Does anyone have any feelings for Yule Catto?

I sold short on CFD a few weeks back but now they seem to be on the way back up.
They seem to be building support at 240 and are testing the 270.

If any has any opinions on which way they're heading, I greatly appreciate.

Graham

Graham - We'll find out tomorrow, when 2003 results published. Already flagged adverse impact of high oil price, competition on one of most profitable lines and weak US dollar, hence poor relative performance over past year. Decent business in there, however and if there is no comment about dividend cut they should be satsfactory investment over next year or two. DYOR.

back on my watch list .... full trading statement due 7th March ..... possible or even probable consolidation due in chemical sector



red = 50 dam
green = 200 dma

..Chartwise. i agree. it does appear,as if after a period of consolidation,YULC is going to break out to 260/280 . , But l would suggest a little caution , Of all sectors, lnternational chemical grps ,are the most affected by both the price of oil and the strength of the $ . But whereas ICI has correspondingly increased its s/p with the recent lull in crude, YULC has fell which suggests other negative variables are at play here. Despite a nice 5,2% div this is not one for me considering volatility and uncertainty of future oil prices .

good run today, though volume is nothing to get excited about ..... nevertheless, strong break through 200 dma ..... perhaps more resistance at +/-242, but time (very soon?) will tell

Yes. Thin volmes are the story of this share -For as long as i have traded it, it has always been this way . Little volume yet inflated movement . As a matter of interest i wondered if you have studied the trades of YULC of late ..One day last week of over 120 trades ,a mere 10 or so were 4 digit figures. A fair ratio of both small buys and sells ).. Perhaps the more cynical of us would say the exxagerating movements both south and north of the mid allowed mms to set off a number of stop losses by dropping it a few points- hence all the AT's and then take it North and burn a few shorters . ,,,juste for good measure ,,, ...When i traded it, the parameters were usually 220- buy -and 270/80 SELL but with a bigger percentile divi than today . But you cannot complain with a 4.2% div ....A little boring perhaps ...But unlike penny stocks it wont take the shirt from your back .

looking for capital gain rather than yield ..... we shall see .... figures due early March

..hmm -Surely the oil price has impacted on such a companies competive edge . At best - T/O - pretty flat . Profits - perhaps a tad down . + J.....qui sait ?

Yule Catto yulc chart looks pretty impressive.

Keeps coming up on my growth and momentum screener and brokers have it down as a 'good un'.

Hit the base line of an uptrend channel yesterday. There is some resistance at around 88pish but once throught that 130p on the cards?.



Daily Chart...



Broker Take....

Yule Catto & Co PLC

FORECASTS
2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Collins Stewart
31-03-09 BUY 12.00 15.30

ABN AMRO
30-03-09 BUY 24.48 12.46 28.40 14.46 3.61

2009 2010
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 24.48 12.23 0.00 28.40 14.88 3.61

1 Month Change 0.00 0.00 0.00 0.00 0.00 0.00
3 Month Change -6.77 -1.97 0.00 0.00 0.00 0.00


GROWTH
2008 (A) 2009 (E) 2010 (E)

Norm. EPS -14.19% -44.67% 21.67%
DPS 3.19% % %

INVESTMENT RATIOS
2008 (A) 2009 (E) 2010 (E)

EBITDA 54.66m 49.04m 52.28m

EBIT 39.22m m m

Dividend Yield 14.06% % 5.23%

Dividend Cover 2.28x x 4.12x

PER 3.12x 5.64x 4.64x

PEG -0.22f -0.13f 0.21f

Net Asset Value PS -66.84p 57.23p 68.11p

dyor

Broker update and they look very positive....

Yule Catto & Co PLC

FORECASTS
2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Collins Stewart
31-03-09 BUY 12.00 15.30

ABN AMRO
30-03-09 BUY 24.48 12.46 28.40 14.46 3.61

2009 2010
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 24.48 12.23 0.00 28.40 14.88 3.61
1 Month Change 0.00 -0.00 0.00 0.00 0.00 0.00
3 Month Change -6.77 -1.97 0.00 0.00 0.00 0.00


GROWTH
2008 (A) 2009 (E) 2010 (E)

Norm. EPS -14.19% -44.67% 21.69%
DPS 3.19% % %

INVESTMENT RATIOS

2008 (A) 2009 (E) 2010 (E)

EBITDA 54.66m 49.04m 52.28m

EBIT 39.22m m m

Dividend Yield 14.11% % 5.25%

Dividend Cover 2.28x x 4.12x

PER 3.11x 5.62x 4.62x

PEG -0.22f -0.13f 0.21f

Net Asset Value PS -66.84p 57.23p 68.11p

Broker update and they look very positive....

Yule Catto & Co PLC

FORECASTS
2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Collins Stewart
31-03-09 BUY 12.00 15.30

ABN AMRO
30-03-09 BUY 24.48 12.46 28.40 14.46 3.61

2009 2010
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 24.48 12.23 0.00 28.40 14.88 3.61
1 Month Change 0.00 -0.00 0.00 0.00 0.00 0.00
3 Month Change -6.77 -1.97 0.00 0.00 0.00 0.00


GROWTH
2008 (A) 2009 (E) 2010 (E)

Norm. EPS -14.19% -44.67% 21.69%
DPS 3.19% % %

INVESTMENT RATIOS

2008 (A) 2009 (E) 2010 (E)

EBITDA 54.66m 49.04m 52.28m

EBIT 39.22m m m

Dividend Yield 14.11% % 5.25%

Dividend Cover 2.28x x 4.12x

PER 3.11x 5.62x 4.62x

PEG -0.22f -0.13f 0.21f

Net Asset Value PS -66.84p 57.23p 68.11p

Yule Catto & Co PLC

SUMMARY CHARTS DIRECTOR DEALINGS FORECASTS WIRES
2009 2010
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Collins Stewart
31-03-09 BUY 12.00 15.30
ABN AMRO
30-03-09 BUY 24.48 12.46 28.40 14.46 3.61

