Share Name Share Symbol Market Type Share ISIN Share Description
Modern Water LSE:MWG London Ordinary Share GB00B1XF5X66 ORD 0.25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 6.50p 6.25p 6.75p 6.50p 6.50p 6.50p 56,342.00 07:51:44
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Gas Water & Utilities 3.6 -2.6 -2.6 - 5.17

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Date Time Title Posts
15/3/201713:49Modern Water1,203.00
15/9/201214:34Hello riddler!-
11/1/201009:00Modern Water1.00

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Modern Water Daily Update: Modern Water is listed in the Gas Water & Utilities sector of the London Stock Exchange with ticker MWG. The last closing price for Modern Water was 6.50p.
Modern Water has a 4 week average price of 6.41p and a 12 week average price of 6.11p.
The 1 year high share price is 7p while the 1 year low share price is currently 4.63p.
There are currently 79,505,256 shares in issue and the average daily traded volume is 152,188 shares. The market capitalisation of Modern Water is £5,167,841.64.
p1nkfish: Welcome to the club whites. Share price is hard to predict as float can change but I have no problem picturing this at a £20M-£40M market cap. When?
timtom2: Move to WH Ireland suggests a placing to me but will be done along with very useful results in my opinion. Funding then no problem and a stable business and the share price will respond accordingly.
norbert colon: Although for a number of listed companies the share price / valuation does not reflect the performance of the operating business, unfortunately with MWG the correlation cannot be dismissed and is due, in part, to the ongoing cash burn. News of the finalIsation of the Gib contract would be good but currently I am unaware of a likely date although with the referendum out the way by tomorrow this will be one blocker out of the road. We need news of increased sales from the monitoring division given the new sales team impetus. News with any commercial basis from the JV's with Bilfinger etc will not be likely until at least the end of this year. There is turnaround potential given they have enough cash until early / mid 2017 but the clock is ticking. I hold.
argylerich: "Quality stock" my ars*. This is a company in financial trouble. There is nothing they can announce that will get this anywhere near double figures. You know nothing about this company apart from the share price graph.
p1nkfish: Certainly hope no new money needed unless at a much higher share price. £11M should be enough to get to breakeven unless they are wasting it.
p1nkfish: Can anyone please point me towards where the performance criteria are documented? 'Subject to achieving certain performance conditions, including revenue growth and share price targets, these awards will vest on 26 March 2016, with vesting prices up to £1.00 per ordinary share.'
varies: How gloomy you all are ! As far as I can see, the only bad news is the falling share price. Is anyone selling or are we all just tired of waiting ? How many years of cash do we have at the present burn rate ? A joint venture in the Gulf with a successful local contractor might work wonders.
argylerich: Well I'm not sure exactly what I was expecting but I'm disappointed enough to sell out for now. With cash in the bank down to around 20p a share 2 1/2 months ago and the original MO tech still providing nothing to speak of, all the earnings are coming from a new, purchased, division. Despite everything that has been said, the fact is that MW have been unable to 'sell' this MO tech, customers are waiting for 'proof' beyond that produced to date. With the new plant not due to start up until this summer, it doesn't bode well for revenues from this division in 2012. Lets not forget the Cooling aspect either, which Nomura pencilled in for £1.8m of sales in 2011. Input? a big fat zero without even a trial announced to date. Does the potential of the Monitoring division support the current price? not IMHO, which means reaching 2013 with too little money to progress and self-finance. Personally the risk/potential of the current share price is too high for me at the moment and it smells of dilution before the MO tech (providing it proves longevity) will get the sales momentum required or the Monitoring Division is big enough to hold the value. I wish all holders well but will be watching from the sidelines for now.
argylerich: we can live in hope.... But something tells me that that sort of information is share price sensitive, so couldn't be withheld ;) Unfortunately I think it's just the chartists are getting excited again, on the back of previous non-information movements, but obviously it would be nice to be proved wrong!
swinging_dick: Hi, This is the march 2011 note. Sorry, I can't paste the finacial boxes. Modern Water : Strong Buy Old Man River Better than expected 2010 results at the pre-tax and cash levels plus the acquisition of Cogent in water monitoring drive upgrades to our revenues, loss and cash forecasts for 2011E. This is despite the slow process of turning trial success into orders in desalination, where we still expect positive news in 2011 but have reduced the size of revenues for the current year. The enterprise value of only £15m doesn't reflect the financial strength of the group nor the potential in desalination or monitoring. We retain our strong buy recommendation and 120p/share price target. • Better than expected 2010: Despite the revenue point below, Modern Water's 2010 results were better than our forecasts, with smaller losses (£4.1m pre-tax vs. £3.7m in 2009 and our forecast of £4.4m), lower cash consumption (£3.9m vs. £3.7m and our £5.1m) and hence a higher year end cash balance of £19.3m (vs. 2009's £23.1m and our £18m forecast), due to cost control (admin expenses up only 2.5%) and modest capex on the cooling proving plant. • Revenue slips: Although the revenue line of £27,000 was far less than our £200,000 forecast, this proved to be due to only 20% of the revenue from the 18 unit Cymtox order received in Q4 being included in 2010, with the remainder due in Q1 2011. The revenues on Cymtox Continuous Toxicity Monitor (CTM) unit sales are a EUR8,000 royalty on the third-party manufactured machines, plus some consumables, producing a margin of over 90%. In addition to the delayed balance of this order, another 25 units have been ordered in February, also by the Chinese Environmental Protection Agency as it pushes ahead with a national programme of water monitoring after a number of serious toxic spills in rivers and lakes. • 2011 upgrades: We have trimmed our expectations for desalination revenues, given the continuing tortuous process of converting interest into orders. However, the new Monitoring division, including the Cogent business acquired in February, should more than offset this and combined with the lower cost base we are slightly raising our turnover forecast and reducing our expected pre-tax loss for 2011. Confirmation of this turning point towards lower losses and less cash consumption would mark a key stage in the path to profitability. • Bread, Water and Circuses: Inevitably questions arise over the current political turmoil in many of the same countries in the Middle East that are key desalination markets, including some demonstrations in Oman. The fact that drinking water will still be required should mean that after any interruption works will need to resume, at which time Modern Water's technology should have references and so be able to target new contracts. We also note that regional rulers (e.g. UAE) have directed extra funds to water and power projects as populist measures, and perhaps any successor regimes will also target improving basic amenities for the poor. • Cash provides options: MW's cash position of £19.3m, 33p/share not only covers operating costs ahead of anticipated cash breakeven in 2013E, but offers scope to add more products/technologies to the monitoring distribution network as the attractive Cogent acquisition did, or to accelerate the commercialization of the MO desalination technology by acquiring the equity of a medium sized plant and retrofitting it. Financial Forecasts We have revised our forecasts as below, with the rise in revenues due to the acquisition of Cogent and order progress at Cymtox (including but not only because of the deferral of some revenue from 2010 to 2011), and the reduced loss due to the combination of added Cogent/Cymtox gross profits and cost control. Given the importance of monitoring to revenues and profits at the current time, we will return to the subject of the new monitoring division, its products, sales, distribution network and market prospects, in a future report focussed on the division. However, the influx of sales (c£1m), scope to reduce costs (there were standalone company overheads and costs of private equity ownership which have been cut without reducing any capability) and existing network of distributors (China, India, Turkey, Brazil, USA) are all highly beneficial.
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