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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Macfarlane Group Plc | MACF | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.50 | 0.48% | 105.00 | 10:51:47 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 105.00 | 105.00 | 105.00 | 104.50 |
| Industry Sector |
|---|
| SUPPORT SERVICES |
| Top Posts |
|---|
Posted at 23/8/2024 15:18 by masurenguy Been on my Watchlist for awhile. Nice and quiet thread but still watching and waiting.Mark Simpson takes a cautious, but broadly neutral view, of the interims. "Resilient performance in the period; trading broadly in line for the full year When a company begins their results with the dreaded R-word in the title, you know there is trouble to come. “Broadly&rdquo Revenue decreased by 8% (-11% organic, split equally volume and price with +3% from acquisitions It's a freely accessible note, but in principle, we don't like the idea that a company only communicates the key information that investors need to know to make an informed decision via the brokers. In light of the volume down by 5.5%, this is a pretty good margin performance, helped by higher-margin manufacturing, which is growing as a proportion of revenue. You have to wonder how long margins can hold up against volume declines, though. Shore are forecasting no real growth over the five-year period to 2026. This gives ammunition to both the bulls and the bears. The bears will point out that a P/E of 9.6 looks high for a company unable to generate any organic growth over the medium term, that has just warned on profits. Particularly in the current market where many companies that aren’t growing EPS rapidly or have warned look even cheaper. The bulls will point out the longer-term success story and say that these figures won’t include anything for acquisitions that could be funded from free cash flow. Perhaps the reality is somewhere in between and the market has priced this one about right for the moment. At least until there is a clearer picture of whether this warning is the start of a negative trend or if acquisitions will prove current forecasts too conservative." |
Posted at 01/8/2023 15:17 by nchanning Far from conclusive but I probably wouldn't join investor meet company for my first ever public presentation to deliver bad news and face some angry shareholders . Not that Macfarlane really deals in surprise profit warnings anyway .... |
Posted at 27/7/2023 09:23 by nchanning fair enough , they have just joined the Investor Meet company platform |
Posted at 23/6/2023 09:57 by nchanning It's ok for company to be non promotional , do no investor relations , consistently underreport earnings by not excluding amortisation of acquired intangibles - as long as they take advantage of it buying back their own incredibly cheap stock . If the share price goes up great , if it doesn't we can probably buy back half the shares outstanding in the next 4 years and be on a PE of ~3 |
Posted at 09/5/2023 07:09 by pireric Id just flag on the packaging that input prices have eased since Q3 last year, hence the slightly slower 4Q and 1Q, which will be a small revenue headwind. However, as a leading distributor and fast inventory churn times, I wouldn't at all be surprised if its a small gross margin tailwind as they hold prices up while they balance input prices lower at a slightly more gradual pace.Also, as they say, it's the industrial end markets which are doing much better vs. e-comm, and industrial has higher gross margins. In any case, they're comfortable with the brokers FY expectations which have recently been upgraded twice for the acquisitions which are slightly higher than your estimates at present (I suspect on GMs?) Continues to be ripe to be acquired at this pace, in my opinion. The stock is far too cheap and retail investor pullback from UK markets investing, and the market cap (which is a little below the mainstream institutional investor radar) are both causes of that. It's actually cheaper now than at almost any points over the last 5-7 years when the execution has just continued to be strong. Eric |
Posted at 26/8/2022 09:31 by cockerhoop Research Tree do a 3 company research package for £8 a month (£25 per month for full coverage) with the flexibility to switch companies on a monthly basis so you can cover up to perhaps 10 companies from brokers like Shore.So no real excuse for any vaguely serious investor. |
Posted at 25/8/2022 15:03 by effortless cool Yes, they're the only broker providing coverage, at present, which is annoying as they will not make their research freely available to private investors. |
Posted at 26/7/2022 19:32 by tole https://www.fool.co. |
Posted at 22/2/2022 18:18 by km18 ...from last year...Company overview: Founded 70 years ago, Macfarlane Group is running three leading businesses in the packaging sector in the UK. The Group’s customer base is from UK, Europe and USA, with proportions of 70%, 15% and 15%, respectively. The packaging distribution generates 87% of the sales, with design and manufacturing only 6% and the rest is accounting for the private labels of the company. The value created by the group is not only from the physical products but also from advisory on product choices and avoidance of “hidden-costs& MACF started as a commercial stationery company and has transformed in the leading packaging business in the UK. The Group managed to continuously rise the PBT over the past 11 years, with current compound growth rate on operating profit of 13.3%. The value created by the group is not only from the physical products but also from advisory on product choices and avoidance of “hidden-costs& Interim results from the Group are confirming its ability to generate continuous growth and adapt to changing environments. Sales increased by 26.5% compared to H1 2020, reaching £133.5m. Profit before tax even doubled. According to managements comments, the strong trading in H1 and positive outlook even in the presence of numerous disruptions, will drive the year-end figures ahead of previous expectations. The boards suggested an increase in the interim dividend to 0.87p.... ....from WealthOracleAM |
Posted at 27/10/2021 08:41 by pireric After a month and a half of consolidation, I have been upping my position here again (adding back a little of the trim in the high 130s).I am expecting a trading update in 3-4 weeks time to show that trading continues to be good. I remain of the opinion that there is further upside to the broker estimates for this year and the eventual valuation will prove to be comfortably under 12 times adjusted PE. We may need to wait until FY to get the upgrade but it could come in Q3. In the context of the quality of the track record and management, I still struggle to find better risk-adjusted value in any pockets of the market. There has been one murmuring (investors chronicle) in the last month asking about whether the e-commerce boom is a one off spike for packaging players. Its not hard to disprove that as being unlikely. E.g. if we take the US retail ecommerce market, which has had offline retail unlocked for far longer than the UK, the growth rate has calmed down. But the overall spend trend reached new quarterly ATHs in Q2. Ecomm spend was about 155bn USD in Q1 2020, spiked to 204bn in Q2 2020, and rose to 215bn in Q1 2021 and 222bn in Q2 2021. Some are but I would not want to deny that e-commerce growth is a long term demand trend and yet today ecomm retail is only 13.3% of total US retail sales so a long runway there. Eric |
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