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

FENR FENNER

Brokers lining up with Buys for Fenner.

Very cheap going forward on just over 11.5
P/E to 2013 derd cheap.

Fenner PLC

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

Panmure Gordon
12-04-12 BUY 99.70 34.30 9.44 115.00 39.80 11.30
Peel Hunt
11-04-12 HOLD 102.03 34.95 8.80 111.96 38.47 9.70
N+1 Brewin
10-04-12 BUY 97.80 34.10 9.50 105.80 36.80 10.50
Arden Partners
09-04-12 BUY 100.00 34.64 9.00 112.00 38.61 10.00
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
Numis Securities Ltd
08-03-12 BUY 99.50 35.00 9.00 110.50 38.50 9.75
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
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 99.17 34.39 9.23 110.94 38.32 10.34

1 Month Change 1.34 0.43 0.02 1.40 0.47 0.04
3 Month Change 8.09 2.84 0.33 10.12 3.47 0.47


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

Norm. EPS 72.90% 37.18% 11.44%
DPS 9.09% 28.15% 12.01%

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

EBITDA £108.90m £131.92m £143.47m
EBIT £81.60m £110.00m £118.75m
Dividend Yield 1.62% 2.08% 2.33%
Dividend Cover 3.48x 3.73x 3.71x
PER 17.71x 12.91x 11.58x
PEG 0.24f 0.35f 1.01f
Net Asset Value PS 37.48p p p

FENR Fenner.

All these brokers cant be wrong..

from IG Index foresight page......

the last months broker upgrades.

BRIEF RESEARCH ALERT – Westhouse raises Fenner price target to 550PFenner PLC FENR.L : Westhouse raises Fenner FENR.L price target to 550P from 500P; rating buy For a summary of rating and price target changes on U.S....last month

BRIEFRESEARCH ALERT – Citigroup raises Fenner price targetFenner PLC FENR.L : Citigroup raises Fenner Plc FENR.L price target to 551P from 517P; rating buy For a summary of rating actions and price target cha...last month

BRIEF RESEARCH ALERT – Finncap raises Fenner price targetFenner PLC FENR.L : Finncap raises Fenner Plc FENR.L price target to 585P; rating buy For a summary of rating actions and price target changes on Euro...last month

BRIEF RESEARCH ALERT – Collins Stewart raises Fenner target priceFenner PLC FENR.L : Collins Stewart raises Fenner FENR.L target price by 15 percent to 542P For a summary of rating actions and price target changes o...last month

FENR FENNER

Lovely flag pattern formed on the chart.

Have everything crossed you're right!

Well its going well so far Maggie.

2 new broker notes out late yesterday.

Wonder if thats what jawa was refering to.....

Fenner PLC

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

Panmure Gordon
18-04-12 BUY 99.70 34.30 9.44 115.00 39.80 11.30
Arden Partners
18-04-12 BUY 100.00 34.64 9.00 112.00 38.61 10.00

Bit of a gap at opening. Hope we don't have to fill it till after I get out.

FENR FENNER

Just tipped I see on Investors Inteligence
this morning...

Fenner - is on the cusp of reasserting the major uptrend after finding support at 400p. (The first clue for its turnaround was the countermanding upmove.) A short-term buy may be opened here. Target 500p.

BUY Tip in Shares Mag (from across road copied)

Fenner offers belting growth prospects.

Buy Fenner ahead of next weeks (25 April)interims which should underline the £821m cap's continuing strong growth prospects.
The numbers should prompt a reversal in the derating which has resulted in Fenners 13% fall from last months 483.7p all time high.
On a p/e multiple of 12.2 the conveyor belt and industrial seals builder is cheap versus the high-teens p/e's of its peers.
The Yorkshire based company noted in its pre-close update (8 Mar)that first half operating profit was "significantly ahead" of 2011.It also reported the order book remained healthy

HL also tipped it (yesterday I think).

HL ?????????

Hargreaves Lansdown - but thinking about it, I think they were referring to the Shares Mag tip.

Ahhhh no probs skinny. Have a good weekend.

Excelent Analyst article produced after
the above trading statement.....

Fenner Upbeat on 2012 Outlook; Investec Recommends Outperform Rating
By Naresh Kumar | Mar 09, 2012 09:51 AM EDT

Fenner, a world leader in the field of reinforced polymer and textile technology, says in spite of the growing uncertainty over the macro economic outlook, trading and demand levels are in line with the group's expectations for 2012.

