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

Goes ex-divi 27th July '11 (2.65p)

Through 400p at last.

StockMarketWire.com
Fenner reveal strong third quarter trading with revenues up significantly at constant exchange rates.

The group says in the conveyor belting division, demand patterns from the coal sector have been robust with end users placing orders to secure forward supplies.

A continued recovery was evident in industrial markets which added volume to plant throughput.

It adds: "We have experienced a period of rising input costs in an environment of escalating raw material prices which has necessitated selling price adjustments.

"Margins have been maintained ahead of those of the prior year."

Fenner says that with trading results comfortably meeting its expectations, it remains confident in the outlook for the remainder of the current year.

FENR got some strong broker backing, forward P/E of just under 12 to 2012, still very cheap....

Fenner PLC

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

FinnCap
10-08-11 BUY 74.00 25.70 8.00 82.50 29.10 9.50
Westhouse Securities
10-08-11 BUY 72.50 25.50 8.00 84.00 29.50 8.80
Brewin Dolphin
08-08-11 BUY 72.60 24.67 7.60 82.00 27.94 8.10
The Royal Bank of Scotland NV
08-08-11 BUY 74.21 25.47 7.95 84.98 28.94 8.70
Arden Partners
05-08-11 BUY 72.50 25.50 7.95 84.00 29.40 8.70
Peel Hunt
04-08-11 BUY 71.98 24.59 8.20 85.46 29.31 9.50
Panmure Gordon
02-08-11 HOLD 72.30 24.60 7.88 87.30 29.70 9.06
Fairfax IS
18-07-11 BUY 70.00 24.30 7.90 79.00 27.20 8.70
Numis Securities Ltd
18-07-11 ADD 74.00 25.70 8.00 82.00 28.50 8.60
Broker Name Withheld 3
18-07-11 HOLD 71.50 25.20 8.00 77.50 26.70
Investec Securities
12-07-11 HOLD 71.05 24.44 8.00 78.52 27.00 8.40
Fyshe Horton Finney Ltd
13-06-11 BUY

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

Consensus 72.48 25.07 7.95 82.61 28.53 8.83
1 Month Change 2.50 0.59 0.01 1.81 0.36 0.05
3 Month Change 3.12 0.68 0.04 2.77 0.61 0.10


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

Norm. EPS 8.97% 72.92% 13.78%
DPS 0.00% 20.48% 11.02%

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

EBITDA 74.90m 104.67m 117.20m
EBIT 49.10m 80.50m 88.60m
Dividend Yield 1.93% 2.33% 2.58%
Dividend Cover 2.20x 3.15x 3.23x
PER 23.55x 13.62x 11.97x
PEG 2.63f 0.19f 0.87f
Net Asset Value PS 43.78p 152.12p 170.95p


Hemscott Premium.

StockMarketWire.com
Pre-tax profits at reinforced polymer technology specialist Fenner jumped by 87% to 69.6m in the year to the end of August.

Revenues rose by 30% to 718.3m and operating profits were up 67% to 82.5m.

The group reported strong organic growth while three acquisitions during the year broadened market reach and increased exposure to aftermarkets.

Chairman Mark Abrahams said: "Our robust business strategy, with customer focused operations, has enabled strong organic growth across the group.

"This has been complemented by three acquisitions during the year and a further acquisition shortly after the year end.

"The new year has begun with our businesses performing well.

"While we note the uncertainty over the global economic outlook, trading in our core businesses remains in line with our expectations.

"Given the fundamental drivers of end user markets and our ability to respond to the external environment, the prospects for the group remain good."

StockMarketWire.com
Fenner's first quarter profitability is significantly higher than last time as the strong levels of demand seen at the end of the last financial year have continued.

The company says order rates are in line with expectations.

Fenner says most of the growth in the first quarter has been generated organically.

The effect of businesses acquired has complemented its growth profile and is helping to establish a broader, more resilient group.

At the beginning of the second quarter, Fenner acquired Allison Custom Fabrication Inc, based in Allison, Pennsylvania, which specialises in the design, engineering, machining and metal fabrication of customised material handling equipment.

This acquisition strengthens the Fenner Dunlop strategy of being the supplier of choice for engineered conveyor solutions in the Americas, enabling mining customers to enjoy integrated solutions for improving the safety and total cost of ownership of materials handling, in both underground and above ground applications.

Revenues in the engineered conveyor solutions division have been bolstered by strong demand from the mineral extractive industries.

Profits have benefitted from the continuing higher factory utilisation and efficiency seen in the second half of last year.

Revenues and profits in the advanced engineered products division have grown compared to last year, due to high demand and market share gains in oil and gas, medical and industrial OEM markets.

But Fenner says the growth rate was slowed by moderate distributor de-stocking.

Net borrowings, after acquisitions payments, seasonal outflows and investments to support growth, are in line with our expectations.

StockMarketWire.com
Fenner's second quarter trading continued to be strong, with operating profit for the first half significantly ahead of last year.

Fenner has experienced positive trading conditions, supported by steadily growing demand from the mineral extraction/energy sectors, and market share gains.

