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

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

Latest broker snap.....

10 Sep Fenner PLC FENR Canaccord Genuity Buy 362.10 360.50 563.00 563.00 Reiterates

563p SP target.

StockMarketWire.com
Fenner subsidiary Fenner Dunlop Australia has exchanged contracts to acquire Australian Conveyor Engineering, a privately owned group of companies based in Somersby, New South Wales.

The audited value of the gross assets being acquired was A$16.0m as at 30 June.

The transaction is expected to complete at the end of November.

ACE specialises in supplying engineered conveyor solutions for the design, manufacture and installation of high capacity conveyor systems for both surface and underground mining, with the capability to take projects from the initial concept to the commissioned conveyor system.

The acquisition furthers Fenner Dunlop's strategy of being the supplier of choice for engineered conveyor solutions in Australia, offering mining customers integrated solutions for improving the safety and total cost of materials handling.

Fenner chief executive Nicholas Hobson said "We are passionate about making conveying safe, more reliable and cost effective.

"This is a significant development for the Fenner Dunlop Engineered Conveyor Solutions offering in Australia, through which we are growing by strengthening our capabilities to effectively manage the lifetime cost of our customers' conveyors throughout the business cycle.

"This acquisition consolidates Fenner Dunlop's position as the leading supplier of conveyor products and services to the Australian markets and complements the acquisition in North America of the Allison Custom Fabrication business."

Final Results

Highlights

· Record financial performance

- Revenue up 16% to £830.6m
- Underlying operating profit1 up 30% to £118.8m; operating profit up 30% to £107.6m
- Underlying profit before taxation2 up 30% to £103.9m; profit before taxation up 27% to £88.6m
- Underlying earnings per share2 up 28% to 36.1p; basic earnings per share up 23% to 30.3p
- Strong free cash flow of £63.0m (2011: £53.7m)
- ROCE increased to 24% (2011: 20%)

· Dividend per share increased by 31% to 10.5p per share, in recognition of increased quality of earnings and confidence in the future

· Engineered Conveyor Solutions ("ECS") underlying operating profit1 increased by 38% to £84.4m on revenues up 16% to £593.4m

Positive trading conditions for most of the year driven by record levels of coal and iron ore extraction; some slowing of order intake from the US coal sector towards the end of the year but coal stockpiles have been reducing for several months

· Advanced Engineered Products ("AEP") underlying operating profit1 and revenues both increased by 14% to £43.6m and £237.2m respectively

Growth underpinned by strong demand from the oil and gas sector and investment to broaden geographic coverage; some small pockets of destocking

· Strategic initiatives to create a strong, growing and resilient Group progressed well, supported by organic and acquisitive investment

· Confident in further opportunities for long-term value creation

FENR Fenner, far better results than I was expecting. Gone in and bought some this morning, expecting broker upgrades.

You in long here Skinny?.

As of this morning @350.88 having missed 348 by a requote.

The -------ers.