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Prices & Quotes - UK Markets - Synthomer (SYNT)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Down 542.50p
Change Today:
-1.00p
Market Cap:
2,304.82m
Sector:
Chemicals

JPMorgan upgrades Synthomer to 'overweight'

By Michele Maatouk

Date: Monday 26 Oct 2020

LONDON (ShareCast) - (Sharecast News) - JPMorgan Cazenove upgraded its stance on Synthomer on Monday to 'overweight' from 'neutral' and hiked the price target to 450p from 242p as it highlighted the company's exposure to the gloves market and potential benefit from the Covid-19 pandemic.
It noted that Synthomer sells nitrile latex for nitrile gloves and that this business made up around 20% of the company's earnings in 2019, "hence the earnings tailwind from the Covid-19 are well known".

"However, we believe that both the magnitude and the duration of this upside is likely to be better than the market assumes."

JPM said there is a potential of further significant upside as it has significantly discounted the potential tailwind that it calculates from the substantial step-up seen in nitrile prices/spreads due to tight supply.

"As Covid-19 vaccines become widely available, the gloves demand will moderate but this might be not happen till 2H21/2022," the bank said. In addition, it is possible that the greater focus on hygiene might result in structurally higher gloves demand in the future.

"There should be an improvement also in other businesses in 2021 with a tailwind from cost synergies from Omnova acquisition (closed 1 Apr 2020)," JPM added.

It said strong earnings momentum and upside to consensus should likely drive some re-rating in the near term.

At 1105 GMT, the shares were up 2.1% at 396.60p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Synthomer Market Data

Currency UK Pounds
Price 542.50p
Change Today -1.00p
52 Week High 552.00p
52 Week Low 269.40p
Volume 191,841
Shares Issued 424.85m
Market Cap 2,304.82m

Performance Indicators

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What The Brokers Say

Strong Buy 9
Buy 1
Neutral 4
Sell 0
Strong Sell 0
Total 14
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Synthomer Dividends

  Latest Previous
  Final Interim
Ex-Div 03-Jun-21 22-Oct-20
Paid 05-Jul-21 10-Nov-20
Amount 8.60p 3.00p

Trades for 15-Jun-2021

Time Volume / Share Price
11:24 884 @ 542.21p
11:14 250 @ 542.50p
11:12 156 @ 543.00p
11:12 297 @ 543.00p
11:12 169 @ 543.00p

Synthomer Key Personnel

CEO Calum MacLean
CFO Steve Bennett