Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

Fenner's Slide Starting To Look Interesting

Much as analysts may talk about Fenner's (OTCPK:FNERF) business being more stable than commonly believed, the market is voting with its dollars (or pounds) - sending the shares on a choppy ride over the past three years as the coal market has had its own spasms. Fenner's leading share in mining conveyor belts ought to hold solid value over the long term, while the more idiosyncratic Advanced Engineered Products (or AEP) business looks to find more growth in markets like energy and healthcare.

Growth expectations for Fenner aren't particularly strong, and that is making this extended year-to-date slide more interesting from a value perspective. Although the coal sector has a long way to go to get healthy...

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