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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Mouchel Group | MCHL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.975 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.975 |
| Top Posts |
|---|
Posted at 06/8/2012 12:13 by bubble pricker nathan, I nor I suppose anyone else invests solely on what they read on the boards. However, investment decisions can be influenced by what is written on the boards, because other posters may offer different opinions or point out aspects. Of course in the end, one makes one's own decision based on all the information available. I would not disagree that what the BoD is doing here is disgraceful. They are clearly securing themselves their jobs and some stake in any potential future upside of the business. However, the equity in MCHL is worthless, no matter what deal is or isn't struck. An equity investment is risk capital and it comes last in the pecking order behind creditors and everyone else. If there is no value in the equity left then shareholders get nothing. That is the basis of equity investment. As for the announcement of 11 June, if a company tells you that "there being only limited value for existing shareholders" you had better believe it. I have in the past 9 months shorted no less than 4 companies, including MCHL after such announcements, three of them to zero or near zero and MCHL to 1p. These short bets are a virtually guaranteed winner, because even after such "no value" announcements, the retail investors stubbornly believe that somehow some value will be realised and thus provide a shorting opportunity. Even now, someone is posting on this board that maybe a "predator" bid will come along. |
Posted at 03/8/2012 10:37 by fastbuck I guess many holders have so few shares that its uneconomical to sell their shares via a stock broker so might as well wait for the 1p cheque. Those individual shareholders that have larger quantities should consider selling in the market now as the 1p special div presumably (please tell me if I'm wrong) will have tax deducted at source and potentially have further income tax to pay on this dividend for higher earners. So will end up with alot less than 1p from their original investment Every persons tax affairs are their own but just passing on my thoughts |
Posted at 02/8/2012 10:03 by jackbarry Thank you for that post Richardjs2. I am one of the ex employees of MCHL who bought shares in the Company when it was properly managed. It pains me beyond belief to see what 2 successive management teams have done to this once proud company that was started by Frenchman L G Mouchel. Cuthbert was incompetent but words fail me regarding Bo Lerenius - how on earth do these people get to run companies? I dream about some white knight taking on Rumbles but reality says I along with lots of other employees are being stuffed by the financial manipulators of this world. |
Posted at 01/8/2012 09:34 by graham2405 David & narindgnarindg The company may well be listed again at some stage but it will not be to the benefit of the holders of 'C' shares. David New shares are being created, the old ones will 'ALL' be purchased for 1p in total. Shareholders are getting a 1p dividend to vote for the downgrading of the shares they hold to non voting worthless shares. From the RNS: "There will be no share certificates issued or entitlements created within CREST in respect of the Deferred C Shares. As soon as reasonably practicable following completion of the Restructuring, the Company intends to exercise its right (set out in the New Articles) to repurchase all of the Deferred C Shares for a de minimis consideration of, in aggregate, 1 pence. The Deferred C Shares will then be cancelled." Note the operative words 'in aggregate' ALL shares for the trivial(i.e. de minimis) sum of 1p. The 1p being paid is a dividend, they are in effect buying your vote. Of course failure to gain votes may well mean Admin and 0p, so it will get passed. |
Posted at 01/8/2012 09:24 by johncraven Will it get relisted after september? If you are getting 1p per share as a dividend and a "special" one at that surely the price of the shares on relising and a 1p dividend is worth more??? |
Posted at 01/8/2012 09:08 by davidlloyd 'Following payment of the special dividend, shares entitled to the special dividend will be repurchased by the Company, for which Shareholders will receive no further payment'-so run that by me again - once special dividend is received, the company will 'repurchase' shares for which shareholders will receive no further payment. Shouldnt that be reworded correctly to something more like: 'following payment of the special dividend, shares entitled to the special dividend will be compulsarily acquired by the company for no further consideration' - as it certainly cannot be defined as any form of purchase as no payment is involved.... or have I read it wrong? DL |
