Devro (DVO)

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Devro DVO Logo

One of the world’s leading manufacturers of collagen products for the food industry.

9-Nov-2017 – 240.75p – £404m – PER 16

Trading Update For The Period July To October 2017 – An in-line update.

Nothing much to excite here at present. I do notice a lot of Net Debt, about 40% of Mkt Cap.

27-Feb-2018 – 200p – £333.9m – PER 13.2

Results For The 12 Months To End December 2017 – I think this is a slight miss on forecasts.

I can’t find any attraction here, the Net Debt of 40% or so of Mkt Cap being enough for me to remain Neutral.

1-Aug-2018 – 196.8p – £328.6m – PER 12.4

Results For The 6 Months To End June 2018 – Revenue down and Operating Profit slightly up, FY expectations remain unchanged.

I still can’t get interested here, Net Debt is about 40% or so of the current Market Cap and the chart is hardly inspiring either.

26-Feb-2019 – 171p – £285m – PER 10.2

Results For The 12 Months To End December 2018 – Not the easiest of statements to read but basically seems quite flat.

That Net Debt is still enought to put me off (now almost 50% of the current Market Cap and over 3x Operating Profit).

25-Apr-2019 – 187p – £313m – PER 10.9

Trading Update – In-line, still expecting to be H2 weighted and confident of meeting previously outlined targets. Search for new Chairman (well advanced) continues.

That Net Debt and the not so upbeat update here is enough to keep me away for now.

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