Operational efficiencies that were seen in the second half of last year have driven improved margins in both the engineered conveyor solutions and advanced engineered products divisions.

Fenner says that as the group enters the second half of its financial year, healthy order book levels support its expectation of continued positive trading.

Gone long on FENR Fenner. Jumped gun on lower indicators a little but its in good nick and trades on a forward P/E of just over 11 to 2013. Too cheap. Results 25th of April, hoping we get a good run up to them.

Fenner FENR

Arden Brokers issued a BUY Note today.

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

02 Apr Fenner PLC Arden Partners Buy 438.05 - - Retains

FENNER FENR

Brokers Supporting Fenner.

Forward P/E of just over 11 to 2013.
Historic P/E for 2011 going on for 18
Plenty of upside left here.

Fenner PLC

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

Arden Partners
27-03-12 BUY 100.00 34.64 9.00 112.00 38.61 10.00
Peel Hunt
27-03-12 HOLD 102.00 35.00 8.80 112.00 38.50 9.70
N+1 Brewin
26-03-12 BUY 97.80 34.10 9.50 105.80 36.80 10.50
Panmure Gordon
23-03-12 BUY 99.70 34.30 9.44 115.00 39.80 11.30
FinnCap
09-03-12 BUY 101.10 35.00 10.50 114.80 39.90 12.50
Westhouse Securities
09-03-12 BUY 104.50 36.00 8.80 119.50 39.90 9.50
Broker Name Withheld 3
08-03-12 BUY 95.00 34.00 9.50 104.50 37.30 10.50
Fairfax IS
08-03-12 BUY 97.00 33.20 8.80 110.10 37.70 9.70
Numis Securities Ltd
08-03-12 BUY 99.50 35.00 9.00 110.50 38.50 9.75
Investec Securities
07-12-11 HOLD 86.55 29.60 8.40 95.05 32.55 9.00
Fyshe Horton Finney Ltd
13-06-11 BUY

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

Consensus 99.06 34.36 9.22 110.84 38.29 10.33

1 Month Change 6.41 2.27 0.32 7.97 2.69 0.39
3 Month Change 11.92 4.23 0.46 13.93 4.81 0.60


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

Norm. EPS 72.90% 37.07% 11.42%
DPS 9.09% 28.11% 11.96%

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

EBITDA £108.90m £130.09m £141.51m
EBIT £81.60m £110.00m £118.75m
Dividend Yield 1.66% 2.13% 2.38%
Dividend Cover 3.48x 3.72x 3.71x
PER 17.29x 12.62x 11.32x
PEG 0.24f 0.34f 0.99f
Net Asset Value PS 37.48p p p

Digital Look premium..

A BUY-IF on the candles

http://www.britishbulls.com/StockPage.asp?CompanyTicker=FENR&MarketTicker=Industrials&Typ=S

FENNER FENR

Latest broker deals and Director Buys........

Very bullish data.

Fenner Broker Views

Date Broker Recommendation Price Old target price New target price Notes

02 Apr Arden Partners Buy 443.70 - - Retains
28 Mar Merchant Securities Buy 443.70 - - Reiterates
23 Mar Merchant Securities Buy 443.70 - - Reiterates
21 Mar Merchant Securities Buy 443.70 - - Reiterates
16 Mar Credit Suisse Outperform 443.70 500.00 540.00 Reiterates

Fenner Director Deals

Date Director Type Volume / Price Trade Value

01 Feb 2012 Alan Wood Buy 5,528 @ 449.70p £24,859.42
24 Nov 2011 Richard Perry Buy 856 @ 356.46p £3,051.27

FENNER FENR

Results 25th of April.

Hoping we get a good run up to them...

http://www.investegate.co.uk/Article.aspx?id=201203080700119212Y

FENNER FENR

Results 25th of this month should
fingers crossed get a good run up
to them. Both fundies and TA very
positive.

Fenner FENR


Gone positive on the Candles.........

http://www.britishbulls.com/StockPage.asp?CompanyTicker=FENR&MarketTicker=Industrials&TYP=S

FENNER FENR

Broker note out late yesterday......

03 Apr Fenner PLC FENR Citigroup Buy 0.00 551.00 551.00 Retains


SP target 551p.

Thanks GF

what's gone wrong here, going he opposite way, a tree shake but appers to be dropping at a quikcer rate than others !

Might be worth a buy when it hits the 200 DMA?

REDMAYNE-BENTLEY STOCKBROKERS

In their 2 weekly tip sheet.....
just Rec'd.

Buy Recommendation Update.

FENNER (FENR)

Has had an excelent first quarter, making strong gains on the back of stronger than anticipated trading in both the conveyor belting and advanced engineering product divisions. Adjusted net borrowings were in line with concensus and operating profit was higher than in same period last year. The provider of reinforced polymer technology increased capacity for medical textiles and oil and gas products, as a result of ongoing capital investments. The company added that it anticipates full year results to August 2012 will be ahead of market expectations. Analysts at Finncap have reiterated their 'strong buy' recommendation, alongside Credit Suise who have raised their target price to 500p.

Recommended a Buy by Craig Melling on 20th October 2011 at 330p.