Posted at 26/3/2012 22:28 by guru121 Mouchel Parkman Plc (MCHL.L)16.75p 0.50 (3.08%) Thursday, March 15, 2012 MCHL.L is overvalued compared to its Price of 16.75p per share, has below average safety, and is currently rated a Hold. Mouchel Parkman Plc (MCHL.L) Business Svc (Consulting) Company Information Business: Mouchel Group plc, a consulting and business services group, supports primarily public-sector customer base in developing and managing their infrastructure assets in the United Kingdom and internationally. The company involves in the provision of highway engineering and management services; management of other professional services for local and central governments; and provision of services to utilities, rail companies, and other industries regulated by government. Capital Appreciation Value: Value is a measure of a stock's current worth. MCHL.L has a current Value of 0.82p per share. Therefore, it is overvalued compared to its Price of 16.75p per share. Value is computed from forecasted earnings per share, forecasted earnings growth, profitability, interest, and inflation rates. Value increases when earnings, earnings growth rate and profitability increase, and when interest and inflation rates decrease. VectorVest advocates the purchase of undervalued stocks. At some point in time, a stock's Price and Value always will converge. RV (Relative Value): RV is an indicator of long-term price appreciation potential. MCHL.L has an RV of 0.02, which is very poor on a scale of 0.00 to 2.00. This indicator is far superior to a simple comparison of Price and Value because it is computed from an analysis of projected price appreciation three years out, AAA Corporate Bond Rates, and risk. RV solves the riddle of whether it is preferable to buy High growth, High P/E stocks, or Low growth, Low P/E stocks. VectorVest favors the purchase of stocks with RV ratings above 1.00. RS (Relative Safety): RS is an indicator of risk. MCHL.L has an RS rating of 0.61, which is poor on a scale of 0.00 to 2.00. RS is computed from an analysis of the consistency and predictability of a company's financial performance, debt to equity ratio, sales volume, business longevity, price volatility and other factors. A stock with an RS rating greater than 1.00 is safer and more predictable than the average stock in the VectorVest database. VectorVest favors the purchase of stocks of companies with consistent, predictable financial performance. RT (Relative Timing): RT is a fast, smart, accurate indicator of a stock's price trend. MCHL.L has a Relative Timing rating of 1.29, which is very good on a scale of 0.00 to 2.00. RT is computed from an analysis of the direction, magnitude, and dynamics of a stock's price movements over one day, one week, one quarter and one year time periods. Once a stock's price has established a strong trend, it is expected to continue in that trend for the short-term. If a trend dissipates, RT will gravitate toward 1.00. RT will explode from bottoms, dive from tops, and reflect changes in price momentum. VectorVest favors the purchase of stocks with RT ratings above 1.00. VST (VST-Vector): VST is the master indicator for ranking every stock in the VectorVest database. MCHL.L has a VST rating of 0.88, which is fair on a scale of 0.00 to 2.00. VST is computed from the square root of a weighted sum of the squares of RV, RS, and RT. Stocks with the highest VST ratings have the best combinations of Value, Safety and Timing. These are the stocks to own for above average, long-term capital appreciation. VectorVest advocates the purchase of safe, undervalued stocks rising in price. Recommendation (REC): VectorVest gives a Buy, Sell, Hold recommendation on every stock, every day. MCHL.L has a Hold recommendation. REC reflects the cumulative effect of all the VectorVest parameters working together. These parameters are designed to help investors buy safe, undervalued stocks rising in price. They also help investors avoid or sell risky, overvalued stocks falling in price. VectorVest recommends that investors buy high VST-Vector, Buy-rated stocks in rising markets. OR Stop (Stop-Price): Stop is an indicator of when to sell a long position or cover a short position. MCHL.L has a Stop of 11.11p per share. This is 5.64 belowp below MCHL.L's current closing Price. A stock's Stop is computed from a 13 week moving average of its closing prices, and is fine-tuned according to the stock's fundamentals. High RV, high RS