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Polypore International, Inc. (PPO)

  • Mon, Feb. 23, 9:14 AM
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  • Mon, Feb. 23, 7:04 AM
    • Asahi Kasei (OTCPK:AHKSY) has agreed to buy Polypore's (NYSE:PPO) energy storage segment, as it seeks to expand in the energy and environment business.
    • Asahi Kasei will pay $60.50 per share in cash, a 14% premium to their $52.95 close on Friday, and representing an enterprise value of about $3.2B.
    • Immediately prior to Asahi Kasei’s purchase of Polypore, 3M (NYSE:MMM) will acquire the assets of Polypore’s separations media business for about $1B and Asahi Kasei will receive the cash proceeds from asset sale.
    • PPO +13.2% premarket
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  • Nov. 6, 2014, 12:47 PM
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  • Jun. 19, 2014, 10:06 AM
    • In spite of their recent lithium separator supply deal, checks indicate Polypore (PPO -4%) won't be replacing Ube in its current electric drive vehicle programs for Panasonic, writes Wedbush's Craig Irwin, downgrading shares to Neutral.
    • Irwin also says checks suggest Polypore won't be replacing Tesla battery materials supplier Sumitomo.
    • Shares had made new 52-week highs yesterday. They're still up 20% YTD.
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  • May 9, 2014, 12:47 PM
  • May 9, 2014, 9:12 AM
    • Polypore International (PPO) +7.7% premarket after announcing a five-year lithium-ion separator supply agreement with Panasonic (PCRFY), and authorizing a repurchase of up to 4.5M common shares.
    • Q1 results were mixed, however, with earnings falling short of expectations but revenues rising 10% Y/Y; sales of lead-acid battery separators rose 4% while lithium battery separator sales jumped 23% due to higher volumes in electric drive vehicles.
    • DA Davidson upgrades shares to Buy from Neutral and raises its price target to $42 from $36, citing PPO's flexibility to increase capital investments in strategic growth opportunities through the recent debt restructuring and subsequent lower interest rates.
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  • May 8, 2014, 4:25 PM
    • Polypore International (PPO): Q1 EPS of $0.30 misses by $0.02.
    • Revenue of $161M (+10.3% Y/Y) misses by $0.72M.
    • Shares +9.3%.
    • Press Release
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  • Dec. 30, 2013, 2:06 PM
    • Shares of Polypore (PPO +5.2%) are having a strong session on the back of a bullish note out of Stifel.
    • Analyst Jeffrey Osborne notes that although he has "no way of quantifying the impact" of the Sumitomo agreement, Stifel nevertheless views "it as a long term positive for the company as they maintain their leadership in the market.”
    • Buy rating maintained.
    • Price target is $47.
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  • Nov. 5, 2013, 1:41 PM
    • William Blair is sticking with an Outperform rating for Polypore (PPO -14.6%) even as the stock sells-off on weaker-than-expected Q3 numbers.
    • "We believe ... that one or more of PPO's key customers in the electric vehicle market ... is putting pressure on [the company] to reduce the price of separator material, and that one or more customers is employing the tactic of slowing or halting purchases of separator material as a negotiating tactic," analyst Brian Drab says, interpreting management's comments regarding weakness in the EDV segment.
    • Ultimately, Drab likes the company's competitive position and improving free cash flow, and expects an "eventual ramp in lithium separator sales."
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  • Nov. 5, 2013, 12:46 PM
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  • Nov. 4, 2013, 5:48 PM
    • Top Gainers, as of 5:15 p.m.: CYTX +31.5%. GTAT +15.2%. FN +11.5%. UVE +8.4%. NFX +4.7%.
    • Top Losers, as of 5:15 pm: PPO -13.4%. LF -10.0%. SNCR -8.8%. SGY -8.5%. BDE -7.7%.
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  • Nov. 4, 2013, 4:37 PM
    • Polypore (PPO) slides 12% AH, following the company's Q3 miss.
    • Revenues in the EDVs segment fall 36% Y/Y on "lower volumes in consumer electronics-related sales."
    • Seperations Media segment: Sales +11% on a 12% increase in sales of healthcare products and a 23% rise in sales of filtration and specialty products.
    • Transportation and Industrial segment: Sales come in flat Y/Y at $76.4M.
    • PR, CC at 4:45 pm ET
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  • Sep. 18, 2013, 1:16 PM
    • Polypore (PPO -4.5%) shares fell sharply after rumors surfaced that the company may have lost the battery component contract for the Nissan Leaf to Japan's Asahi Kasei, Benzinga reports.
    • Benzinga's coverage is based a source from Axiom Capital, which claims the Japanese competitor may have undercut Polypore's price for Li-Ion separator material (up from $1.60 to $2.60 per square meter after 2 layers of ceramic coating were added due to heat problems).
    • A second rumor said LG had qualified a Chinese supplier for its Li-Ion separator business. Axiom, which has a Sell rating on PPO, points out that the last time Polypore lost LG business, the stock tanked over 20% in a day.
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  • Aug. 7, 2013, 4:24 PM
    • Polypore International (PPO): Q2 EPS of $0.40 beats by $0.01.
    • Revenue of $168.9M misses by $9.2M. Shares -8.6% AH. (PR)
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  • Jun. 13, 2013, 2:35 PM
    Polypore (PPO -3.8%) slides after Topeka Capital cut the shares to Hold on valuation earlier today. The firm recommends moving to the sidelines, saying that the company has been benefiting from better EDV sales, but its adoption curve slope remains muted. Meanwhile, potentially imminent news regarding Microporous could be a negative catalyst.
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  • May 24, 2013, 2:01 PM
    Polypore International (PPO -2%) slips on a tepid initiation at Ascendiant Capital with a Neutral and a $45.50 price target. The firm says the stock is trading a premium to its peers, and appears fairly valued based on current metrics. Also adding to the weakness in the shares today could be the plunge in Exide (XIDE -43%).
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Company Description
Polypore International Inc is a high-technology filtration company that develops, manufactures and markets specialized microporous membranes used in separation and filtration processes.