2009 2010
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Consensus 24.48 12.23 0.00 28.40 14.88 3.61
1 Month Change 0.00 0.00 0.00 0.00 0.00 0.00
3 Month Change -6.77 -1.97 0.00 0.00 0.00 0.00


GROWTH
2008 (A) 2009 (E) 2010 (E)
Norm. EPS -14.19% -44.67% 21.67%
DPS 3.19% % %

INVESTMENT RATIOS
2008 (A) 2009 (E) 2010 (E)
EBITDA 54.66m 49.04m 52.28m
EBIT 39.22m m m
Dividend Yield 13.38% % 4.98%
Dividend Cover 2.28x x 4.12x
PER 3.28x 5.93x 4.87x
PEG -0.23f -0.13f 0.22f
Net Asset Value PS -66.84p 57.23p 68.11p

the stock is trading on a prospective P/E of just over 9 to 2010 year end results which is practicaly a 'give away', derd cheap imho. Way too low rated.

Yule Catto & Co PLC

FORECASTS
2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

ABN AMRO
22-12-09 BUY 39.02 20.04 37.58 19.19 4.80

Collins Stewart
14-12-09 BUY 22.80 19.50

2009 2010
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 39.02 21.27 37.58 19.33 4.80

1 Month Change 39.02 -1.53 37.58 -0.17 4.80
3 Month Change 6.00 4.11 4.95 2.51 0.63

Notes to forecasts
(19 Oct 09) A flag refers to outlook


GROWTH
2008 (A) 2009 (E) 2010 (E)

Norm. EPS -14.19% -3.77% -9.12%
DPS 3.19% % %

INVESTMENT RATIOS
2008 (A) 2009 (E) 2010 (E)

EBITDA 54.66m 64.84m 60.21m

EBIT 39.22m m m

Dividend Yield 6.02% % 2.98%

Dividend Cover 2.28x x 4.03x

PER 7.28x 7.57x 8.33x

PEG -0.51f -2.01f -0.91f

Net Asset Value PS -66.84p 45.27p 59.70p

Posted by Pro TAer Zak Mir late yesterday...

Zak Mir



Reged: 28/06/07
Posts: 1185
Re: YULE CATTO & CO (YULC)
#459146 - 05/01/10 04:32 PM Edit Reply Quote



Chart wise it looks like we have something of a give away as well as on fundamentals in the sense that while above the March support line at 150p on a weekly close stop loss basis the upside for the shares is a 2009 resistance line projection target of 200p over the next three months.

YULC Yule Cato....

TA looks very positive......



Broker upgrade aswell.......

target SP .....210p

upside........14.1%

Yule Catto & Co Basic Materials Overwt/In-Line 210 184 14.1% Morgan Stanley

Results this week showed expected recovery and excellent cash generation produced earlier than expected debt reduction to below 100M. Strong presence in Asia and management looks to have performed well after shocks of 2008. Quietly confident about 2010, so imo should make eps between 20p and 25p, which in turn makes them look decent value below 2 but always DYOR

Big upgrade just out aswell partridge.....

17/03/10 Yule Catto & Co Basic Materials Buy t=284 curr=180 upside=57.8% Collins Stewart

Interesting chart at Yule Cato YULC.

Looks like a trading Buy here and maybe a lot more later.

Looks like a few agree with you today gf, although I am in for the longer term. May be a bit of a read across from strong Victrex results the other day.

This stock is way too cheap trading on a forward P/E of just over 7 to 2011.

A miserly rating...........

Yule Catto & Co PLC

FORECASTS 2010 2011

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Brewin Dolphin
09-07-10 ADD 43.00 21.50 5.00 45.50 24.30 6.00

The Royal Bank of Scotland NV
08-07-10 BUY 45.54 22.91 5.40 54.35 27.34 9.66

Altium Securities
10-06-10 BUY 43.00 22.80 5.00 53.00 28.10 7.50

Collins Stewart
06-05-10 BUY 21.40 25.40

2010 2011
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 43.00 22.86 5.00 53.75 26.68 7.50

1 Month Change 0.00 1.29 0.00 1.32 1.07 0.00
3 Month Change -0.30 1.41 -0.20 5.24 1.28 0.03


GROWTH
2009 (A) 2010 (E) 2011 (E

Norm. EPS 1.42% -4.87% 16.72%
DPS % % 50.00%

INVESTMENT RATIOS
2009 (A) 2010 (E) 2011 (E)

EBITDA 63.80m 66.65m 73.23m

EBIT 49.13m m m

Dividend Yield % 2.62% 3.93%

Dividend Cover x 4.57x 3.56x

PER 7.95x 8.36x 7.16x

PEG 5.58f -1.72f 0.43f

Net Asset Value PS -52.86p 59.24p 79.05p

Talking of earnings figures this stock is on a real stingy rating of just 7.5 P/E to 2011.

Must be one of the cheapest well managed stocks around.

Yule Catto Forecasts

Year Ending Revenue (m) Pre-tax (m) EPS P/E PEG EPS
Grth. Div Yield

31-Dec-10 584.45 43.12 22.03p 8.6 2.5 +3% 5.13p 2.9%

31-Dec-11 614.66 49.52 25.47p 7.5 0.5 +16% 7.11p 4.0%

Strong interim results today. Looks like they should make eps 25p this year, with large exposure to Asian markets. Double dip recession the danger, but appear well managed. IMO now good value below 250p, but always dyor. I hold.

Recently announced "compelling, transformational" takeover of Polymer Latex for 376M, part funded by rights issue to raise 225M. Market reaction positive and YULC has been excellent performer, having doubled in the last twelve months. History shows such deals can indeed be very lucrative (e.g Croda takeover of Uniqema a few years ago) but history also littered with takeovers which have not worked and I have sold sufficient to recover initial outlay just in case. Always dyor.

Something to do with the rights issue???

EDIT
Have just seen the RNS:
StockMarketWire.com
Yule Catto shareholders have approved the 4 for 3 rights issue of 194.2m shares at 116p and the acquisition of PolymerLatex Deutschland Beteiligungsgesellschaft.