Fenner has a highly motivated team of people in place, strong positions in attractive markets, well invested infrastructure, strong fundamental drivers of end user markets, ability to respond to the external environment puts the group in strong position.

The group released its pre-close trading statement for the six months ended 29 February 2012 on March 8, 2012. The group reported strong trading in the Q2 of 2012 with operating profit for H1, significantly ahead of the comparable period last year. It experienced good trading conditions, sustained by gradually growing demand from the mineral extraction/energy sectors, and market share gains.

Fenner is confident of further growth in the second half of the year, given a healthy order book. Trading in the second quarter of the financial year has continued to be strong, with operating profit for the first half significantly ahead of the comparable period last year.

Global demand for energy and in particular for electricity, is only marginally affected by general economic weakness and with growth in the emerging economies, these will remain heavily dependent on coal for the foreseeable future. However, according to Fenner, recovery in the global economy and the Western economies in particular, will be both inconsistent and slow but the underlying drivers which are most significant for the group remains strong.

While commenting on the trading update, Jon Lienard, analyst from N+1 Brewin said: "Keeping a 'Conviction Buy' rating on the company's stock, Fenner has an enviable element of sales whose end markets we consider to be resilient or growing, i.e. thermal coal production, shale gas & oil and medical."

"Having spoken to management, and based on our analysis, we see incremental revenue and margin accretion this year and next. We think the stock has further to run over the next 12 months," said Chris Dyett from Investec Securities. He also assigned a 'Buy' rating on the stock.

For the full year ended August 2011, Fenner reported a 30 per cent rise in its revenues to £718.3 million, compared to £552.5 million for 2010. Underlying operating profit increased by 60 per cent to £91.4 million with earnings per share at 28.1 pence.

Brokers' Views:

- Investec Bank recommends 'Outperform' rating on the stock with a target price of 500 pence per share
- Numis Securities assigns 'Buy' rating with a target price of 560 pence per share
- Peel Hunt gives 'Hold' rating - Arden Partner assigns 'Buy' rating
- Jefferies & Co assigns 'Buy' rating with a target price of 505 pence per share.

Earnings Outlook:

- Investec Bank estimates the company to report revenues of £839.20 million and £893.60 million for the FY 2012 and FY 2013 respectively with pre-tax profits (pre-except) of £104.40 million and £115.60 million. Earnings per share are projected at 35.80 pence for FY 2012 and 39.80 pence for FY 2013.

- Numis Securities projects the company to record revenues of £810.30 million for the FY 2012 and £859.00 million for the FY 2013 with pre-tax profits (pre-except) of £99.50 million and £110.50 million. Profit per share is estimated at 35.00 pence and 38.50 pence for the same periods.

- Peel Hunt expects Fenner to earn revenues of £794.80 million for the FY 2012 and £828.90 million for the FY 2013 respectively with pre-tax profits of £95 million and £105 million. EPS is projected at 33 pence for FY 2012 and 36.40 pence for FY 2013.

Below is a summary of sector comparisons in terms of price earnings, earnings per share, dividend per share, dividend yields, return on equity and price-to-book ratio. The table explains how the company is performing against its peers/competitors in the sector. The table below represents top seven companies based on market capitalisation.

For comparison table see links below......

http://www.ibtimes.co.uk/articles/311755/20120309/fenner-group-earnings-outlook-investec-bank-numis.htm

Im also expecting after tomorrows
results takeover talk to become rife
again.

I look upon this company as valued far
too cheaply by the market on a whole host
of financial ratios.

I do feel those that have previously sniffed
will turn up the heat and become more pro
active.

We had a media frenzy in february and Im sure
this will return..

http://www.telegraph.co.uk/finance/markets/marketreport/9101903/Fenner-on-belting-form-amid-takeover-hopes.html

FENE FENNER

Further analyst comment related to
last trading update ahead of results
tomorrow FROM....

