Dull business but cracking chart, great dividend and ad hoc takeover rumours. I'm happy to settle for that kind of dull!

Director maiden purchase...

http://www.investegate.co.uk/Article.aspx?id=201204261031591270C

Another bigger director buy....

http://www.investegate.co.uk/Article.aspx?id=201204261453491667C

Fenner plc (FENR)Apr 28, 2012Chief Pulse Comment by Mark S Abrahams


"Trading was very strong in the first half as growth drivers in our core businesses remained positive, underpinned by continuing buoyant demand from mineral extraction and energy sectors," said chairman of Fenner Mark Abrahams. more
The group has decided to increase its interim dividend by 32 percent to 3.5 pence per share on the back of the strong financial performance. "Trading was very strong in the first half as growth drivers in our core businesses remained positive, underpinned by continuing buoyant demand from mineral extraction and energy sectors," said chairman of Fenner Mark Abrahams

Broker upgrade (late yesterday)......

Fenner FTSE 250 Industrial Buy 565 455.1 24.1% Je

SP Target 565p 24.1% upside

Tipped in the Telegraph....

http://www.telegraph.co.uk/finance/markets/questor/9236895/Questor-share-tip-End-of-large-scale-mining-mergers-is-good-for-Fenner.html

Canaccord backs Fenner
01/05/2012

Michael O'Brien, analyst at Canaccord, has reiterated his 'buy' recommendation on conveyor belt and reinforced polymer product maker Fenner (FENR.L) having met the company's management after last week's publication of robust interim results.

The meeting appears to have gone well: 'Simply put, we believe Fenner is in great shape. Returns are at an all-time high and we forecast will rise further as capacity utilisation is further improved,' O'Brien said.

He added that in his view the current share price misunderstands the group's positioning, as although the shale gas boom will hit coal consumption (an important stream of revenue for the group) in the US, domestic consumption will simply shift to exports. Furthermore, the group's seals division has exposure to the shale gas industry.

O'Brien said he was surprised that the share price hadn't gained more following the interim results. 'We believe continued appreciation of the increasing value add of the Fenner proposition alongside continued improving returns will further drive the price,' he concluded.

Shares in the group closed at 452.07p on Monday, up 4.67p or 1.04%.

http://www.citywire.co.uk/money/the-expert-view-aberdeen-asset-management-fenner-and-creston/a585674?ref=citywire-money-picture-galleries-list#i=5

FENR FENNER

Broker updates.....

Fenner PLC

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

Arden Partners
01-05-12 BUY 108.00 38.14 10.50 122.00 42.96 12.00
Canaccord Genuity Ltd
30-04-12 BUY 98.00 35.00 9.50 108.00 38.30 10.50
Panmure Gordon
30-04-12 BUY 101.00 36.80 10.50 117.00 41.40 12.60

New Broker note out this morning..

02 May Fenner PLC FENR Westhouse Securities Buy 447.45 550.00 550.00

550p SP target

Cannot understand why this is falling after good results and all the broker recommendations!

StockMarketWire.com
Fenner reports continued solid progress since the beginning of March with revenue and earnings in line with forecasts.

And it says that overall, recent trading supports its confidence in meeting its expectations for the full year.

The group said its engineered conveyor solutions division continued to operate at high levels of factory utilisation and operating margins were in line with previous run rates.

And its advanced engineered products division has continued to perform in line with expectations, experiencing seasonally higher operating margins as the progresses through its second half period.

Why is this tanking? Am I missing something or am I just thick? Above seems ok to me not heart stoppingly brilliant but ok!

Makes the divi slightly more attractive! (Ex-divi 25th July '12 - 3.5p)

StockMarketWire.com
Fenner's wholly owned subsidiary, Fenner Norway, has exchanged contracts for Norwegian Seals, a privately-owned group of companies with operations in Norway and the UK.

Norwegian Seals manufactures and distributes performance critical seals into the oil and gas market, with particular emphasis on subsea, well head and down hole applications.