Missed this over the xmas period.

Date Broker name New Price Old price target New price target Broker change

16-Dec-10 Brewin Dolphin Buy 202.79p 400.00p - Upgrade

400p SP target.

Good news here though.... Robbie Burns back on market this afternoon after hols...........

I took up the excellent Yule Catto (YULC) rights issue so that gives me 2,666 more Yule shares at 116p and on the spreadbets that gives me another 65 a point at 116. Looks like a brilliant buy for Yule which will transform it into a much bigger company and looks like an excellent hold probably for a couple of years. I would expect to see the shares double from here in time.

http://www.nakedtrader.co.uk/index.htm

GF - Well done, looks like you have timed your entry brilliantly. Unfortunately I was erring on the side of caution with a limit buy @ 222.0 ensuring 200 DMA broken. Chances are now with that broker upgrade and if Indices have a good surge early doors that entry will be blown away. So will wait and see how it plays out. Take it you opted for quarterly spread bet?

Cheers Chris

Yep chris. I dont hold these days for so long.

How did you go on with that MACD memo I sent you?.

Cheers GF brilliant thanks!

Chris youl find itws flagged IOM up. Looks like positive macd divergenc on this one. not got through all the list yet.

Cheers GF.

Aye spotted it GF, but to be honest with seven open positions (spread bets) at the mo, don't really need any more for now. Cheers for the heads up anyway :O)

Good thinking especially chris with the market looking a little stretched and volatile at the moment. Well done thats a good sign.

Successful completion of Rights Issue and placing of rump
Yule Catto & Co plc announced previously that, as at 11.00 am on 17 January2011, being the latest time and date for acceptance and payment, it had received valid acceptances in respect of 186,742,556 New Ordinary Shares, representing 96.15per cent. of the total number of New Ordinary Shares offered to Shareholders, pursuant to the Rights Issue announced by the Company on 13 December 2010.

The Company confirms that, in accordance with the arrangements set out in Part IV of the combined circular and prospectus published by the Company in connection with the Rights Issue and sent to shareholders on 13 December 2010 (the "Prospectus"), the Joint Bookrunners have procured subscribers for the 7,475,026 remaining New Ordinary Shares, for which valid acceptances were not received, at a price of 217 pence per New Ordinary Share.

The net proceeds from the sale of such New Ordinary Shares, after deduction of the Issue Price of 116 pence per New Ordinary Share and relevant costs (including any applicable brokerage and commissions and amounts in respect of VAT which are not recoverable), will be paid to those Qualifying Shareholders whose rights have lapsed in accordance with the terms of the Rights Issue, pro rata to their lapsed provisional allotments, save that individual amounts of less than 5.00 and fractions of a pence will not be so paid but will be retained for the Company's own benefit.

Sp recovering nicely. I wonder if they will re-instate their final divi due in about April?

StockMarketWire.com
Yule Catto raised to overweight from neutral at JP Morgan.

StockMarketWire.com
Chemicals group Yule Catto & Co plc said it has received clearance from the German Federal Cartel Office for its acquisition of Polymer Latex.

Completion of the acquisition remains subject to approval from the Spanish National Competition Commission.

Apparently, sp drop in the last few days may be due to
worries about petrochemical costs and margins (recent FT)


Preliminary 2010 plc Earnings Release March 9th..

Further to the announcement of 13 December 2010, Yule Catto & Co plc announces that it has received clearance from the Spanish National Competition Commission to proceed with the acquisition of PolymerLatex Deutschland Beteiligungsgesellschaft mbH ("Polymer Latex"). Completion of the acquisition is expected to take place at the end of March '11.

And sp up on announcement on a bad day.
Looks promising.

Brokers like the stock YULC, Forward P/E of just 12.3 to finals EPS of 17.56 Reckon that will be beaten.

Yule Catto & Co PLC

FORECASTS 2010 2011
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Brewin Dolphin
01-03-11 ADD 46.32 16.00 3.80 84.20 18.20 2.30
Altium Securities
03-02-11 BUY 46.60 25.50 5.00 90.80 20.00 3.00
The Royal Bank of Scotland NV
25-01-11 BUY 46.56 15.32 3.48 54.71 17.72 5.99
Numis Securities Ltd
14-12-10 ADD 47.10 10.49 2.38 91.60 13.07 3.35
Collins Stewart
11-11-10 BUY 15.71 17.25

2010 2011
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 46.60 17.32 3.81 82.58 17.56 3.35
1 Month Change -0.03 2.65 0.56 8.57 0.61 -0.54
3 Month Change -0.04 -6.82 -1.53 29.53 -9.69 -4.27


GROWTH
2009 (A) 2010 (E) 2011 (E)

Norm. EPS 1.42% 11.93% 1.39%
DPS % % -12.00%

INVESTMENT RATIOS
2009 (A) 2010 (E) 2011 (E)

EBITDA 63.80m 70.74m 99.73m
EBIT 49.13m m m
Dividend Yield % 1.75% 1.54%
Dividend Cover x 4.55x 5.24x
PER 14.03x 12.53x 12.36x
PEG 9.85f 1.05f 8.88f
Net Asset Value PS -34.03p 39.82p 52.80p

Market is clearly not impressed with reasonable results from YULC. Sp down 6% this morning.

StockMarketWire.com
Chemicals group Yule Catto & Co plc delivered a 19% improvement in underlying pre-tax profit for the year to December with a further substantial reduction in its net debt.

Profit before tax and special items rose to 47.0m from 39.6m.

Total sales increased by 21% to 645.8m, driven mainly by the recovery of input price increases and volume gains in the Polymer business.

Earnings per share were up 22% at 16.2p from 13.3p.

Net debt fell to 63m from 88m.

The group resumed its final dividend with a payment of 1.3p a share, after returning to the dividend list with an interim payment of 2p.

