gamesinvestor
05 Apr 2016
Food for thought This article, whilst old from Richard Beddard casts it from his watch list because he can't find a clear breakdown of tyhe performance of each product group so making it difficult to determine if each is doing well and what the differentiation is to competition.[link] from the article :---------- ---------- ---------- ---------- -------And the company doesn't divulge the sales and profitability of its brands and product types, so shareholders cannot form a view on whetherthey are primarily the result of acquisition or innovation. The results don't mention Aquatice, a product developed by the company to stimulate fish to feed, but the company wrote off some of the value of its investment and shuffled it into the Meriden acquisition in 2012, suggesting it's a bit of a flop.Poor communication of a company's strengths does not mean the company is weak, but it makes it difficult to judge whether Anpario's growth will continue in the face of competition, especially as it's a small company in a multi-billion dollar industry.For that reason, I've cast Anpario out of the watchlist. Like many companies, it falls into the "too difficult" category.---------- ---------- ---------- ---------- ---------- ---------- ----Without the latter, it's hard to get a clear picture of why Anpario has a moat of any kind.Games
gamesinvestor
05 Apr 2016
Anpario competitors Still exploring here, does anybody have a clear picture of who the top 5 main competitors are for Anpario's 3 product lines?And what are the clear technical differentiators that make Anpario's products better than the competitors?Games
tejo
05 Apr 2016
Fall in sp It is, of course, April 5th to-day and last chance to take profits or losses in the current tax year. Quite a number of stocks looking a bit erratic in last few days and tax deadline may be a factor. Capital gains taxes will be lower for most which further confuses the picture. I think ANP will continue to drift, absence of further major news items until we have some more results later in the year and hopefully, some signs that the long term strategy is paying off. We are also entering the "sell in May" season and whilst not always the case, shares do tend to decline once year end results are out of the way and summer inertia sets in I would not add right now but am happy to hold.
gamesinvestor
05 Apr 2016
248 That was the ask I got for a quote just now, so it's broken below it's year low of 250 -- probably best to wait for it to settle before adding or entering for the first time I suppose.Games
gamesinvestor
05 Apr 2016
Re: Solid dividend player with healthy b... " but not impressed with that site"HB -- Nor me, I think it's confusing, the information is needlessly drawn out and it could be consolidated onto a single simple spreadsheet. I wrote to SimplyWall to that effect. I expect they will be less than impressed, but they did ask me for feedback and I didn't hold back.Increasingly interested in Anpario -- read all their results, the web site inside out and the business area is fascinating.If you are an FT reader and follow John Lee's blog you will see he is a holder of Anpario and added to his holding in December -- not his best timing perhaps, but I guess he doesn't care as he sees this as a 10 bagger of the future and isn't concerned about a few pennies either way. I don't yet share that confidence, but it's looking likely it'll be in my very small AIM pool.Games -- Toe not yet dipped in
seadoc
05 Apr 2016
Re: Full year results Agree, interesting. Thank you for sharing your views. I put it on my watch list in Oct 2013 when recommended in the house magazine of Share Company. I liked the concept and clearly the intellectual property is key. These "elemental" feed additions are cheap to "make" and a lot of the value was the knowledge base, rather than the profit from feed sales which is volume driven. Mr Market agreed, did the usual and sp doubled from 160p to 320p. Dropped by 1/4, held at 240p and I forgot to take it off watch list. Just reviewed as my watch list is getting too long but yes, still interesting. It has since gone up by 50% to 360 and falling back, gone through 75% and heading towards 240.I like this bit in the annual report:"The investment in senior commercial staff in our regions will increase overhead costs in the short term in order to support stronger long term performance. The strong balance sheet continues to provide a sound platform from which to implement our strategy. We look forward with confidence as we continue to build the business for the benefit of all its stakeholders."So fundamentally looking good, and this may not be reflected in day to day sp. If it holds on 240p I will start to trickle in some dividends, but I can see that it could yet fall to 180p. If you believe in reading tealeaves this could be an interesting share price and I am prepared to put in a bit more in one go if holds at 180p. If, and possible, it falls straight through 180p then may well be headed towards ?under a pound, protected there by yield 5% and I would buy big time.Will look back in a few days, if I already had some I would not risk selling, good luck holders,Regards,Seadoc
Hardboy
30 Mar 2016
Re: Solid dividend player with healthy balan... Thanks for the link, but not impressed with that site, whatever it was - have to give your inside leg measurement just to read on article; and that seemed to be purely looking at the numbers with no real qualitative analysis.
mcescher
30 Mar 2016
Solid dividend player with healthy balance sheet. From this excellent report on Anpario [link]
tejo
10 Mar 2016
Re: full year results Fair point Hardboy and will be interesting to watch for now.
