Authoritative Independent Monthly Share Selections Using Technical & Fundamental Analysis

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De La Rue

July 2021

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • DLAR
  • Price:
  • 184p
The most impressive aspect of De La Rue’s annual results to 27 March was that adjusted eps emerged at 14.7p, compared with forecasts of 11.6p at the time of my main write-up last December. Operating profit rose 61% to £38.1m on turnover down almost £44m, reflecting the sale of the ID Solutions business (which generated £52.9m last time). Essentially the heavy lifting came from cost savings of £23m, with the remaining £13m on track for delivery this year, following the closure of the Gateshead factory.Net debt was a lower than expected £52.3m reflecting the timing of turnaround expenditure, leaving net debt at just 1x EBITDA. In Currency, which prints high security pape ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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