Fenner says this strategic acquisition will allow CDI Seals, part of Fenner's AEP division, to exploit the North Sea market and enhance Norwegian Seals' ability, as part of the Fenner group, to build its growing industry reputation and presence.

The audited value of the gross assets being acquired was NKr47.4m as at 31 December.

The transaction is expected to complete in early September 2012.

"Norwegian Seals" - sounds like a crack military outfit! :-)

Acquisition of Mandals AS & Mandals Technology AS ("Mandals")

Fenner is pleased to announce that its wholly owned subsidiary, Fenner Norway AS, has today exchanged contracts to purchase 100% of the share capital of Mandals, a privately owned group of companies based in Norway and Sweden.

Mandals is a manufacturer of innovative lay flat and specialty hoses for use in demanding applications and of circular looms for the manufacture of the woven fabric used in the production of hoses. It is an acknowledged market leader in its industry, with products sold around the world. The acquisition builds on the expertise of Fenner's Advanced Engineered Products Division ("AEP"), providing performance critical applications to the agricultural, infrastructure, potable water and oil and gas markets.

The audited value of the gross assets being acquired was NOK 91.3m (GBP 9.9m) as at 31 December 2011. The transaction is expected to complete in early September 2012.

Nick Hobson, CEO of Fenner PLC, commented:
"Mandals is a leader in an area of reinforced polymer technology which complements our existing operations, particularly James Dawson. In addition, the end markets served by Mandals enjoy attractive, long term growth characteristics which will support Fenner's strategic growth objectives".

- ends -

FENR looks like an inverse head and shoulders pattern forming on the chart. Anyway Ive gone long and added as the lower indicators are pointing to a bounce aswel. and the fundys look fairly solid.

FENNER

Brokers positive on the stock...

Forward P/E of just over 9 to 2013
total madness far too cheap.

Fenner PLC

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

Numis Securities Ltd
05-09-12 BUY 102.00 36.20 10.50 113.50 40.40 11.50
Arden Partners
04-09-12 BUY 104.00 36.65 10.50 114.00 39.99 12.00
N+1 Brewin
04-09-12 BUY 100.50 35.50 10.50 107.50 37.50 11.60
Panmure Gordon
03-09-12 BUY 99.40 36.10 10.50 106.00 37.30 11.10
Peel Hunt
31-08-12 BUY 101.96 35.96 8.80 104.50 36.99 9.70
Investec Securities
17-08-12 HOLD 104.40 36.80 10.50 109.60 38.10 11.60
Fairfax IS
12-07-12 BUY 100.00 35.20 10.50 113.20 39.30 12.50
FinnCap
12-07-12 BUY 101.10 35.90 10.50 108.50 38.10 11.00
Canaccord Genuity Ltd
12-07-12 BUY 100.00 35.70 9.50 108.00 38.30 10.50
Westhouse Securities
24-05-12 BUY 92.70 36.30 10.50 106.80 41.30 12.60

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

Consensus 101.16 36.08 10.22 109.22 38.60 11.33
1 Month Change 0.31 0.05 0.01 -0.43 -0.23 -0.02
3 Month Change 0.63 -0.05 0.02 -3.54 -1.59 -0.39


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

Norm. EPS 72.90% 43.93% 6.96%
DPS 9.09% 41.90% 10.92%

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

EBITDA £108.90m £136.12m £143.67m
EBIT £81.60m £108.63m £116.31m
Dividend Yield 2.01% 2.85% 3.16%
Dividend Cover 3.48x 3.53x 3.41x
PER 14.32x 9.95x 9.30x
PEG 0.20f 0.23f 1.34f
Net Asset Value PS 37.48p p p

Numis out with a Buy note this morning..

07 Sep Fenner PLC FENR Numis Buy 360.40 359.00 500.00 500.00 Reiterates

500p SP Target.

Solid trading statement this morning.

Historical piece from the summer
but I believe it still stands....

Why Fenner is still a solid buy for the long run By Phil Oakley Jul 12, 2012


http://www.moneyweek.com/investment-advice/share-tips/engineering-company-fenner-shares-a-solid-long-term-buy-22800