Zotefoams (ZTF)

Zotefoams ZTF Logo

A world leader in cellular materials technology.

10-Jan-2018 – 453.5p – £201.4m – PER 25.3

Trading Update – FY Revenue expected to be ahead of market expectations and PBT expected to be at the top end of expectations. 2018 order book is strong.

There’s quite a lot to like here. But, on a PER of 19 I thought it was expensive (seems I was wrong) and I still do, even more so now (PER is 25.3).

13-Mar-2018 – 471p – £209.2m – PER 26.3

Results For The 12 Months To End December 2017 – “Another record year for sales and profits”, Revenue up 22% to £70.15m (2016: £57.38m), reported PBT up 8% to £7.55m (2016: £6.99m) and the FY Dividend will be 5.93p (2016: 5.75p), a 3.1% increase.

Wrongly, I avoided this on a PER of 19 and on a PER of 25.3. I am still not tempted.

7-Aug-2018 – 554p – £267.6m – PER 27.9

Interim Results For The 6 Months To End June 2018 – Record Revenue, up +17% (CC), PBT (pre-exceptional) up 21% (EPS up 15%) with the Interim Dividend up 3.1% – Continues to trade in-line with the Board’s expectations.

(Wrongly it seems) avoided this on a PER of 19, 25.3 and now at 27.9 I still don’t see value here, I remain Neutral.

1-Nov-2018 – 540p – £260.8m – PER 26.2

Trading Update For The Q3 (Ended September 2018) – Record Q3 and now expect FY to be slightly ahead.

I keep avoiding this one as always seeming too expensive to me (Stockopedia agrees with a Value score of 15). I still remain Neutral as the forecast growth I can see, even if slightly exceeded, still doesn’t present me with value here at present.

19-Mar-2019 – 612p – £295m – PER 28.6

Results For The 12 Months To End December 2018 – Revenue up 16%, PBT up 23%, EPS up 16%, the Dividend is up by 3%. Start to this year seems to be in-line.

I famously keep avoiding this one as it always seems too expensive to me (and keeps going up). I will remain on the side-lines until I see value.

6-Aug-2019 – 568p – £274m – PER 25

Interim Results For The 6 Months To End June 2019 – Revenue up 9% (CC), PBT up 7%, the Interim Dividend is up 3%.  Expects to meet FY market expectations.

I famously keep saying I see no value here and I retain that view even though it usually keeps going up. At present it’s 20% off the 52 week high and I still don’t see value – Yet again (suppose it’s going up then!)).

3-Oct-2019 – 535p – £258m – PER 26

Trading Update – Warns but not sure of the impact, doesn’t look too good though.

Never seen value here, perhaps now I will.

Stockopedia Banner