stocks have lower Stops, and low RV, low RS stocks have higher Stops. In the VectorVest system, a stock gets a 'B' or 'H' recommendation if its Price is above its Stop and an 'S' recommendation if its Price is below its Stop. GRT (Earnings Growth Rate): GRT reflects a company's one to three year forecasted earnings growth rate in percent per year. MCHL.L has a forecasted Earnings Growth Rate of -9.00%, which VectorVest considers to be very poor. GRT is computed from historical, current and forecasted earnings data. It is updated each week for every stock in the VectorVest database. GRT often foretells a stock's future price trend. If a stock's GRT trend is upward, the stock's price will likely rise. If GRT is trending downward, the stock's Price will probably fall. VectorVest favors the purchase of stocks whose GRT is rising and is greater than the sum of current inflation and interest rates, as shown weekly in our investment climate report. EPS (Earnings per Share): EPS stands for leading 12 months Earnings Per Share. MCHL.L has a forecasted EPS of -0.50p per share. VectorVest determines this forecast from a combination of recent earnings performance and traditional fiscal and/or calendar year earnings forecasts. P/E (Price to Earnings Ratio): P/E is a popular measure of stock valuation which shows the dollars required to buy one dollar of earnings. MCHL.L has a P/E of -0.34. This ratio may be deemed to be high or low depending upon your frame of reference. The average P/E of all the stocks in the VectorVest database is 23.15. P/E is computed daily using the formula: P/E = Price/EPS. EY (Earnings Yield): EY reflects earnings per share as a percent of Price. EY is related to P/E via the formula, EY = 100 / (P/E), and may be used in place of P/E as a measure of valuation. EY has the advantages that it is always determinate and can reflect negative earnings. MCHL.L has an EY of -99.00 percent. This is below the current average of 4.32% for all the stocks in the VectorVest database. EY equals 100 x (EPS/Price). GPE (Growth to P/E Ratio): GPE is another popular measure of stock valuation. It compares earnings growth rate to P/E ratio. MCHL.L has a GPE rating of -26.87. High growth stocks are believed to be able to justify high P/E ratios. A stock is commonly considered to be undervalued when GPE is greater than 1.00 and overvalued when GPE is below 1.00. Unfortunately, this rule of thumb does not take into account the effect of interest rates on P/E ratios. The operative GPE ratio of 1.00 is valid when and only when interest rates equal 10%. With long-term interest rates currently at 6.34%, the operative GPE ratio is 0.40. Therefore, MCHL.L may be considered to be overvalued. Dividend Information DIV (Dividend): VectorVest reports annual, regular, cash dividends as indicated by the most recent payments. Special distributions, one-time payments, stock dividends, etc., are not generally included in DIV. MCHL.L does not pay a dividend. DY (Dividend Yield): DY reflects dividend per share as a percent of Price. MCHL.L does not pay a dividend, so it does not have a Dividend Yield rating. . DY equals 100 x (DIV/Price). It is useful to compare DY with EY. If DY is not significantly lower than EY, the dividend payment may be in jeopardy. DS (Dividend Safety): DS is an indicator of the assurance that regular cash dividends will be declared and paid at current or at higher rates for the foreseeable future. MCHL.L does not pay a dividend, so it does not have a Dividend Safety rating . Stocks with DS values above 75 typically have RS values well above 1.00 and EY levels that are much higher than DY. DG (Dividend Growth Rate): Dividend Growth is a subtle yet important indicator of a company's financial performance. It also provides some insight into the board's outlook on the company's ability to increase earnings. MCHL.L does not pay a dividend, so it does not have a Dividend Growth rating . YSG (YSG-Vector): YSG is an indicator which combines DIV, DY and DG into a single value, and allows direct comparison of all dividend-paying stocks in the database. MCHL.L does not pay a dividend, so it does not have a YSG rating which is . Stocks with the highest YSG values have the best combinations of Dividend Yield, Safety and Growth. These are the stocks to buy for below current income and long-term growth. Price-Volume Data Price: MCHL.L closed on Thursday, March 15, 2012 at 16.75p per share. Open:MCHL.L opened trading at a price of 16.75p per share on Thursday, March 15, 2012. High: MCHL.L traded at a High price of 17.36p per share on Thursday, March 15, 2012. Low: MCHL.L traded at a Low price of 16.29p per share on Thursday, March 15, 2012. Close: MCHL.L closed