Hidden Value

The long swoon afflicting commodities may be reaching a normalization point — if not in prices, then in volumes. Should that happen, the U.K.’s Fenner plc is poised, as a major player in the belting and related services industry, to benefit hugely. But the London-listed firm has another division focused on precision polymers; this division has been the real fuel in the company’s recent performance. Fenner’s complexity and divergent product portfolios seem to have confused the market, and we think that investors savvy enough to look at the nitty-gritty here will find real value.

Modern industry has, as the saying goes, a lot of moving parts. Inputs and outputs often dominate thinking on the markets. Companies that produce the unsung tools essential to the midstream transformation of raw materials into retail consumer products can be …

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