Anpario Live Discussion

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Hardboy 23 Feb 2017

Re: Today's RNS Bronco,Great post, and some interesting points any one of which could get us in to a long discussion. I take your point about the company not being worth more; but share price is driven (or at least should be if we exclude these technical traders who only look at charts and have no idea what they are investing in) by what the market perceives a company is worth. All I was thinking is if everything else in the market's perception is the same, but the cash balance has increased by £1m, I would expect the market to value the company £1m higher. "Earnings are a better measure of the value of the company."This is one of the points that could open hours of philosophical debate. On the whole I think you are right; but it does depend on what the business is. For instance for E Bay, which I always envisage as a few pointy headed nerds sitting in a basement with a couple of pcs developing software, I think the value of the business is entirely in the earnings. However a property company is valued far more on the value of its assets. Obviously earnings are important too; but I think the main value in that case is in their book value. PE & Price Book ratios are both used as measures of a business' worth, but I think it would be interesting to come up with one that combines the 2. I do occasionally use one I came up with myself of (P-N)/E Price less Net Asset Value over earnings. My theory being some of the value is in the book and some in the earnings, so by removing the book value you are left with the value related to earnings.

Kool Keith 23 Feb 2017

Re: Today's RNS Valid point there Broncomanic, but always better to be in the bank though than 'payment pending'.H.B., no need for me to share my portfolio with you, I'll just keep to stalking you on iii.....whatever works right.... only jokingor am I.....

Broncomaniac 23 Feb 2017

Re: Today's RNS Unfortunately you can't conclude from this information that the company is worth £1m more. If a customer pays £1m one day before the year end or one day after it will alter the cash balance by £1m, does that mean the company is worth £1m more or less? No.Earnings are a better measure of the value of the company. And just to cover myself in case LKH shows up to tell me that any half decent abacus rattler can distort the earnings, I conceed you do need to take both earnings and cash into account, but looking at cash balances without seeing the rest of the balance sheet is a misleading business!

Hardboy 23 Feb 2017

Re: Today's RNS Another thought occurs to me. If Anpario's Market Cap is 62m; and the market just discovered it is worth £1m more, it's market cap should rise by £1m or 1.6% or to put it another way the share price should rise by around 4.5p.Has it budged? No!Did the share price move last year when the £ devalued around 20% - remembering around 85% of their business is exported? No!Let's hope next month's results move it a bit.

Hardboy 23 Feb 2017

Re: Today's RNS Hi Keith,I'll have to have a look at your portfolio some time - sounds like we've a lot of overlap.I too like "debt free." I do understand the argument that if you can get a better return on capital by using it in the business than the cost of borrowing you might as well borrow; but there is also part of me that thinks any company paying a dividend should be free of debt - why borrow money to pay dividends,

Kool Keith 23 Feb 2017

Re: Today's RNS H.Boy - Good news keeps following you/us today.Like you said it's good news extra million in the bank, but I just love seeing the words 'debt free'. The balance sheet remains strong and debt free with cash balances of £11.1m at the year end.

Hardboy 23 Feb 2017

Today's RNS rather careless; but it's good news so I'm not complaining.

gamesinvestor 04 Feb 2017

One Brand I see they have decided to merge the brands, born from the three companies.Anyone think this a good, or not so good idea?I see the simplification and possible reduction in marketing effort and cost.Would this potentially lose some of the power and sticking ability of the existing brands that customers are familiar with?Games

tejo 03 Feb 2017

Acquisition I agree and consistent with policy.

Hardboy 03 Feb 2017

Acquisition This is an exceptional cost, though not included in yesterday's figures. On the face of it, it seems like a very sensible use of their cash pile.

tejo 02 Feb 2017

Re: trading update I think the concern, if any, must be that an expansion of the sales force is seen by management, as an exceptional item. About a year ago, the management was prodded by shareholders, including members of this community, to achieve an increase in sales and this required the recruitment of marketing staff. However, in any growing business, extra resources are needed but should be well covered by a commensurate increase in profits. Hiring additional sales people is not exceptional. , Anpario remains an interesting company with attractive potential in my view, and I am happy to wait and see what develops.

Broncomaniac 02 Feb 2017

Re: Trading Statement It seems that the exceptional costs have spooked the market somewhat. I look forward to reading the details in the full year results.

Hardboy 02 Feb 2017

Trading Statement A bit mixed, but overall it improves my optimism."Anpario delivered a strong and improved second half revenue and adjusted profit performance" - Good"in line with market expectation." - Not that good; I much prefer to see expectations being bettered. "exceptional costs being incurred in the period" - Not so good; but restructuring costs, so I guess expected, and if H2 adjusted profit performance is strong and improved the costs can't be too large."The balance sheet remains strong and debt free with cash balances of £10.4m" - Very good. I know debt is cheap at the moment; but I'm always happier with dividend paying shares if the company has no debt. (I do not see the point in borrowing money to pay dividends.) So exceptional costs are a concern, but they should be one offs, while improved revenue & profits will hopefully be sustainable. Add to this the foreign exchange movements during he year, which should have a significant affect on the bottom line, and I think March the 8th should deliver some strong results.

Hardboy 02 Feb 2017

Re: Brazilian Chickens Well found Keith. I am sure that is it. As I understand it, due to Bird Flue in much of the world, Brazil, which is not affected is having a boom in Chicken exports. As Chicken Feed and Brazil are key markets for Anpario this should be good for business I surmise.)

Kool Keith 30 Jan 2017

Re: Brazilian Chickens Hopefully this is what you was looking for?[link] it is I'll let you sum it up

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