CEO Adrian Whitfield said the highlight of the year was the transformational acquisition of PolymerLatex announced in December, which would substantially increase the group's scale and growth opportunities. Eventual annual cost synergies of 20m were expected.

The group's core business of Polymers accounted for 85% of revenue in 2010 and 88% of divisional operating profits. Volumes were ahead in most areas of the business and operating profit increased by 10% to 56.7m.

In the Pharma division, business started slowly with a weak first quarter but performance improved during the year. Full year operating profit was 1.1m below the prior year and the business now represented just 10% of group revenue.

The one remaining Impact business, William Blythe, continued to improve, generating 3.5m of operating profit.

Numis has downgraded YC to hold with TP 223

StockMarketWire.com
Yule Catto upgraded to buy from add at Brewin Dolphin, target price stays 270p.

Morgan Stanley: overweight, TP 285

Midas share tips


Buy Yule Catto at 199p - Yule Catto shares have
dropped to 199p since announcing its 2010 figures
on March 9. But the firm is able to pass price
rises on to customers and the PolymerLatex deal
should help compensate for slow European growth by
selling more in Asia. The shares are likely to start
moving up in the next few months. Buy.

RBS says: Buy. TP upped: 260 from 250

error

YC: BarCap: overweight, TP cut to 263 from 300

Brokers ALL backing YULC...

EPS growth of 27.6% pencilled in for 2012 Forward P/E of just over 9... derd cheap and way undervalued IMO.


Yule Catto & Co PLC

FORECASTS 2011 2012
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Brewin Dolphin
19-04-11 BUY 81.60 17.40 2.60 113.60 24.00 3.00
The Royal Bank of Scotland NV
18-04-11 BUY 54.71 17.72 5.99 63.81 20.67 6.99
Altium Securities
11-03-11 BUY 90.80 20.00 3.00 113.40 25.00 4.00
Numis Securities Ltd
11-03-11 BUY 85.60 18.30 2.75 113.40 24.40 2.90
Collins Stewart [R]
11-11-10 BUY 17.25 18.54

2011 2012
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 77.38 18.24 3.63 100.23 23.27 4.26
1 Month Change -8.54 -0.31 0.85 -13.24 -1.19 0.97
3 Month Change 1.89 1.35 -0.11 6.79 5.04 -0.76


GROWTH
2010 (A) 2011 (E) 2012 (E)

Norm. EPS 18.14% -0.24% 27.60%
DPS % 178.92% 17.60%

INVESTMENT RATIOS
2010 (A) 2011 (E) 2012 (E)

EBITDA 64.82m 109.58m 133.81m
EBIT 50.20m m m
Dividend Yield 0.60% 1.68% 1.97%
Dividend Cover 14.06x 5.03x 5.46x
PER 11.82x 11.84x 9.28x
PEG 0.65f -50.06f 0.34f
Net Asset Value PS -5.32p 52.80p 66.52p

Ex-divi date is the 8th June 2011 (1.3p)

StockMarketWire.com
Chemical group Yule Catto & Co plc said in its IMS that earnings for the first quarter were well ahead of the same period last year, excluding any impact of the PolymerLatex acquisition in March.

The board's expectations for financial performance for 2011 remain unchanged.

Overall demand in Yule Catto's Polymer business was solid. Asian demand was strong through the quarter, while Europe firmed after a slow start in the UK.

PolymerLatex had traded comfortably ahead of last year in the first quarter and this had continued through April.

The group remained confident that at least 20m of synergies would be delivered. Actions taken to date had already delivered synergies with an annual run rate value of about 2m.

In the group's other businesses, the Pharma division performed well ahead of a weak Q1 last year, while William Blythe continued to grow profits strongly.

Numis: has moved YULC to add from buy. TP 244p.

Hoping the sp moves firmly through the 200 DMA.

JPMorgan: Reiterated overweight - TP raised to 300 from 268

Looking better now and the latest brokers' positive forecasts
have probably helped as well

The latest, this one from Deutsche: Initiated buy - TP 290

Seems only HC and I are interested around here.

no - there are other interested parties but sometimes there's simply nothing to say other than sit back and be patient.

Questor in the Sunday Telegraph says 'Buy':

http://www.telegraph.co.uk/finance/markets/questor/8569182/Questor-share-tip-Buy-Yule-Catto-as-its-markets-bounce-back.html

200 DMA now coming up! Steady up trend for now.
EDIT: Couldn't break through!

Sailed through and I sold last week! :o(

Its easy this game :-)

HC: so did I and bought DLAR. Chunky div.xd tomorrow.
Something in the offing, though!

Had a small profit + divi, but needed the cash for other divi paying stock (DLAR & CHG). Damn!!!

Rumour of Dow Chemicals considering offer of 360p.

Bullish set of broker figures and such a cheap stock. Way too cheap in fact imo. Forward P/E of just over 9 to 2012.!!!!!

Yule Catto & Co PLC

FORECASTS 2011 2012
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

The Royal Bank of Scotland NV
14-07-11 HOLD 82.28 18.33 3.00 110.58 23.11 3.43
Brewin Dolphin
08-07-11 BUY 81.60 17.40 2.60 113.60 24.00 3.00
Altium Securities
10-06-11 BUY 90.80 20.00 3.00 113.40 25.00 4.00
Numis Securities Ltd
12-05-11 ADD 85.60 18.30 2.75 113.40 24.40 2.90

2011 2012
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 84.44 18.40 2.84 112.50 23.98 3.31
1 Month Change 5.87 1.65 0.01 -0.18 -0.04 -0.01
3 Month Change 7.06 0.17 -0.78 12.26 0.71 -0.95


GROWTH
2010 (A) 2011 (E) 2012 (E)
Norm. EPS 18.14% 0.68% 30.28%
DPS % 118.77% 16.46%

INVESTMENT RATIOS
2010 (A) 2011 (E) 2012 (E)

