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

FENR FENNER

08 Nov Fenner PLC FENR Panmure Gordon Buy 361.55 359.50 460.00 460.00 Reiterates

Target SP 460p

Date: Thursday 08 Nov 2012

LONDON (ShareCast) - Tempus in The Times writes that Fenner, with more than two thirds of revenues across the group coming from repeat orders for equipment that has come to the end of its natural life, should not be as exposed to a slowdown in new investment as some of its peers.

Fenner shares rose by 9.5p to 359.5p on the release of a positive set of results to the end of September. Pre-tax profits came in 30% higher at £103.9m, while a final dividend of 7p increases the total by a generous 31% to 10.5p. Fenner is never going to be immune to global economic trend but the shares, on about 10 times earnings, look like good long-term value, the paper says.

Interactive Investor's take

Good article here on FENR...

http://www.iii.co.uk/articles/60403/edmond-jacksons-stockwatch-fenner

oops just noticed Skinny same article sorry.

Keep up!

From David Scwarrtz in today's FT re; Fenner. SAT 17/11/2012

Turning to my own trading efforts, I recently purchased shares in Fenner (FENR), the world leader in industrial conveyor belt technology. To my eye, it is a safe share to own in these uncertain times.
The company has just reported smashing results for the financial year. Profits rose by 23 per cent and the dividend was increased.
In spite of its strong performance, Fenner shares have drifted sideways in the last six months. The company’s major problem is its link with the troubled mining sector. What many investors fail to realise is that 87 per cent of Fenner’s conveyor division revenues come from the so-called “after-market”. This is important because mining companies tend to keep production from existing mines barrelling ahead even if investments in new mines are being cut back. Continued expenditure for equipment servicing and replacement is a fact of life in established mines and this plays to Fenner’s strength.
The price graph reveals that its shares sit near to a recent low. Proximity to the lower end of the long-term trading range also suggests that these shares are well-supported. I believe they are ripe to bounce when the broad market begins to rally.

Stock market historian David Schwartz is an active short-term trader writing about his own trades

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From David Scwarrtz in today's FT re; Fenner. SAT 17/11/2012

Turning to my own trading efforts, I recently purchased shares in Fenner (FENR), the world leader in industrial conveyor belt technology. To my eye, it is a safe share to own in these uncertain times.
The company has just reported smashing results for the financial year. Profits rose by 23 per cent and the dividend was increased.
In spite of its strong performance, Fenner shares have drifted sideways in the last six months. The company’s major problem is its link with the troubled mining sector. What many investors fail to realise is that 87 per cent of Fenner’s conveyor division revenues come from the so-called “after-market”. This is important because mining companies tend to keep production from existing mines barrelling ahead even if investments in new mines are being cut back. Continued expenditure for equipment servicing and replacement is a fact of life in established mines and this plays to Fenner’s strength.
The price graph reveals that its shares sit near to a recent low. Proximity to the lower end of the long-term trading range also suggests that these shares are well-supported. I believe they are ripe to bounce when the broad market begins to rally.

Stock market historian David Schwartz is an active short-term trader writing about his own trades

FENR FENNER

On a stingy forward P/E of just 10.5
to 2013. Way way too cheap imo.

Cheap as chips.

Fenner PLC

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

Arden Partners
16-11-12 ADD 102.50 36.09 10.50 104.00 36.07 11.25
Panmure Gordon
16-11-12 BUY 99.80 35.90 10.50 94.30 33.10 10.80
Peel Hunt
15-11-12 BUY 101.96 35.96 8.80 107.50 38.00 9.70
N+1 Singer
14-11-12 BUY 103.90 35.90 10.50 98.00 34.00 11.60
Investec Securities
14-11-12 HOLD 103.90 35.90 10.50 98.00 33.20 11.10
Numis Securities Ltd
07-11-12 BUY 103.90 36.10 10.50 103.00 35.80 11.00
Canaccord Genuity Ltd
07-11-12 BUY 99.80 36.10 10.50 104.00 36.20 11.50
FinnCap
10-09-12 BUY 101.50 35.90 108.50 38.10
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 102.19 35.98 10.50 101.29 34.68 11.21
1 Month Change 0.96 -0.05 0.37 -4.48 -2.56 0.17
3 Month Change 1.16 -0.09 0.29 -7.80 -3.90 -0.13


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

Norm. EPS 72.90% 43.52% -3.63%
DPS 9.09% 45.83% 6.72%

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

EBITDA £108.90m £138.64m £135.70m
EBIT £81.60m £98.70m £121.30m
Dividend Yield 1.98% 2.88% 3.08%
Dividend Cover 3.48x 3.43x 3.10x
PER 14.52x 10.12x 10.50x
PEG 0.20f 0.23f -2.89f
Net Asset Value PS 37.48p 171.20p 192.90p

Starting to look up here.

Lovely chart.

FENR FENNER

Fenner Broker Views
Date Broker Recommendation Price Old target price New target price Notes

08 Nov Panmure Gordon Buy 380.85 460.00 460.00 Reiterates
07 Nov Investec Hold 380.85 380.00 375.00 Reiterates
07 Nov N+1 Singer Buy 380.85 450.00 408.00 Retains
07 Nov Canaccord Genuity Buy 380.85 549.00 471.00 Reiterates
07 Nov Numis Buy 380.85 435.00 435.00 Reiterates

NORWICH & PETERBOROUGH BUILDING SOCIETY

Off and running - looking for £4 pdq.

Closed here +57.

Also closed but think it could turn again as gap to be filled around £4. So might be worth another punt.

Ex-divi wed 30th Jan 2013 (7p)

Looking a tad oversold?

Makes the divi slightly more attractive. I thought declining 200 MA was a warning signal for likelihood of sp not being supported?

£3.80 looks like recent support - so may look if it gets there.

On edit £3.80 not £3!