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  6. Manx Financial Group Plc (MFX)

  7. Manx Financial Group Plc (MFX) Share Price

MFX

Manx Financial Group Plc

23.50
0.00 (0.0%)
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Share Name Share Symbol Market Type Share ISIN Share Description
Manx Financial Group Plc LSE:MFX London Ordinary Share IM00B28ZPX83 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
Upgrade Icon
  0.00 0.0% 23.50 41,130 01:00:00
Bid Price Offer Price High Price Low Price Open Price
22.00 25.00 23.50 23.50 23.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Personal Credit Institutions 36.07 4.67 - 5.88 27.04
Last Trade Time Trade Type Trade Size Trade Price Currency
14:59:24 O 10,000 24.40 GBX
Related Shares
London Stock Exchange (LSEG), 3i (III), Mode Global (MODE), Agriterra Ld (AGTA)

Manx Financial (MFX) Latest News

Manx Financial News

Date Time Source Headline
30/5/202312:30UKREGManx Financial Group PLC Result of AGM and Dividend Declaration
05/5/202307:00UKREGManx Financial Group PLC Notice of AGM
21/3/202310:37ALNCNewsIN BRIEF: Manx Financial shares jump on "record" yearly results
21/3/202307:00UKREGManx Financial Group PLC Final Results
15/12/202212:37UKREGManx Financial Group PLC Holding(s) in Company
12/12/202218:12UKREGManx Financial Group PLC Holding(s) in Company
27/10/202214:44ALNCNewsTRADING UPDATES: Gusbourne toasts vintage; Hardide supplies Leonardo
27/10/202209:00UKREGManx Financial Group PLC Grant of Restricted Share Units
27/10/202207:00UKREGManx Financial Group PLC Conister applies for UK Branch banking licence
27/9/202212:09ALNCNewsIN BRIEF: Manx Financial shares rise as interim profit doubles

Manx Financial (MFX) Discussions and Chat

Manx Financial Forums and Chat

Date Time Title Posts
31/5/202310:34Manx Financial : 2012 turnaround potential1,524
31/7/201709:46MANX FINANCIAL 2016 , growing assets, profits and margins86
27/11/201315:50MFX Proposed action group to cancel the massive options14
16/12/201214:16MFX A PEACH OR A LEMON ASK JAMES MELLON535
30/8/201116:42Manx : Isle of Man based financial services1

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Manx Financial (MFX) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-05-31 13:59:2524.4010,0002,440.00O
2023-05-31 13:23:4822.8619,1304,372.16O
2023-05-31 07:02:3524.6912,0002,962.80O

Manx Financial (MFX) Top Chat Posts

Top Posts
Posted at 30/4/2023 16:07 by smithie6
...there is a post on a different msg board which is relevant for MFX as well, I think.

over time we should see the MFX share price rising imo

"Reading about Barclays in The Times...

"Barclays profits hit 12-year high after surge in interest rates"

Says that lenders are being boosted by rate rises being pushed through by the Bank of England. This is enabling commercial lenders to increase their net interest margins.

If so, has to be good for TIME too"

& MFX
:-)
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Posted at 24/4/2023 23:08 by smithie6
..I have a few TIME as well, can't put all my eggs in the MFX basket !

...phps TIME has gone up because small co. shares have been doing well recently, which encourages more buyers & there have been various takeovers pushing up some share prices & if ppl sell there then they usually put the money into other shares rather than spend it !....& the TIME share price had fallen back a fair % from a peak, so it was a prime target for buyers imo.

MFX chart looks fine.....with an up trend in place
...I'm hoping that some news snippet in an AGM RNS might help the share price.

----

financial sector shares are under priced imo.
MFX, TIME, etc, bank shares...

just so long as Putin doesn't fire a missile into a NATO country !...that would spoil everything.
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Posted at 05/4/2023 12:55 by smithie6
...yes, been a tough last 6 months for many AIM mkt shares.

Inflation, I expect it to fall & then interest rates.
Inflation rate is already reported as falling in some EU countries.
The rise in mortgage costs, energy costs & council tax should help reduce on-going inflation since ppl will have less money to spend !, while in the short term rises in those things phps helps lift the inflation numbers.

I think the 5 & 10 year fixed rates on mortgages/loans has already fallen.....inferring imo that the mkt expects interest rates to fall or at least to stop rising.
------

a decent part of the inflation rate numbers come from outside of the UK, oil price, petrol price, natural gas price, wheat price (now fallen quite hard), fertiliser price, but bump up UK goods prices since they hit prices for milk, eggs, chickens, transport costs, etc
....but if nat. gas, petrol & wheat have stopped going up (or have fallen) then logic says that the prices for milk, eggs, chicken, transport should not increase at all (0 inflation) & in fact reduce, but of course no one likes to reduce their prices !