on Thursday, March 15, 2012 at 16.75p per share. (Close is also called Price in the VectorVest system) Range: Range reflects the difference between the High and Low prices for the day. MCHL.L traded with a range of 1.07p per share on Thursday, March 15, 2012. p Change: MCHL.L up 0.50 from the prior day's closing Price. %PRC: MCHL.L's Price changed 3.08% from the prior day's closing price. Volume: MCHL.L traded 2,246,486 shares on Thursday, March 15, 2012. AvgVol: AvgVol is the 50 day moving average of daily volume as computed by VectorVest. MCHL.L has an AvgVol of 3,084,200 shares traded per day. %Vol: %Vol reflects the percent change in today's trading volume as compared to the AvgVol. %Vol equals ((Volume - AvgVol) / AvgVol ) * 100. MCHL.L had a %Vol of -27.16% on Thursday, March 15, 2012 CI (Comfort Index): CI is an indicator which reflects a stock's ability to resist severe and/or lengthy price declines.MCHL.L has a CI rating of 0.11, which is very poor on a scale of 0.00 to 2.00. CI is quite different from RS in that it is based solely upon a stock's long-term price history. VectorVest advocates the purchase of high CI stocks. Sales / Market Capitalization Information Sales: MCHL.L has annual sales of £551,000,000 Sales Growth: Sales Growth is the Sales Growth Rate in percent over the last 12 months. MCHL.L has a Sales Growth of -12.00% per year. This is very poor. Sales Growth is updated each week for every stock. It is often useful to compare Sales Growth to Earnings Growth to gain an insight into a company's operations. Sales Per Share (SPS): MCHL.L has annual sales of 4.83p per share. SPS can be used as a measure of valuation when comparing stocks within an Industry Group. Price to Sales Ratio (P/S): MCHL.L has a P/S of 0.03. This ratio is also used as a measure of valuation. Here, too, it is useful when comparing stocks within an Industry Group. Shares: MCHL.L has 114,000,000 shares of stock outstanding. Market Capitalization: MCHL.L has a Market Capitalization of £19,000,000. Market Capitalization is calculated by multiplying price times shares outstanding. Business Sector: MCHL.L has been assigned to the Business Svc Business Sector. VectorVest classifies stocks into over 200 Industry Groups and 40 Business Sectors. Industry Group: MCHL.L has been assigned to the Business Svc (Consulting) Industry Group. VectorVest classifies stocks into over 200 Industry Groups and 40 Business Sectors. |
Posted at 14/9/2011 13:21 by indomie yes rathkum, in a close period (several new directors did buy in earlier this yr around 90p - which I guess they saw as gd value).Some on here seem to forget that MCHL was the first big consultant to start major cost cutting (which has already been included - and paid for by past shareholders - in prior accounts). That means that in H2, MCHL will benefit from a further £13m (£17m FY10/11) in annualised savings and in FY11/12, a full £32m. Other consultants, such as Cyril Sweett, have only just started the pain of adjusting their business models so that puts MCHL ahead of several other competitors. In addition to the adjustments already made, mgmt are also investing heavily in new bidding activity - with the pipeline of bids increasing at the last interims to £2.2bn (up from £2bn). This trend is likely to continue into 2012 as mgmt have already flagged a big increase in contract opportunities in two of their core markets (highways and local/central govt BPO). The squeeze on margins which has been mentioned is also sector wide, not just hitting MCHL, and mgmt have already taken action in response to this as I've mentioned. The mgmt consulting division is perhaps most exposed but costs have been taken out in anticipation and the division returned to profit at the interim stage this yr. In other core markets the reduced margins are being offset by a move towards bigger and longer contracts, with the opportunity to achieve further synergies. MCHL have already flagged this in highways with their shortlisting for a new larger intergrated contract with the Highways Agency. The firm has also expanded into overseas mkts (australia/nz) with some success and been successful in winning new work from existing clients. I'm confident there is also scope to increase BPO activity into Ireland and other select overseas mkts (as done with highways) as governments globally try to work more efficiently, without drastic cuts to frontline services. I suspect steps have been taken in this direction, but bids take time, and in the interim mgmt need to get debt down - which is what they aim to do. Every analyst report I have seen is predicting a return to FY profit this year, even after exceptionals for bid defences and other one