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Genuit CEO starts filling share pipeline

Chief executive back and business and himself
Genuit CEO starts filling share pipeline

Genuit Group’s (GEN) shares have almost halved since hitting an all-time high of 806p at the end of August 2021. The company, formerly Polypipe, deals largely in the manufacture of plastic pipes. This means it faces a double whammy in terms of hydrocarbon price hikes, given it uses crude as a feedstock and is also being hit by higher energy prices.

Indeed, its share price seems almost inversely correlated to the price of a barrel of Brent, which has jumped by about 48 per cent since Genuit’s share price peak.

The company said in its results in March that it is offsetting input inflation with “necessary market-leading price increases”. 

Its statutory operating margin grew to 11.3 per cent, up from 7.6 per cent a year earlier. And its end markets remain fairly robust. Although the Construction Products Association downgraded its growth forecast for 2022 from 4.3 to 2.8 per cent due to an expected slowdown in the home improvement market, infrastructure spending is set to grow by 8.8 per cent this year and 4.6 per cent next.

Chief executive Joe Vorih is backing himself to continue growing the business, buying £88,000-worth of shares on 28 April. Although this represents a fraction of his £560,000 basic salary, which remuneration committee guidelines suggest should be matched by share ownership worth 200 per cent of this, he seems to be buying in at an attractive price. The company’s shares are trading at 12.6 times FactSet consensus forecast earnings, below their five-year average of 16.4 times. 

 

CompanyDirector/PDMRDatePrice (p)Aggregate value (£)Stake size
Associated British FoodsGraham Allan26 Apr 221,55762,262n/d
DP EurasiaShyam Bhartia/Hari Bhartia/Pratik Pota *22 Apr 2251459,00042.09%
GCP Infrastructure InvestmentsAndrew Didham *21 Apr 2211629,9990.01%
GCP Infrastructure InvestmentsDawn Crichard25 Apr 2211925,0000.01%
Genuit Group Joe Vorih (ce)28 Apr 2244088,000n/d
GlaxoSmithKlineDr Hal Barron (PDMR)22 Apr 223,553 (ADS) †40,787 †n/d
HammersonAlan Olivier26 Apr 223059,820n/d
HealthBeaconJim Joyce (ce)26 Apr 22444 † 29,304 †10.71%
Insig AIRichard Bernstein (ch)25 Apr 222877,41312.46%
IQEDr Drew Nelson (PDMR)27 Apr 223075,500n/d
Litigation Capital ManagementJonathan Moulds (ch)22 Apr 22105162,6261.66%
McBrideJeffrey Nodland (ch)21 Apr 223434,160n/d
MearsAndrew Smith (cfo)22 Apr 2219950,6330.20%
MJ GleesonFiona Goldsmith 28 Apr 2260230,1000.02%
Oxford Biomedica Nick Page (coo)27 Apr 22545119,3620.02%
QuartoChuk Kin Lau (PDMR)21-25 Apr 22176132,30050.02%
Safestyle UKRob Neale (cfo)25 Apr 224141,0000.41%
Symphony InternationalAnil Thadani (PDMR)26-27 Apr 2242 †56,059 †n/d
Tatton Asset ManagementPaul Edwards (cfo)25 Apr 2243070,5370.87%
Tatton Asset ManagementPaul Hogarth (ce)25 Apr 2243070,53716.41%
WH SmithAndrew Harrison (PDMR)27 Apr 221,43042,913n/d

 

Sells

     
CompanyDirector/PDMRDatePrice (p)Aggregate value (£)Stake size
CIP Merchant Capital Adrian Collins (ch)25 Apr 226030,000n/d
Elixirr InternationalStephen Newton (ce) **28 Apr 22725799,98728.70%
Elixirr InternationalGraham Busby (cfo) **28 Apr 22725399,9973.00%
Elixirr InternationalGavin Patterson (ch) **28 Apr 22725250,0021.30%
Elixirr InternationalSimon Retter **28 Apr 2272599,9990.80%
Elixirr InternationalClare Filby (coo) **28 Apr 2272599,9991.10%
Elixirr InternationalEric Rich (PDMR) **28 Apr 22725199,9991.40%
Hilton Food Group Robert Watson (ch)25 Apr 221,1991,198,882n/d
*Spouse/Family/Close Associate. ** Placing / Open Offer  † Converted from € / $