EBITDA 64.82m 124.26m 157.90m
EBIT 50.20m m m
Dividend Yield 0.58% 1.27% 1.48%
Dividend Cover 14.06x 6.47x 7.24x
PER 12.29x 12.20x 9.37x
PEG 0.68f 17.88f 0.31f
Net Asset Value PS -5.32p 103.24p 122.44p

but looks like a solid resistance at just above 230

YULC tipped this morning.........

http://www.telegraph.co.uk/finance/markets/questor/8650566/Questor-share-tip-Beware-Yule-Catto-bid-talk.html

Yule Catto & Co plc is pleased to announce its interim results for the six months ended 30 June 2011.
HIGHLIGHTS
Very successful first half; strong increase in sales and profits, benefiting from good growth in Asia and the acquisition of PolymerLatex

Underlying Profit before tax of 43.5m - up 81%

Underlying earnings per share of 10.0p - up 23%

Interim dividend of 1.2p per ordinary share; commitment to at least 3.0p for full year

Total sales of 547.7m - up 65%

Over 40% of Polymer sales in Asia and other high growth markets

PolymerLatex integration on track - good progress on synergy delivery

Adrian Whitfield, Chief Executive, commented:
"The Group had an excellent first half, delivering strong growth in underlying earnings. We have benefited from our position in Asia, where we experienced strong demand for our products, and the PolymerLatex acquisition is delivering synergies in line with our original plans.

We remain cautious regarding the wider economic outlook given the recent turmoil in the equity markets, and the expectations of weakening global demand which we have seen some evidence of during July and August. However, Yule Catto's strong portfolio of market leading products, our high percentage of sales into Asia and other developing economies, and our near term synergy benefits from the PolymerLatex acquisition underpin the Board's confidence in the Group's prospects for the medium term.

Whilst the Board anticipates performance in the second half will likely be affected by current macro-economic difficulties, and the usual seasonal effects, in aggregate, with the benefit of the synergies from the PolymerLatex acquisition, full year earnings are expected to be modestly ahead of previous expectations."

Acquisition
Yule Catto is pleased to announce the acquisition of Quality Polymer Sdn Bhd ("QP"), a Malaysian aqueous polymer producer, for a consideration of 10M (cash and debt free).

This acquisition will allow Yule Catto to expand its South East Asian production and sales of acrylic and vinylic polymer dispersions for the adhesives, building products and coating sectors. QP employs 30 staff at its factory located close to Yule Catto's existing plant in Pasir Gudang. The vendor is Nippon Paint Malaysia.

Quality Polymer has historic annual sales of some 10M. It is expected that the acquisition will be earnings enhancing in financial year 2012.

Following the acquisition, QP will operate as a subsidiary of Yule Catto, directly owned by the Group's 70% subsidiary, Revertex Malaysia SB.

StockMarketWire.com
Yule Catto & Co has performed well in what has been a period of considerable economic uncertainty, and earnings for the third quarter were slightly ahead of the Board's expectations at the date of the interim results.

The Polymers business saw generally softer demand across all regions compared to the first half of the year, as the customer destocking which started in July and August at the time of the Group's interim statement continued through the period resulting in a modest reduction in volumes.

Monomer prices fell back through the period following the steep increases experienced through 2010 and the first half of 2011, with substantial falls in September and October.

The benefit of weakening input prices and product price management ensured that third quarter pro-forma profitability continued to be comfortably ahead of prior year.

The delivery of synergies from the PolymerLatex acquisition continues to progress well and to plan. After six months of ownership, synergies had reached an annualised run rate of 8M at the end of the third quarter.

The Board remains highly confident of achieving the planned annual synergies from the acquisition of at least 20m in the second 12 months post acquisition.

The company's net debt reduced to 226M at the end of September from 240M at the end of June.

On 17 October, the Group announced the acquisition of Quality Polymer, a Malaysian aqueous polymer producer, expanding the Group's South East Asian production and sales of acrylic and vinylic polymer dispersions and adding a facility located close to Yule Catto's existing plant in Pasir Gudang.

30 Nov: UBS says: Buy - Target: 235.00p

StockMarketWire.com
Yule Catto & Co has announce the sale of its non-core Pharma Chemicals division, Uquifa, to Vivimed Labs for a total consideration of 35m.

The proceeds comprise 28.6 million paid in cash and an unconditional payment of 6.4 million deferred for three years, covered by an irrevocable UK bank guarantee. The proceeds will be used to pay down Group indebtedness.

Dec 6: YULC - Bank of America: Buy - TP: 255.00p

StockMarketWire.com
Yule Catto & Co has seen further reductions in demand in the fourth quarter.

Following the modest volume reductions reported for the third quarter, percentage volume declines in the fourth quarter have been in the mid teens. These volume declines have been largely offset by continued margin management.

The speciality chemical producer's latest trading update shows net debt has fallen substantially with lower working capital requirements and proceeds from the sale of the Pharma division. Year end net debt is expected to be comfortably below £200m.

Synergy delivery from the acquisition of PolymerLatex continues to progress well and to plan. The Group exited the year with an annualised run rate of £15m, and remains on track to deliver the planned annual synergies of at least £20m in the second 12 months post acquisition.

The Board expects the impact of these synergies to add some £14m of profit in 2012 compared to 2011.

Not quite sure why this one is surging ahead. Not in a recovery sector yet.

Gone long again bouncing off supp/res

Forward P/E to 2012 just 8.5

Derd Cheap.

Think results are next week aswel.

YULC YULE CATTO

Strong Broker following....

Forward P/E 8.5 to end 2012

Way too cheap.

