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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Molins | MLIN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 157.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 157.00 | 157.00 |
| Top Posts |
|---|
Posted at 07/9/2017 18:13 by thevaluehunter That said a bit stingy not paying a dividend. |
Posted at 16/8/2017 18:24 by rhomboid I hold a lot of MLIN (+ CAR AIEA HYNS) as I believe their pension fund issues are creating meaningful undervaluation which will unwind over time as QE itself eases. The end result will be a rerating of these businesses edited to add today's move may be planning related on their surplus Berkshire land ? |
Posted at 16/8/2017 17:28 by castleford tiger I had a very interesting conversation with David Cowen, FD of Molins (LON:MLIN), yesterday. For as readers may recall I have begun seriously to doubt the widespread reports that company after company is insolvent because of deficits in their pension funds.I am certainly not an actuary but in essence computation of a surplus or deficit depends upon a number of factors. They are: life expectancy, the rate of inflation to be expected, the yield and capital gains to be expected from the portfolio and, above all, the cost of annuities to guarantee the payment of a pension. This last figure depends upon the yield on gilts where, as I think readers will agree, an entirely absurd state of affairs obtains as a result of Quantitative Easing. Surely, QE will cease and a yield of the order of 4 or 5% p.a. will apply. Therefore it is wise for the authorities to give a revised and higher yield for gilts to allow pension fund trustees to behave sensibly. Believe me the reduction in the pension fund liabilities to pay/purchase gilts if interest rates are higher is staggering. Take MLIN itself: The liabilities are circa £300m (which should be contrasted with tangible net asset value of the order of £15m or 75p per share) reduces by £2.5m for each tenth of a per cent gilts yields rise. So a 1% rise means £25m off the liabilities figure. It does not take a great deal of imagination to see that MLIN’s pension fund could shortly be massively in surplus. tiger |
Posted at 15/6/2017 12:04 by cjohn Why would it make 3 million a year?And why would that make it worth 30 million. PE of 10 in such a commoditised business as packaging? And won't much of the cash be needed for capital investment? There's no dividend, after all. I'm a holder, btw. |
Posted at 08/6/2017 13:38 by simon cawkwell Gentlemen,I have just spoken to David Cowen, the FD, and he gently draws my attention to the fact that the goodwill disposed comes to £7.8m. Well, that is even better than I thought and makes the shares very cheap here - although I accept that it will take a day or two for that to be proved. My target price for this year is 150p since I am pretty sure that MLIN will now start to sprint. Simon Cawkwell |
Posted at 08/6/2017 12:45 by simon cawkwell Gentlemen,I think I am right in commenting that the goodwill in the balance sheet sold today is not identified. But since I always write off goodwill any sort of recovery is a bonus. My guess is that MLIN has reached a blast off moment. After all, the pension fund is well under control and tangible net assets are probably well above the current share price. And the CEO's comments on prospects are very strong. It's hard to see why this stock should sit below 125p. I paid 102p this morning - there just was no stock at the time. Simon Cawkwell |
Posted at 02/3/2017 08:15 by spob looks like the pension situation has knackered the dividend |
Posted at 12/12/2016 11:56 by brummy_git Molins delivered adjusted EPS of 22.4p (with 5.5 divi) and 15.1p respectively for 2014 & 2015 - so if things were ever to return to normal..... |
Posted at 03/11/2016 14:45 by pineapple1 Evil talks about MLIN |
Posted at 30/8/2016 10:02 by mctmct Bartle:ED's summary was this (on Aug 24 with the share price then 61p): Better H2 expected despite tough conditions Aug 24, 2016 This morning Molins (MLIN) reported Interim results in line with management expectations, with sales from continuing operations of £35.0m (2015: £39.5m) and an underlying profit before tax from continuing operations of £0.1m (2015: £1.3m). As in recent years, the Group's full year trading performance will be significantly weighted towards the second half.However today Molins has stated that it is experiencing continuing delays in receiving orders and is therefore taking a more cautious view of the short-term trading outlook, and has revised downwards its trading expectations for the current year. Consequently going forward, regardless of the usual Q4 seasonal bounce, we have downgraded our 2016 and 2017 PBTA forecasts by -28% and -6% respectively to £1.9m and £3.2m. The new CEO, Tony Steels, appointed in June, has started a review of the strategic direction of the business with the aim of maximising growth, economies of scale, efficiencies and operating margins. This is a complex exercise involving many moving parts, and will take approx. 3-6 months to complete with conclusions set for late this year or early 2017. Given the tough short term outlook, we reduce our target price from 120p to 90p a share. At 61p, we rate the shares as good value, trading at a 19% discount to net tangible assets (75p) and on modest EV/EBIT and PE multiples of 7.7x and 8x respectively, whilst also offering a 4.5% prospective yield (2.7x covered). |
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