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.

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