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.

29-Jan-2019 – 345p – £79.9m – PER 17.7

Trading Update For The 12 Months To End December 2018 – Expects to be in-line, Cash at £12.9m, up from £13.6m.

Still looks overvalued to me.

6-Mar-2019 – 340p – £78.7m – PER 19.5

Results For The 12 Months To End December 2018 – Revenue down slightly but PBT is up 34% with EPS up 31%, the FY Dividend is up 11% and Cash is stable at £12.9m. Trading for the current year is ahead of 2018 but concerns regarding Brexit and Afircan Swine Fever.

There may be value here I will keep an eye out for revised Broker notes.

27-Jun-2019 – 337p – £79m – PER 18

AGM Statement – Challenges but margins improved and expects FY to be in-line.

I see no value here at all at present.

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