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Last September, Powerflute’s shares stood at 38p., since when they have made a steady advance to their present 79.5p.
Powerflute is a Finnish paper and packaging group with a nose for acquiring similar businesses with strong fundamentals whose performance can be improved by focused management and investment. Their last acquisition was a reverse takeover in 2014 of Corenzo which was expected to add 200m Euro of revenue and EBITDA of 18.5m Euro in 2015.
A trading update in May indicated that in Coreboard and Cores full year performance would be ahead of initial expectations whilst Packaging Papers had also performed well. The performance for the first half of the year was expected to be particularly strong and the full year was expected to be significantly ahead of market expectations.
No date has been announced yet for the interims but they can be expected during the next 6 weeks.
The shares are on a p/earnings ratio of 35.86 and yield 1.73%, covered 1.46 times.
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