Yule Catto & Co PLC

FORECASTS 2011 2012
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

N+1 Brewin
05-03-12 BUY 87.10 18.40 3.00 109.80 23.20 3.30
Peel Hunt
05-03-12 BUY 92.21 19.70 3.00 116.05 24.50 3.30
Broker Name Withheld 3
22-02-12 BUY 87.70 18.70 3.50 104.70 22.10 4.50
Numis Securities Ltd
11-01-12 BUY 89.60 19.80 3.00 103.40 22.60 3.90
The Royal Bank of Scotland NV
28-11-11 HOLD 84.88 20.56 3.15 94.50 19.59 3.15
Altium Securities
10-11-11 BUY 88.00 19.40 3.00 117.60 25.90 4.00

2011 2012
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Consensus 88.82 19.24 3.11 109.09 23.23 3.68
1 Month Change 1.21 -0.01 -0.03 2.80 0.50 -0.13
3 Month Change 1.45 -0.16 0.02 0.32 -0.09 -0.04


GROWTH
2010 (A) 2011 (E) 2012 (E)

Norm. EPS 18.14% 5.25% 20.74%
DPS % 138.92% 18.45%

INVESTMENT RATIOS
2010 (A) 2011 (E) 2012 (E)

EBITDA £64.82m £110.60m £143.49m
EBIT £50.20m £98.70m £118.10m
Dividend Yield 0.65% 1.56% 1.85%
Dividend Cover 14.06x 6.19x 6.31x
PER 10.89x 10.34x 8.57x
PEG 0.60f 1.97f 0.41f
Net Asset Value PS -5.32p 95.70p 111.48p


hemscott Premium

YULC

Bouncing off support...

Broker Ratings

Strong Buy 8
Buy 3
Hold 0
Sell 0
Strong Sell 0

YULC Yule Catto.

TA position looking extremely bullish
for YULC. A bounce up from a long
established support line going back
to 2011.

goldy you seem to have got this one right.

.

StockMarketWire.com
Yule Catto & Co reports underlying Group sales up 92% to £1,117 million, mainly due to the PolymerLatex acquisition.

Underlying profit before tax was up 99% to £84.8 million up 25% to £96.0 million on an underlying pro-forma basis.

Underlying earnings per share were up 30% at 18.8p and net borrowings of £164.3 million, reduced by over £70 million since PolymerLatex acquisition.

Net cash inflow from operating activities (IFRS) up 85% to £45.0 million. The board announced a final dividend of 2.3p per share giving a full year dividend of 3.5p, up 35%.

The PolymerLatex acquisition completed in March, effectively doubled the size of the business.

Integration is well on track, with synergy run rate of £15 million at the year end; synergy run rate now expected to reach £25 million by March 2013

Disposal of non-core Pharma business in November marked the last stage in the Group's transformation to a focused speciality Polymer business

Adrian Whitfield, Chief Executive, comments: "2011 was a pivotal year in the development of the Yule Catto Group. With the increased scale created by the PolymerLatex acquisition, and the subsequent sale of our Pharma business, Yule Catto has now become a substantial focused speciality Polymer business with a strong and diversified portfolio of products and well invested facilities in Europe and Asia.

"Whilst the general economic environment requires a degree of caution, I am pleased that the business has made a solid start to the year, and the Board remains confident about the prospects for the Group in 2012 and beyond."

Excelent results and excelent response in the market. very nice.

Questorr/Telegraph:

http://www.telegraph.co.uk/finance/markets/questor/9144115/Questor-share-tip-Yule-Catto-has-the-right-mix-to-weather-tough-times.html

14 March: Barclays reiterates: Overweight - ups TP from 237p to 278p.

Numis: downgrades to 'add'- previously 'buy'.

16 March:

Brewin Dolphin: Downgrades to Add

Numis Securities: Upgrades to Buy

22 March: JP Morgan reiterates: Overweight. TP upped from 250p
to 280p.

From last week's Shares Mag:
"Royston Wild -
BUY Yule Catto (YULC) ahead of works completion at its Malaysian latex factory in the fourth quarter, which represents the next major milestone in ramping up its exposure to key emerging markets in South-East Asia. The Harlow firm is due to expand its nitrile latex operations at the Pasir Gudang plant by 70,000 tonnes, which it hopes will give it the edge in the accelerating synthetic glove industry. The FTSE 250 firm’s share price has rocketed following
last week’s full-year results (14 Mar), which showed a 25% increase in pre-tax profits to £96 million, on a proforma basis that excludes the impact of the March 2011 PolymerLatex. Yule Catto is seeking to boost capacity in Asia by 50% by 2013 as it ploughs funds in to developing geographies. A forward price/earnings ratio of 10.3 times, according to consensus estimates, looks good value for a firm due to increase earnings per share by 26% this year and 10% next, to 23.6p and 25.9p respectively.

StockMarketWire.com
Ishbel Macpherson has joined the Board of Yule Catto as an independent non-executive director.

As announced previously, Neil Johnson has succeeded Peter Wood as chairman. Jez Maiden, who has been an independent non-executive director of the company since 2007, will assume the role of senior independent director with immediate effect.

Pre-Close Trading Update

Yule Catto & Co plc today issues a trading update in advance of entering its close period.

The challenging trading conditions outlined at the time of the Group's May Interim Management Statement have continued through the remainder of the first half of the year.

In our Europe and North America business segment, demand remains subdued, driven by continuing economic uncertainty and its effect on general business confidence. Demand is currently a little weaker than the first few months of the year, with business in the construction related sector continuing to be the weakest area of activity. Margin management has fully compensated for the volume declines, and our European business is benefitting from the synergies of the PolymerLatex acquisition at the expected levels.

In Asia and ROW, the Group's non-nitrile businesses are performing well. In nitrile, the weakness in end market demand continues. This, combined with the effect of recent capacity additions has led to increasingly aggressive competitor pricing and a further weakening of profitability in nitrile. Additional competitive capacity is also due on stream during the course of the summer. The Board remains confident in the long term value that the Group will derive from this high growth sector. However, given the overall supply demand position, competitive behaviour and the volatility in trading caused by rapidly changing input prices, the Board now anticipates the current weakness in nitrile will probably continue throughout the remainder of this year and into next year. This will substantially lower operating profit in our Asia and ROW business segment while this persists.

The impact of currency remains uncertain, with the volatility in the euro. Based on current exchange rates, the Board anticipates a reduction to operating profit of some £5 million from translation consistent with the guidance on currency issued with the Group's IMS in May.

