investors will need a change in sentiment before the shares recover. How long that will take is anyone's guess."
06/6/2018
08:42
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.
06/6/2018
01:00
jeffian: "FWIW I disagree with what you all say abt buybacks - they do work when used properly." Examples? The problem is, Boards don't control the share price; the markets do. Reducing the shares in issue raises the eps, nav and dividends which should, theoretically, raise the share price but how often does it? Enterprise Inns spent nearly £1bn(!) buying back their own shares at up to £8/share......before they crashed to 26p. Would shareholders rather have had that £1bn returned to them as special divi or returns of capital? They would now! Re RPC - "On 19 July 2017 the Group announced an inaugural share buyback programme of up to £100m. Under the programme to date, 1.38 million shares have been acquired for a total consideration of £12.4 million." Errm..........
05/6/2018
20:44
fez77: A bit old news now, but Motley Fool article from 31 May:- Plastic people RPC Group (LSE: RPC) has also given investors a bumpy ride lately, its share price down 15% in the last six months. It specialises in rigid plastics packaging which is now threatened by the war on the growing tide of waste clogging up the planet. The threat overshadowed a strong Q3 for the FTSE 250 group, which posted a 31% rise in year-on-year revenues to £898m, boosted by acquisitions and organic growth. Management also said it was working with governments to reduce plastic waste and noted that many of its products are already recyclable. Easy as RPC My Foolish colleague Alan Oscroft is a fan of the £3.23bn group, noting that RPC has increased its dividend for each of the last 25 years. It currently offers a forecast yield of 3.8%, covered 2.5 times, with operating margins of 10.7%. Its growth outlook seems solid, with earnings per share forecast to increase 8% in the year to 31 March 2019, and 6% the year after. By then, the yield could be 4.1%. It has also gifted shareholders £100m in its buyback programme over the last year. Despite this, it trades at just 10.3 times earnings. RPC appears to have it wrapped.
04/6/2018
19:11
jeffian: bouleversee, Quite a lot of questions there! 1) For that reason, I never, ever, take any notice of brokers' or financial sites and always, always go the the horses' mouth - the published accounts - for my information on earnings etc. 2) I hate share buybacks. They are an attempt at 'financial engineering' by Boards to manipulate the figures, noticeably usually those which are used to gauge their 'performance bonuses'! The argument - that artificially boosting eps and nav by reducing the shares in issue will increase the share price - is tenuous at best and often shown to be false in practice. Boards should concentrate on the things they can control and influence - growing revenues, margins, profits and dividends - and the market will decide what their shares are worth. If they have spare cash to burn, why not return it to shareholders as dividends or return of capital so they can make up their own minds what to do with it? 3) The shares have continued to struggle IMHO because a) See 2) above b) the persistent 'anti-plastic' movement fired up by the Blue Planet series c) the overhang of uncertainty over the Northern Trust shorting attack based on supposed iffy accounting. NT claimed the many acquisitions made by RPC allowed them to 'hide' underlying problems among exceptional write-offs when bedding-in the new companies. I am not particularly concerned about b) as RPC operates in pretty specialised areas where plastics cannot easily be replaced by other packaging media and I think they have time to work out a sustainable solution. Nor do I buy the Northern Trust story which struck me as a typical US shorting raid. The solution to that over time is for RPC to continue to make profits and generate cash.
20/12/2017
09:45
jeffian: cheshire pete, re #1630, Because the company has no control over the share price; the market sets that. If the market only worked on simple mathematics, we'd all be millionaires! If a company spends £Xmillion buying its own shares then in the accounts the NAV and EPS rise and theoretically the share price should rise by an equivalent amount, but that is not necessarily so and, in some cases in my experience, dramatically so. Enterprise Inns (now Ei Group) (in)famously spent around £1Bn buying back their own shares in the run-up to 2007/8 at up to £8/share before the price slumped to 26p! The share price has recovered slightly and they are again spending up to £25m/year buying shares at c.60% discount to NAV which at least makes more sense but still doesn't 'benefit' shareholders if the market resolutely refuses to take the bait. Spending real free cashflow in this way rather than via a general dividend or return of capital is not 'returning value to shareholders', it is returning all the available cash to former shareholders! If 'surplus' cash is returned to all shareholders via dividend or return of capital, they still have the choice of reinvesting in that company's shares if they want to - or, importantly, decide to make alternative use of it - but buybacks remove that choice from them. As Sogoesit says, companies are not the best judges of their own value!
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!
RPC Group share price data is direct from the London Stock Exchange
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