Hardboy
09 Mar 2016
Re: Full year results Good obse4rvation Tejo, I do not pretend to be an expert in their markets, but it could be their market share currently is small enough and they believe their products are good enough, and that market growth is strong enough, to concentrate on selling the existing products gives them more than enough scope for growth.
tejo
09 Mar 2016
Full year results Sensible observations by both Gamesinvestor and Hardboy but my concern is slightly different. Anpario is clearly an interesting company that has done well to achieve what it has, but the report reads as if it has exhausted them in getting there. they intend to be focused on selling more of their existing products through increasing their representation and nothing wrong in that - their 100 employees must be very thin on the ground. However, that seems to be extent of current ambitions. Their is very little talk of innovation, new technical products, scientific explorations etc.It maybe that with the relatively small size of the company, they have reached their practical limits, certainly for the time being. My conclusion, probably in error, is that Anpario is now ex serious growth and with a rather expensive looking P/E and hard to see the sp going higher, .without fresh stimulus
Hardboy
08 Mar 2016
Re: Full Year Results Games - all good points (I would expect nothing less from you) but not something I'm too worried about. The CEO stepping down after 9 years may be a negative, but he's having a 6 month hand over, so I don't see that being anything suspicious. It's a very specialised business and maybe after 9 years with his nose in a pig trough he was ready for a new challenge. His replacement has been with the business 10 years, so he should know what he's taking over. The Director sales are (with one exception) made after an award of options, and the sales balance the options; and in each case they still have a reasonable holding in the company. The exception was the most recent (which is still 6 months ago) and he was still left with £600k;s worth.So the sales generally not significantly diminished the holdings they have; and they are a fair time ago, so I do not see that implying trouble NOW. How many other AIM companies have this level of employee ownership? Very few I suspect. All employees own shares through this Joint Share Ownership scheme. I'm guessing there will be more sales soon as the award of options seem to be just after the results. The most worrying thing is the flat sales, as you say. (But remember the saying - Sales are vanity, profit is sanity - and profits are up nicely.) I'm sort of giving them the benefit of doubt in that they've sold the organic business to concentrate on higher margin products and have been concentrating on opening their new locations in Brazil, China, US & Malaysia so they have been going through a bit of a transition. Let's see how things go from here.
gamesinvestor
08 Mar 2016
Re: Full Year Results HB -- interesting company, however the CEO has recently stood down, the revenue growth has stalled and the last set of directors actions were to offload :-Traded Action Notifier Price Amount Value09-Mar-15 Sell Richard Edwards 285.00p 418,287 £1,192,117.9109-Mar-15 Sell David Bullen 285.00p 410,606 £1,170,227.0626-May-15 Sell Peter Lawrence 356.12p 43,478 £154,833.8521-Sep-15 Sell Richard Edwards 310.00p 30,000 £93,000.0009-Mar-15 Exercise of option Karen Prior 69.00p 130,432 £89,998.08On top of that the remaining holdings of these guys is significantly less than what they sold in these large chunks --- this is what they are left with :-Notifier Holding Value*Richard Edwards 195,070 £594,963.49Karen Prior 183,183 £558,708.14David Bullen 160,028 £488,085.39Richard Stanley Rose 31,057 £94,723.85Peter Lawrence 27,950 £85,247.50I'd say the company was in some trouble, and it's worth waiting to see these directors, and particularly the CEO and the FD start buying the stock again.Games
Hardboy
08 Mar 2016
Full Year Results Looks like another year of steady progress. Sales basically flat as they move their strategy to concentrate of higher margin business. Operating profits up 17%.No debt, cash balance up £2.7m.Dividend up 11%.This is unusual for an AIM stock with the 9 biggest shareholders accounting for around 50% of the shares all being corporates. All directors have a significant holding. And there is no debt.They are in a niche market which is growing as the world population grows and people eat more. They already have strong sales in the key markets of Brazil & China. There are barriers to competitors entering the markets (FDA approval etc.) So if a bigger company decided they wanted to get into the market, the best way would be acquisition. The future is bright.At yesterday's close the sp is on a PE of around 20, which is not cheap, but a third of the value is covered by the net assets, and it appears well run, with a clear strategy; with good growth prospects.
Hardboy
10 Feb 2016
Exchange Rates I'm surprised not to see a stronger performance from the share price. We've just had an upbeat trading statement: "The Group is pleased to report a strong performance for the year"83% of their business is international - and OK it does depend which currencies they are paid in, but with the pound being generally weak, this should boost exports and profits in £