off costs. I still believe that scale is vital in the markets MCHL operates within though, and the MCHL Board also acknowledged this during the COST/IRV/US bid activity, when it came close to recommending a deal for the 1st time. The takeover synergies are better for an existing UK player, but the long term nature of MCHL's contracts (most are not up for renewal until 2013/14 onwards) and the encouraging new business MCHL and others (Carillion, etc) have been winning on the back of these existing relationships - make the company attractive to a range of other private equity and overseas buyers. This is even before you consider the weakness in the current share price and falling debts levels (which reduce the need for expensive financing) and the end of the 6 month takeover panel restrictions later this month for COST/IRV. Bottom line is that if MCHL can reach the £30m voluntary debt repayment target then the prospects for winning some of their bids next yr will increase - as will their attractiveness as a takeover target. The firm just needs to show mkt conditions have not deteriorated against the overly negative position mgmt took last yr. Needless to say, I rate these a buy at current levels as recent fall from 50p to 38p in past week is well overdone on no co. news (was one broker report) and little volume. |
Posted at 25/5/2011 16:40 by indomie Here are the reason's why I've shifted to a positive stance on MCHL at current levels.....(1) Improved Market Outlook - General mkt for consultants seen to have become more stable, with strong 18-24mths recovery (see IC article above). (2) Middle East Debts - There appears to be imminent news on the Nakheel Middle East debt, with payments made to creditors by end of next month. MCHL has a disputed claim for £20m, so assuming it settled for 20% less and it decides to sell the sukuk bonds on - should see a cash inlow of approx £15m soon. (3) Middle East Unit Sale - The only reason I can see the sale of this unit being delayed so long is that it is in some way linked with the Nakheel debt settlement. Either the 'investment partner' wants to buy the debt or will only buy some or all of the unit when this issue is resolved. Either way, the sale of this unit should net more cash for MCHL - would expect it to be announced around the same time as Nakheel settlement at end of June (unless its fallen through). (4) UK Non core unit sales - Sales process for the non core units should be well under way by now and would expect an update on progress in our next RNS. These sales, plus the middle east unit, must surely raise at least £15m - which would meet the key £30m milestone for the resumption of dividends (though I'd prefer share buybacks if the price stays at these levels!). (5) June IMS - if states MCHL's markets are now stable (perhaps with some signs of recovery) should help turn sentiment for the firm. (6) Director Buy - 75,000 is not much, but not insignificant either and is a good buy signal imo. (7) Share Price - MCHL trades at huge discount to sector, with most listed consultants rallying to a p/e of high single digits. MCHL - as the IC story posted above highlights - is still rated at a lowly p/e of 4.4!!!! Crazy! Most competitors are now at least double this and the long term average is a p/e over 20 - that means MCHL share price could more than quadruple over next couple of yrs! (8) Takeover - MCHL's Board sent an important signal in its talks with IRV in that it is finally prepared to recommend offers to shareholders. The Board also crucially accepted that there may be strategic benefit as part of an enlarged business. If this is the case, then would expect MCHL to pro-actively seek to address this in the future, by seeking out a preferential merger partner in private talks rather than in public (much like Scott Wilson did) or an all share deal with someone like Tribal TRB. (9) Cost Savings - 2011 will see £17m of the cost cutting measures flow to the bottom line (11/12 - full £32m) and that should mean a strong recovery in annual results when announced. There will be some some further exceptionals, but the vast majority have already been put through the accounts. (10) Pension - MCHL have flagged a big reduction in their pension deficit this year, which could free up several million in top up payments over the next couple of years. (11) Better Cash Flow & Net Debt - Focus on cash and no dividends this year means that further reductions in the net debt position should be possible, on top of any creditor payments or asset sales. (12) Huge Overseas Market Potential MCHL has shown how it can leverage its brand and experience overseas through its Australian JV with Downer (with recent contracts wins