While the combination of weakness in nitrile and currency translation effects will impact the Group's performance, the Board still anticipates that full year underlying profit before tax will be ahead of prior year pro-forma.

Yule Catto will announce interim results for the six months to 30 June 2012 on Tuesday 28 August 2012.

Explains why the sp has been falling recently
culminating in today's statement and dive.
But timing purchases judiciously has been a
good move for me in the past and market tends to
over-react initially.

What do you think, HC?

Short term profit possibly in a quick bounce, but not one I am holding atm and not currently tempted. I tend to dip in for the divi, but looks like the recession has eventually affected this company now. Mervyn King also noted yesterday that Asia was now starting to slide towards recession, so YULC isn't out of trouble yet. (MK : my concern about the worsening I see in the position in Asia and other emerging markets," King said "and my colleagues in the United States are more concerned than they were at the beginning of the year about what is happening to the American economy,")

Always good to get another view. Not holding either
and not thinking of jumping in atm. Better value elsewhere, imo.

Yule Catto is a specialist polymers business. The company sells products that find their way into adhesives, floor coverings and gloves.At the end of June, the company issued a trading statement that saw the shares lose almost one quarter of their value. Yule Catto reported weak economic conditions in Europe and adverse currency movements. This means the company will not be making the anticipated level of profit for the year. Still, Yule Catto does expect underlying profit to show progress on last year's numbers.This follows a five-year period in which eps has increased nearly threefold as sales doubled. After being cut entirely in 2009, the dividend was restored the next year and has progressed significantly since.Today, the shares trade on a P/E of just 6.4 times 2011 profits. Although growth has stumbled recently, the shares look worthy of further research.

July 3: JP Morgan Cazenove dongrades YULC to Neutral.
Massive drop in TP from 280p to 180p.

Bought into this today after getting a long signal denoting a potential new uptrend. Will hold until the trend reverses. Please note I trade based solely on price action, not fundamentals. GLTA

Steve

Stopped out today following poor price action the secondhalf of this week. Can't win them all. Move on to the next trade.

Interim Results for the six months ended 30 June 2012

SOLID PERFORMANCE IN CHALLENGING MARKET CONDITIONS

H1 HIGHLIGHTS *
· Solid Group performance despite challenging macroeconomic conditions and tough trading environment in Asian nitrile markets

· Strong performance in Europe and North America reflecting underlying profit growth and the benefits of the PolymerLatex acquisition synergies

· £9 million of synergies from PolymerLatex in H1; on track to deliver £25 million of total synergies by March 2013

· Asia and ROW impacted by previously announced competitive environment in nitrile latex, with continued good levels of growth across other businesses

· 83.3% increase in interim dividend reflects commitment to deliver a progressive dividend policy

· Strong balance sheet; Net debt reduced to £174 million (H1 2011: £240 million)

· Board strengthened by appointments of Ishbel Macpherson and Dr. Just Jansz

* All numbers on an underlying basis. 2011 comparatives, other than EPS, are adjusted to a pro-forma basis

Commenting on the results, Adrian Whitfield, Group Chief Executive, said:

"We have delivered a solid set of results in a challenging environment driven by a strong performance in Europe and North America, which accounted for 84% of our profits. The PolymerLatex acquisition has significantly enhanced our product portfolio and reach, as well as provided additional cash resources which we are using to invest in emerging markets and innovation to position us for future growth.

As previously announced, the nitrile latex business experienced a difficult competitive environment, driving a weaker performance in that part of our Asia and ROW business, with the rest of the portfolio making good progress.

Assuming there is no further deterioration in the global economy, the Board's expectations remain unchanged from the June trading update, for full year underlying profit before tax ahead of 2011 pro-forma of £96 million."

So what do you read into that, HC?

No idea! I quite like this company as it seems to be well run by a competent management. Cynic recently said that he had seen a noticeable increase in bulk chemical trading recently, so this may be a medium term, relatively safe investment, though I have very little knowledge of the chemicals industry. On my watchlist, but not holding atm.

Thanks. I used to be quite good at envisioning
where this one was going but of late I seem to
have lost my touch (market conditions) and haven't
held for a while.

UBS note:
"Yule Catto reported H1 turnover which missed by 4%, with volumes down 9.5% yoy (UBSest neg4%), and pricing slightly better. Volumes in Europe/NAFTA reported down 11.5%, and down 4.2% in Asia. However, the worse than forecast European performance reflects both cyclical headwinds in construction as well as deliberate price over volume. Hence margins progressed nicely.

At EBIT and PTP levels, Yule beat by 7%/8% via impressive y/y 300bps op.mrg improvement (12.7% from 9.7%) in Europe/NAFTA. 1) price over volume 2) synergies from the PolymerLatex deal (9m sterling increment to EBIT/ H1) and 3) sharply falling petrochemical raw material prices towards the end of Q2 led to a strong performance in the operations outside Asia/RoW. Asian EBIT down 42% as forecast (400bps jmrg compression to 6.7%), due to Nitrile Latex oversupply.

Interim divi of 2.2p, up 83% yoy. Mgmt guides FY DPS of 5.5p (UBSe 5.97p). Equity FCF (neg 14m Sterling) came in as per seasonal weakness, but net debt already reached our FY forecast of 174m Sterling. Outlook calls for FY PTP ahead of 96m Sterling vs cons 97m and UBSe 90m –a relief given recent share weakness.

Shares trade on 7.1x PE and 6.1x EV/EBITDA vs UK chems on 13.5x and 8.8x, respectively. We view Yule as a valuation call with self-help appeal in 2012. From H2 2013, we would expect cyclical recovery in the ailing Nitrile Latex ops."

YULC

Brokers giving YULC a lot of support.

Forward P/E of just over 7.

Way too cheap.

