Share Name Share Symbol Market Type Share ISIN Share Description
Michelmersh Brick Hldgs LSE:MBH London Ordinary Share GB00B013H060 ORD 20P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 67.00p 66.00p 68.00p 67.00p 67.00p 67.00p 23,450 07:30:02
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 30.1 4.6 4.4 15.3 54.59

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Date Time Title Posts
20/4/201713:09MBH - The new name in handmade and specialist bricks.811.00

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Michelmersh Brick Holdings (MBH) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2017-04-25 12:51:2566.001,500990.00O
2017-04-25 11:48:4466.005,0003,300.00O
2017-04-25 11:31:3566.155,0003,307.50O
2017-04-25 10:27:5466.5510,0006,655.00O
2017-04-25 09:58:2666.45343227.92O
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Michelmersh Brick Holdings Daily Update: Michelmersh Brick Hldgs is listed in the Construction & Materials sector of the London Stock Exchange with ticker MBH. The last closing price for Michelmersh Brick Holdings was 67p.
Michelmersh Brick Hldgs has a 4 week average price of 62.50p and a 12 week average price of 48.50p.
The 1 year high share price is 81.50p while the 1 year low share price is currently 45.50p.
There are currently 81,471,178 shares in issue and the average daily traded volume is 63,413 shares. The market capitalisation of Michelmersh Brick Hldgs is £54,585,689.26.
alanrussell: MBH was trading in the low 60s until October's cautious trading statement. Recent market conditions would suggest that the statement may well prove to be overly cautious. Monday's results should clarify. You would think decent numbers would send the share price back to about 60p. I normally don't buy immediately before results (way too risky - you never know) but have doubled my holding of late. The kiss of death most likely!
alanrussell: Very reassuring news indeed. I was sufficiently encouraged to top up this morning and, having tapped the calculator for a while this evening, will probably add further tomorrow. The balance sheet is looking increasingly strong. Net assets at YE 2015 were 60.6 p per share (only 2.5m out of 49.2m were intangibles). To that is to be added the retained profit, £1m uplift from today's RNS and any revaluations pointing to about 70p per share. EPS for 2015 was 4.44p so heading towards a PE of 10. Not expensive. The sale proceeds announced today represent 3.3p per share (gross). Cash at half-year was 2.7m. Add cash generated since (note the last line in the RNS) and 2.68m less costs coming late summer, say 8+m. Dividend of 1p per share cost £812,000 so scope for hefty increase here. So cap £40m, profits about 4.5m, trading at 28% discount to sound assets, pension scheme defined contribution not final salary, progressive dividend policy, what's not to like? The usual of course. Trading in building materials is about as cyclical as you get. Just look at the share price history! Energy costs must be rising and with virtually no overseas sales no help from weak pound. And always the temptation to empire build although, in all fairness, the board have been admirable cautious (except that acquisition up north a few years back that has never been mentioned again). Indeed I would suggest the board is one of MBH's main assets. Also the October RNS that knocked the share price mentioned pressure on selling prices in 2016. No comment today presumably means the "little or no recovery in prices at the start of 2017" mentioned is still the position. Ren you mentioned developable assets. Telford is the main one, about 90 acres - 4.6 acres were sold in 2013 for 15m so work that out (allow for significant land restoration costs). Bovis are still selling away and more land will only be released as the clay is exhausted and followed by landfill so to be spread over many years. Charnwood is the other of note. MBH was going for pp for 200 houses but now wants to continue working the site for the foreseeable future - last years final results talk of 12 years supply of clay so again very long term. Bear in mind that while the ex-clay extract sites achieve pp fairly readily as brownfield sites, they are only brownfield when exhausted so little chance of a takeover targeting quick realisation of development value. One for the patient I would say.
ed 123: Took a look at the longer term chart. The share price has fallen to the lowest price since September 2013. Further doubts about issues aired in the October 2016 trading update? Energy costs heading higher with fall in Sterling - though a lower Sterling should help with competing imports of bricks. Results not till 20 March 2017, so a bit of an information vacuum atm.
anley: Money speaks and dont forget there is another big City shareholder with a 15%+ stake and others like me who would sell at around 80p+................. In any case the business is profitable its just not able to generate the growth to keep the share price going up and up and as night becomes day Eric will sell.