hitting the bottom line from H2). There is real scope to grow that unit beyond highways and also for Australia to act as a spring board into East Asian markets imo. (13) Improved Local Government Business - Seems clients are now actively looking to place more work with MCHL, but bid timelines mean could be another 12 mths before we see this on bottom line. The exception is existing contract expansion......Bourn "Our medium term financial plan shows a challenge of about £10m for the next two years," he said. "There is only one way to rise to that challenge, and that is ever more efficient ways of working and delivery on our front line services. "And for that we will expand on the incremental partnership with our private sector partner (Mouchel)." (14) Sheffield Council PFI Scheme - Outside chance that CarillionMouchel - the JV partnership led by Carillion - can win this large contract. If so, it would accelerate recovery for the firm and the share price will rocket, if not, recovery will take longer. Preferred bidder will be appointed in June so MCHL will need to manage newsflow on this carefully - i'd say current share price rules this deal out. Recent change in council leadership may also come into play. So, all in all I don't see why MCHL hasn't been re-rated like the rest of the sector - but it must only be a matter of time. Much will depend on the IMS in a couple of weeks if it shows progress on trading and debt, then the share price should start to climb again would expect £1-£1.20 a share quite quickly in that scenario and when the economy recovers and growth returns, then £2.50-£3 a share is more than possible - although still merger/takeover potential in the meantime. Unlike some on here, I'm glad MCHL did not accept IRV's derisory offer and am sure in time IRV will look foolish for getting cold feet and not doing the deal at the agreed price. |
Posted at 03/4/2011 20:49 by indomie dtay0880 - there are limits on the number of contracts that can be awarded to one bidder by the Highways Agency as I understand it and this was one concern MCHL had with their interest as both leading players in that sector. (another was that COST could get bought out itself before a deal was concluded as happened before with VT Group). however, the league table from the HA also puts MCHL in the premier league of suppliers and COST would become the clear mkt leader with a tie up. that's why i dont understand IRV's mischief - it's got a terrible record with the Highways Agency and the MCHL tie up would have had great medium to long term potential. MCHL's accounts are also weighted towards the 2nd half, not least because this is when the majority of cost savings will start to flow through to bottom line and full contribution from recent contract wins is felt.still a number of possible scenarios here...... 1. COST go back to MCHL with an improved offer and gets a board recommendation. MCHL's Board will find it impossible to recommend any proposal lower than COST's best one in the past due to 'execution risks' and own perceived valuations on business. In this case, MCHL will want certainty and so would expect COST to announce full formal offer at same time. COST may want to complete due diligence 1st which could add another couple of wks to process. 2. COST go back to MCHL but unable to agree terms. Either goes hostile (and buys up some big holders straight away as it knows them well after recent months) or it withdraws and seeks other smaller 'bolt on' opportunities. This may well be another reason for the delayed RNS as firm may want to announce another deal at same time as announce no longer in MCHL offer period - or could just be weighing up options in talks with big mchl shareholders. 3. COST not gone back to MCHL at all and instead in discussions with other potential targets. I'd say this is the least likely based on current MCHL share price and stated acquisition strategy. One of the previous parties could come back to the table ofcourse (the overseas firm - not IRV for the moment due to their RNS) and agrees a deal - sounds as though from analyst meeting this was their preferred partner but had own issues with doing an overseas deal. New proposal from a completely unknown party could also come forward (such as Enterprise) - this is the time to buy MCHL, not in a year or two when its share price has recovered (IRV's share price has already spiked 50% this yr). Due to MCHL's need to put in place a timetable for the sale of 'non core' assets, whatever happens any deal has to be concluded quickly as Middle East sale already close and auction for other assets also likely to be by end of this year. |
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