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% 48.50p 48.00p 49.00p 48.50p 48.50p 48.50p 14,754.00 07:33:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 29.1 4.6 4.4 10.9 39.51

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Date Time Title Posts
05/12/201614:32MBH - The new name in handmade and specialist bricks.746.00

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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 48.50p.
Michelmersh Brick Hldgs has a 4 week average price of 49.72p and a 12 week average price of 57.84p.
The 1 year high share price is 96p while the 1 year low share price is currently 47p.
There are currently 81,471,178 shares in issue and the average daily traded volume is 135,669 shares. The market capitalisation of Michelmersh Brick Hldgs is £39,513,521.33.
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. :-(
battlebus2: Ed thanks for your advice but i think the director would have been well aware of the order book and would have sold in February, to me it's just coincidence he sold on that day. Strangely the share price has continued to rise since then. Eric Gadsden, Chairman at Michelmersh Brick Holdings, commented: "Michelmersh is the only UK owned brick manufacturer and places itself in the top end of the market in terms of quality of products and service to customers. With a strong financial footing, and in a market that seems set for continued prosperity, we can be confident of robust profitability and meaningful shareholder returns going forward. We have had a strong start to 2015 and, with our well-invested plants, feel well positioned for the year ahead." I bring you back to the chairmans statement only a few weeks ago.... Chairman's Statement I am pleased to report a very good performance for the Group in 2014 having made continued strong progress, building on the foundations laid in the previous period, and in a further improved market place. In addition, I can report to shareholders that the Group is well placed to make further advances in a very promising market. In the financial period, turnover increased by 10% to GBP28.5 million (2013: GBP25.9 million) as average brick selling prices increased by 13.5%. These price increases translated into a profitable outcome for the year and we can anticipate continued progress with the recent completion of the investment at our largest brickworks Freshfield Lane, as the long awaited improvement in industry dynamics continues to play out favourably. I am particularly pleased that our fortunes and prospects are positive enough to be able to reinstate dividend payments. Selling prices of bricks up 13.5% yoy and fixed assets of 42 million and NAV of 57.5p with the current m/cap 58 million.. Michelmersh Brick Holdings is the only UK owned brick manufacturer and places itself in the top end of the market in terms of quality of products and service to customers. With a strong financial footing, and in a market that seems set for continued prosperity, we can look forward to increasing profits and meaningful shareholder returns. We have had a strong start to 2015 and, with our well -invested plants, feel well positioned for the year ahead. In short a top class undervalued UK co.
ed 123: Hello battlebus. Yes, the brick market is bouyant. The time to have bought these shares was in the trough of 2012. Share price has plateaued around 70p, p/e for year 2014 estimated at 18, falling to about 15 for the current year. Dividend yield is about 1.5%. Why buy now?
alanrussell: Good results, no doubt about it, but then they were always going to be. This year should see increased profit from the Freshfields expansion of about £250,000 so together with slightly improved margins operating profit should hit £3.1m with reduced interest charge net profit say £3m. Together with the £1.5m last payment for Telford less £0.5m exp at Blockleys equals an impressive cashflow. Div cost is just under £300,000. Looking to subsequent years the question is the timing of Charnwood and Telford sales proceeds. What's a site for 200 houses worth in Leicestershire? £9m? Say six annual payments of £1.5m. What's the 80 acres worth? Not as much pa, say £300,000, so total £24m, Let's say sales commence in seven years and bring in £1.5m py for 16 years (you can see where this is going, just trying to arrange nice even income). So operating profit of a bit over £3m (no interest charge) plus £1.5m sales proceeds for over 20 years. Say tax of £0.9m = £3.7m after tax. Even allowing for capex and cautious dividend cover MBH could easily pay 3p to 4p div per share. That's 4.2% to 5.3% yield at present share price. Rock solid balance sheet (present NAV 57.5p per share). Looks good. What can go wrong? Lots. The inevitable turn of the house build cycle, energy costs, competitors increasing capacity, over ambitious acquisitions etc. Nonetheless a fairly solid proposition. I'm holding tight. If price dips into the mid 60s I'll add.
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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