Fenner plc (FENR)Analyst Comment by Christopher Dyett at Investec Securities

"Having spoken to management, and based on our analysis, we see incremental revenue and margin accretion this year and next. We think the stock has further to run over the next 12 months," said Chris Dyett from Investec Securities. Global demand for energy and in particular for electricity, is only marginally affected by general economic weakness and with growth in the emerging economies, these will remain heavily dependent on coal for the foreseeable future. However, according to Fenner, recovery in the global economy and the Western economies in particular, will be both inconsistent and slow but the underlying drivers which are most significant for the group remains strong. While commenting on the trading update, Jon Lienard, analyst from N+1 Brewin said: "Keeping a 'Conviction Buy' rating on the company's stock, Fenner has an enviable element of sales whose end markets we consider to be resilient or growing, i.e thermal coal production, shale gas & oil and medical." . "Having spoken to management, and based on our analysis, we see incremental revenue and margin accretion this year and next. We think the stock has further to run over the next 12 months," said Chris Dyett from Investec Securities.

FENR FENNER

Jon Lienard, ">

analyst from N+1 Brewin said: "Keeping a 'Conviction Buy' rating on the company's stock, Fenner has an enviable element of sales whose end markets we consider to be resilient or growing, i.e thermal coal production, shale gas & oil and medical." . "Having spoken to management, and based on our analysis, we see incremental revenue and margin accretion this year and next.

FENNER FENR

Arden partners issued a Buy note
to its clients late yesterday...

Fenner PLC

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

Arden Partners
23-04-12 BUY 100.00 34.64 9.00 112.00 38.61 10.00

Excelent ball bursting results.....
couldnt have asked for more than this....

Financial Highlights


Half year ended
29 February

2012
28 February 2011





Revenue
£412.0m
£332.5m
+ 24%



Underlying operating profit 1
£55.7m
£36.7m
+ 52%



Operating profit
£50.2m
£32.4m
+ 55%



Underlying profit before taxation 2
£48.1m
£31.4m
+ 53%



Profit before taxation
£41.7m
£26.6m
+ 57%



Underlying earnings per share 2 3
17.1p
10.9p
+ 57%



Basic earnings per share
14.8p
9.2p
+ 61%



Dividend per share
3.50p
2.65p
+ 32%



Return on sales 4
13.5%
11.0%
+ 2.5pts



Return on gross capital employed 5
22.8%
16.4%
+ 6.4pts


1 Underlying operating profit is before amortisation of intangible assets acquired.



2 Underlying profit before taxation and underlying earnings per share are before amortisation of intangible assets acquired and notional interest on defined benefit post-retirement schemes and the unwinding of discount on provisions.



3 Underlying earnings per share is based on the basic weighted average number of shares in issue.



4 Return on sales is underlying operating profit divided by revenue.



5 Return on gross capital employed is underlying operating profit divided by gross capital employed. Underlying operating profit is calculated on a rolling 12 month basis. Gross capital employed is the average of the opening and closing non-current assets (excluding deferred tax), inventories, trade and other receivables and trade and other payables over the 12 month period.

Record breaking gains in every financial area....

25 April 2012

Fenner PLC



2012 Half Year Results



Fenner PLC, a world leader in reinforced polymer technology, today announces its results for the half year ended 29 February 2012.



Highlights



· Revenue increased by 24% to £412.0m; organic revenue growth was 18%



· Underlying operating profit1 increased by 52% to £55.7m



· Underlying profit before taxation2 increased by 53% to £48.1m; profit before taxation increased by 57% to £41.7m



· Underlying earnings per share2 increased by 57% to 17.1p



· Interim dividend increased by 32% to 3.50p per share, reflecting the Board's confidence in the enhanced quality of the Group's earnings



· Continued underlying margin growth, up 250bps to 13.5%



· Strong trading by both Engineered Conveyor Solutions ("ECS") and Advanced Engineered Products ("AEP")



- ECS underlying operating profit1 increased by 62% to £39.8m on revenues up 25% to £295.0m



- AEP underlying operating profit1 increased by 23% to £20.5m on revenues up 20% to £117.0m



· Growth drivers in core markets remain positive



· Group confident of continued progress in the second half



1 Underlying operating profit is before amortisation of intangible assets acquired



2 Underlying profit before taxation and underlying earnings per share are before amortisation of intangible assets acquired and notional interest on defined benefit post-retirement schemes and the unwinding of discount on provisions



Mark Abrahams, Chairman, commented:



"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.



"The fundamentals on which our strategy is based remain strong and the quality of our earnings continues to improve. Notwithstanding the influence of the current macro-economic environment on some of our markets, our order book remains healthy, we are trading in accordance with expectations and we remain confident in our ability to continue to make progress in the second half of the year."





-ends-