James Cropper (CRPR)

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Engaged in the manufacture of specialist paper and advanced materials.

14-Nov-2017 – 1490p – £138.9m – PER 22.3

Half Year Results To End September 2017 – This looks like an in-line update with the Board expecting to deliver full year expectations.

Even if they do deliver, I don’t see the attraction here on a PER of 22.3.

24-Jan-2018 – 1788p – £169.3m – PER 26.6

Trading Update – In-line except… How can it be in-line except? “The full year impact of the higher pulp price on PBT is now expected to be £1.5m. The Board, accordingly, expects PBT to be in the region of £5.7m” – At least that’s a clear “honest gov” follow up but isn’t this like a 20% or so miss?

This is even less attractive to me now than it was before.

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