Yule Catto & Co PLC

FORECASTS 2012 2013
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Peel Hunt
28-08-12 BUY 99.00 20.84 4.00 106.50 22.98 4.50
N+1 Brewin [W]
28-08-12 HOLD 95.90 20.30 5.00 99.00 20.90 5.50
Canaccord Genuity Ltd
28-08-12 BUY 103.30 21.90 5.50 105.10 22.20 6.00
Numis Securities Ltd
28-08-12 BUY 98.00 21.20 5.50 117.00 25.40 7.00
Westhouse Securities [W]
28-06-12 None

2012 2013
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Consensus 100.14 21.33 5.04 109.66 23.55 5.89
1 Month Change 1.24 0.20 0.56 -3.22 -0.82 0.74
3 Month Change -12.50 -2.72 0.42 -15.10 -3.13 0.44

Notes to forecasts
(27 Jun 2012) W flag refers to outlook


GROWTH
2011 (A) 2012 (E) 2013 (E)

Norm. EPS -4.98% 35.16% 10.39%
DPS 92.31% 101.60% 16.81%

INVESTMENT RATIOS
2011 (A) 2012 (E) 2013 (E)

EBITDA £116.08m £137.78m £147.83m
EBIT £74.14m £116.80m £117.80m
Dividend Yield 1.52% 3.06% 3.57%
Dividend Cover 6.31x 4.23x 4.00x
PER 10.46x 7.74x 7.01x
PEG -2.10f 0.22f 0.67f
Net Asset Value PS -43.08p p p

RESEARCH ALERT-Barclays raises Yule Catto price target28 Aug 2012 - 08:21

Aug 28 (Reuters) - Yule Catto & Co PLC : * Barclays raises Yule Catto price target to 256p from 255p; rating overweight For a summary of rating actions and price target changes on European companies: Reuters Eikon users, click on [RCH/EUROPE] Reuters 3000Xtra users, double-click [RCH/EUROPE] Reuters Station users, click .1580 ((Bangalore Equities Newsdesk +91 80 4135 5800; within U.S. +1 646 223 8780)) ((Bangalore Equities Newsdesk +91 80 4135 5800; within U.S. +1 646 223 8780))

Broker Views of those with a BUY
target on YULC

Date Company Name Broker Rec. Price Old target price New target price Notes

30 Aug Yule Catto & Co PLC Numis Buy 161.20 233.00 239.00 Reiterates
29 Aug Yule Catto & Co PLC HB Markets Buy 161.20 - - Reiterates
28 Aug Yule Catto & Co PLC Morgan Stanley Overweight 161.20 270.00 270.00 Retains
28 Aug Yule Catto & Co PLC Canaccord Genuity Buy 161.20 290.00 278.00 Reiterates
28 Aug Yule Catto & Co PLC Peel Hunt Buy 161.20 185.00 185.00 Reiterates
28 Aug Yule Catto & Co PLC Barclays Capital Overweight 161.20 255.00 256.00 Reiterates

Nice to see Barclays with a target of 256p.

YULC

Lovely upwards movement.

On a stingy P/E of just 7.4 to
2013. Way way way too cheap.

Yule Catto & Co PLC

FORECASTS 2012 2013
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

N+1 Brewin [W]
04-09-12 HOLD 95.90 20.30 5.00 99.00 20.90 5.50
Peel Hunt
31-08-12 BUY 99.00 20.84 5.50 106.50 22.98 6.50
Numis Securities Ltd
30-08-12 BUY 100.80 21.70 5.50 110.20 23.70 7.00
Canaccord Genuity Ltd
28-08-12 BUY 103.30 21.90 5.50 105.10 22.20 6.00
Westhouse Securities [W]
28-06-12 None

2012 2013
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Consensus 101.02 21.48 5.50 107.27 22.96 6.50
1 Month Change 2.12 0.35 1.03 -5.49 -1.38 1.37
3 Month Change -11.61 -2.57 0.87 -17.37 -3.69 1.05

Notes to forecasts
(27 Jun 2012) W flag refers to outlook


GROWTH
2011 (A) 2012 (E) 2013 (E)
Norm. EPS -4.98% 36.08% 6.92%
DPS 92.31% 120.00% 18.22%

INVESTMENT RATIOS
2011 (A) 2012 (E) 2013 (E)

EBITDA £116.08m £132.40m £144.11m
EBIT £74.14m £116.80m £117.80m
Dividend Yield 1.47% 3.24% 3.82%
Dividend Cover 6.31x 3.90x 3.53x
PER 10.77x 7.92x 7.40x
PEG -2.16f 0.22f 1.07f
Net Asset Value PS -43.08p p p

StockMarketWire.com
Yule Catto & Co has continued to perform in line with the Board's expectations since the last update provided at the interim results in August, despite the challenging macro-economic conditions, particularly in Europe.

In Europe and North America, profit to date remains well ahead of prior year. This has been achieved notwithstanding year to date volumes down 10%, and an adverse translation impact of £4.5 million in the first nine months of the year due to the weaker euro.

This performance reflects the continued benefits of good margin management and synergy delivery which the Group has achieved during the period. Demand remains subdued with construction related areas continuing to be particularly affected.

In Asia and ROW, the non-nitrile businesses continued the positive momentum achieved in the first half. The Nitrile business is trading in line with the guidance provided at the interim results.

The group continues to make strong progress with synergy delivery from the PolymerLatex acquisition, and remain firmly on track to realise £19 million of synergies in the current year, a year on year improvement of £16 million.

The Group continues to expect to deliver the total £25 million of targeted annual synergies by March 2013.

The Group's financial position remains robust with net debt at the end of September at £160 million, down from £174 million at the half year.

The Board's expectations remain unchanged from those stated at the half year. Full year underlying profit before tax is expected to be ahead of 2011 pro-forma of £96 million.

Yule Catto & Co plc - Shareholders approve name change to Synthomer plc
Yule Catto & Co plc ("the Company") announces that the resolution proposed at its Extraordinary General Meeting ('EGM') held earlier today to change the name of the Company to Synthomer plc was duly passed on a show of hands.

Adrian Whitfield, Chief Executive, commented:

"I am delighted that our shareholders have voted overwhelmingly in favour of our change of name to Synthomer plc which now gives us a consistent group image around the world."