M P Evans (MPE)

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M P Evans MPE Logo

Producer of sustainable Indonesian palm oil.

10-Apr-2018 – 744p – £407.8m – PER 22.1

Results For The 12 Months To End December 2017 – The highlight is the Operating Profit up 72% to US$34m. The FY Dividend is up 18% to 17.75p (27.75p if you also include the Special Dividend from April last year). Outlook remains positive.

There was a takeover bid here just over a year ago, at 640p it was rejected. That seems to have been the right course of action, now trading at 744p. I like a few things here (like the Net Cash and Operating Margin) but there’s also a few things I don’t like (the poor ROCE for example and the fact Revenues and Profits just seem erratic). I’m Neutral for now.

17-Sep-2018 – 756p – £414.2m – PER 19.7

Interim Results For The 6 Months To End June 2018 – I can’t work out if these results are good or not – Although the flat Dividend is not exactly encouraging.

I am actually going to move this from Neutral to Avoid on the basis I just have no idea how to interpret results – I will cease coverage here.

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