Anpario (ANP)

Anpario ANP Logo

The international producer of natural feed additives for animal health, hygiene and nutrition.

29-Jan-2018 – 493p – £114.0m – PER 29.9

Trading Update For The 12 Months To End December 2017 – In-line with Cash at £13.6m versus £11.1m last time.

Almost doubled in the past 12 months. Wish I’d spotted it back then when it was reasonably priced, looks expensive now to me.

7-Mar-2018 – 425p – £98.3m – PER 25.8

Final Results For The 12 Months To End December 2017 – Revenues up 20% to £29.2m (2016: £24.3m), PBT up 27% to £3.4m (2016: £2.7m), Diluted EPS up by 13% to 14.17p (2016: 12.58p). NetCash £13.6m (2016: £11.1m) and the total Dividend is 18% up on last year, 6.5p. Optimistic about the outlook, potential issues being FX and raw material prices.

I quite like this and I think if the outlook was a little more optimistic I would be more interested. For now I will remain Neutral.

5-Sep-2018 – 469p – £108.6m – PER 24.8

Interim Results For The 6 Months To End June 2018 – Revenue flat, PBT up 19% with EPSup 14%, there’s Cash of £12.6m and the Interim Dividend is up 10%.

On a PER circa 25 or so this just seems too expensive here at this price – I remain Neutral.

Standard Tech Screen Qualifier
Latest Commentary – 25-Jul-2018 – 456p – £106.5m – PER 24.6

Based on Stockopedia data and the latest broker note from N+1 Singer on Research Tree dated 21-Mar-2018…

Revenue growth has been and is forecast to be 10% or less per year (2018E, 2019E & 2020E) and EPS growth is forecast as just over 10% (2018E, 2019E and 2020E). With a PER around 25 or so it just seems too expensive here at this price.

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