caradog: Yes, a welcome boost, with profits and cash better than market expectations, and a robust order book. I, for one, was a bit worried following the warning of a softening of the market in the previous trading statement in October. This one has a more positive ring to it, and I, too, am hoping for a bounce up in the share price.
alanrussell: This share price slide has taken place with relatively high volumes - an alarming sign. Something is not as it should be IMHO - best avoided until it becomes clear what the problem is (unless you're feeling brave).
greek islander: I was very lucky. Sold out at 106.6 to raise cash for my ETO rights issue take up. Took a 12% profit. Immediately, the share price started to drop following the recent statement. I had intended to go back in about now expecting to pay a premium as the share price was steadily rising at that point. However, will now hold off for a few days to see what happens and whether the price starts to return back up. The directors here tend to be very realistic even pessimistic with forecasts so I expect to see the share price eventually return but could equally see the downgrade continue for a short time. This is a good stock with a good long term future.
alanrussell: I see Ibstock have announced plans to float in October. Presumably this has something to do with today's rise in MBH share price. What can we deduce from this news? Well the brick market is in fine fettle (not exactly news) so the numbers in the IPO prospectus will look attractive, in all probability why the private equity owners are floating now. The other conclusion, if numerous other IPOs are anything to go by, is that they judge the brick market is about to turn down so intend exiting now and leave the new shareholders to find out if that is the case. Food for thought fellow shareholders.
ed 123: stuart little Many thanks for the industry insight. Appreciate it. :-) battlebus2 No need to come back here if it goes wrong. No personal challenge from me. It was just that I was surprised at the timing of your entry into MBH. You may yet be proved right. Good luck. :-) envirovision Yep, MBH was yet another to suffer the curse of the AIM dilution. I'd like to see AIM stocks limited to the same private placing maximum as fully listed stocks. We've all witnessed the pattern of the falling AIM share price, with a final dip to some silly level (and private investor holders not knowing if they've missed something hugely negative), only to be followed by the announcement of a big private placing. It's legal but is it morally any different from non-violent theft? EDIT: Having said that, the MBH placings weren't so bad, viewed with hindsight - but for me the principle remains that all shareholders should be treated equally. Ah yes, Telford land. Planning delays, negotiating delays and clean up costs took off the gloss. :-(
gill17: It was in the issue on the 24Th November. Michelmersh Brick Holdings Earnings fell at Michelmersh Brick (MBH) in 2013, but first-half results this year were better-than-expected and forced Cenkos Securities to upgrade forecasts. Higher brick prices mean adjusted earnings per share (EPS) are now tipped to rocket by 1,000% in 2014, up from 0.2p to 2.2p. That’s more than double the 2012 figure, too. Next year, it's back down to earth, although forecast growth of 25% is not to be sniffed at, and average forecast growth for the two years is a stunning 511%. Company Ticker Price (p) Mkt Cap (£m) Est EPS growth (Year 1) Est EPS growth (Year 2) Est EPS growth (Year 3) Forward PE ratio % price change (3 months) % price change (1 year) Dividend yield (%) Michelmersh Brick Holdings MBH 61 49 1,000 23 - 28 -6 13 - Greenko GKO 149 149 217 56 - 22 -14 -3 - Havelock Europa HVE 19 19 158 41 23 10 -17 2 - Mytrah Energy MYT 73 73 141 69 39 12 -17 -10 - Gemfields GEM 50 50 136 104 38 20 5 29 - Source: S&P Capital IQ, Investec Securities, Numis, Cenkos, finnCap, Oriel, Westhouse MBH's share price is underpinned by investment land valued at 26p per share. Strip that out and Michelmersh shares trade on just 16 times current-year forecast earnings, dropping to 13 in 2015. That's a discount to the Construction & Materials sector. Unfair, says Cenkos: We would argue that MBH should trade at a premium to this operating in an industry impacted by a supply demand deficit with high barriers to entry preventing significant additions to supply capacity. There is scope for a sustained recovery underpinned by political pressure to resolve the UK housing shortage and the minor £3,000 cost of bricks for the average UK house is indicative that there is scope for sustained price increases.
Michelmersh Brick Holdings share price data is direct from the London Stock Exchange
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