i'm buying on the blips

Nov 25: Investec : Add - TP: 560p

StockMarketWire.com
Banknote printer De La Rue reports that trading in the period since 27 September has been in line with revised expectations with all the forecast currency orders, for production and shipment in the current financial year, secured.

The board continues to expect that the group's operating profit for 2014-15 will, as previously announced, be approximately £20m lower than the underlying operating profit of £89.3m reported for 2013-14.

De La Rue also announced that group finance director Colin Child intends to stand down at the annual general meeting on 23 July. Head hunters will be appointed to commence a search for a new FD and assist the nomination committee to identify suitable internal and external candidates.

Chairman Philip Rogerson said: "On behalf of the Board and all his colleagues at De La Rue I would like to acknowledge and thank Colin for the very significant contribution he has made to the Company. During his five years with De La Rue Colin played an important role in the achievement of improvements to the business and took on additional responsibilities during periods of management change. He leaves with our very best wishes."

Jan 29:
Numis : Hold - TP: 540p
JP Morgan: Neutral - TP: 580p
Investec Add - TP: 560p

Greek saga giving DLAR a lift!

Time to roll these out again?

Are these from your private collection, skinny ...last one certainly
more attractive than any of our notes. DLAR waiting in the wings.

No - the power of google.

I first posted them in May 2012 - maybe this time......

Bid rumours

Mar 19: Citigroup: Neutral - TP: 490p

New polymer £5 note in Scotland from today

Nice big gap on the chart to fill .....plus a nice divi in May? (Divi not yet announced that I can see).

Normally announced end of May and paid August?

StockMarketWire.com
Bank note printer De La Rue's revenues fell to £472.1m in the year to 28 March - down from £513.3m last time but in line with its revised expectations.

Underlying operating profit fell to £69.5m from £89.3m and underlying profit before tax dropped to £57.7m from £77.3m. Reported profit before tax of £38.9m was down from £59.8m.

Chief executive Martin Sutherland said: "These results are in line with our revised expectations and include the benefit of further operational efficiencies. However, these have been outweighed by the impact of the challenging market conditions on revenue and operating profit across the group.

"In my first seven months, I have strengthened the leadership team and restructured the organisation to better align the business with its strategic needs as well as initiating a number of actions to achieve substantial cost savings which will be largely reinvested in the business to drive growth.

"I have completed a review of the business and formulated a clear strategic plan to deliver growth and improved profitability in the long term through a greater focus on customers, innovation and delivery."

Another gap to fill Harry!

JP Morgan Cazenove Neutral 500.40 580.00 570.00 Retains

Investec Hold 500.40 560.00 540.00 Downgrades

Yep, fairly glad I stayed out, but not much to attract me in at the moment.

(No idea why this is bold as haven't activated B feature)

That will be my previous post - now corrected!

I thought Oberthur would have come back after its first failed bid
four years ago.

A reminder - Financial Calendar

Investec note today:
"Full year profits are ahead of our and consensus forecasts in what has been a very challenging year. The cautious outlook does not give us any comfort that the headwinds, especially in Currency are easing, and note that the current Euro weakness against the US dollar is aiding European competitors. The proceeds from new cost saving initiatives will be reinvested to provide some much needed revenue growth. As we did in FY15, we conservatively downgrade our EPS forecasts due to lack of visibility. We move to Hold.
Trading: Full year revenue decreased 8.0% to £472.1m, below our estimate of £497.4m and consensus (£497.5m) with Currency revenue representing the majority of the gap. This has been offset by higher operating margins, at 14.7% (-200bps y-o-y and +120bps above our forecast) to result in an adjusted operating profit of £69.5m, ahead of our forecast (£67.0m). Lower interest and tax costs cause adjusted (and fully diluted) EPS to be 6.5% ahead of our estimate at 44.5p (we had 41.8p, consensus: 43.5p). Net debt ended the period better than expected, at £111m, aided by lower capex spend (we had £114m).
Outlook: The 12 month order book, on a new revised basis, which includes estimated call-off orders for material contracts, was £243m, down 21% y-o-y, but still provides a good level of coverage. Pricing in recent tenders continues to reflect on-going challenging markets which continue to suffer from over-capacity and the current Euro weakness is aiding European competitors. Positively, the dividend in FY16 will be maintained at 25p providing yield support.
Forecasts: Taking the cautious outlook and making only small adjustments to our existing low revenue growth rates and margins on the lower FY15 revenue outturn results in a downgrade to our FY16E EPS of 8% to 33.5p. With improved visibility into the interims, this could prove to be conservative.
Valuation: Our TP declines 20p to 540p reflecting lower CY15E and CY16E EPS forecasts and the 10-year average 12m forward PE declining to 14.8x."

Bank of Scotland new polymer £5 and £10 notes to be printed by DLAR