-----
interesting imo that workers & pensioners demand increases that keep up with inflation but if prices were to fall they surely would not accept their pay or pension to be cut !

(if I had been in power I would have tried to get increases in income for inflation to be paid as a bonus, as a temporary measure since much is due to the war in Ukraine (eg. refusing (in theory !) to buy Russian oil & gas, wheat price rocketted due to less supply due to shipping from Ukraine, (wheat price now back down) which is surely a temporary measure.

like every crisis in previous decades this crisis in Ukraine will pass as well.

(if it expands into WW3 then we all screwed anyway !; if Putin presses the nuke button at least we won't worry about a long war since most big cities of the west & Russia will get wiped out in the first 1/2 hour & share prices will be irrelevant !).
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Posted at 05/4/2023 12:08 by smithie6
I'm surprised (as are some others) by the low p/e currently given to these shares considering

- the established trend over some years of growth in revenue & the size of the loan book

- the growth in profit in 2022 & the known growth in profit for 2023 (assuming no falls in profits of other parts of MFX) due to accounting for 1/2 of the profits of PA Ltd for the first time for an H1 period & then 1 complete year.

but I guess the share price has risen (multiplied !) a lot since ~Oct. '22 & it is natural that some ppl will be taking some profits, & everything takes time. But over the coming weeks/months I personally expect the share price to continue its long term rise. As a company with a cap. value of only £30 million it is not very visible to the market, imo, & it is too small to appeal to many big funds, pension funds & insti investors. Slowly the low p/e & growth situation will/should attract more buyers imo.
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Posted at 04/4/2023 17:29 by smithie6
Tiger

you wrote that PA made £700k pbt in Q4, with MFX part being £350k.

I wrote that I saw it as £700k pbt to MFX, for its 1/2.

Please note that the Edison writer/analyst has the same opinion as me, since he wrote
"PAL was consolidated for just over three months and contributed 13.5% of PBT in FY22."

& we know that MFX pbt was £5.2m, 13.5% of MFX pbt of £5.2m is £0.7million.

Sure, the writer might be wrong, & me, but one assumes that he has talked to the company & the company has perhaps reviewed the analysis before it was published to check for any big errors.
And if the analysis made a big mistake then MFX would surely request an updated correct version to be issued.

-----
if £700k in Q4 for the MFX half is correct then PA ltd made £1.4m pbt in Q4, inferring a possible pbt for 4 quarters like Q4 of £5.6 million.

'if' that were true then
- the growth in 1 year would be crazily high
- the annual report of MFX does not highlight the very high % growth in 1 year or really mention it.
- the mkt has overlooked it

----

So, looks like your shares are phps worth a bit more than you thought.
;-)
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Posted at 23/3/2023 10:35 by smithie6
Summary of data from different posts of mine giving calculations.

in case of interest

----

Growth in PBT in 2022 for MFX excluding any input from PA Ltd.

50%.
!!!

=======
Various future predictions could of course be done. And different % growth numbers put in for PA Ltd and/or the rest of MFX.
The calcs here are pessimistic imo. MFX excl. PA Ltd produced 50% growth in PBT in 2022, but it seems too bold to pencil that in now for 2023.

Reality will only be known in the future.
----

Eps & p/e prediction for 2023.
owning 1/2 of PA Ltd for first full year.
assuming just 15% growth in PBT in MFX outside of PA Ltd; when it was 50% in 2022. Should a higher % be used ?
Assumes some growth at PA Ltd to produce £2.5m PAT for the MFX 1/2. Too high, too low ?

Total =2.5 + 4.7
= £ 7.2 million PAT

115 million shares

so the EPS undiluted = 7.2/115
= 6.3p

p/e =28/ 6.3
= 4.4
==========

DILUTED
eps = 7.2/~150
= 4.8p

p/e of 28/4.8
= 5.8

(This is effectively the same number as given by Simon Cawkwell on 22nd March. "p/e of 6")

=====
IF ZERO GROWTH from 2022
...no one thinks that will happen

PBT
5.2 + 2.2 (0.7 +1.5; for owning 1/2 of PA Ltd for 12 months & not just 3 (ref. the accounts))
= £7.4 million

PAT = 4.7 (10% tax) + 1.65
= £6.35 million

115 million shares
eps = ~5.5p/share undiluted

diluted
=£ 6.35m/~150 million
eps=~ 4.2p

======

2023 'if' MFX already owned all of PA Ltd, which is not expected until 2027 but in reality could happen at any time 2023-2027 if the 2 sides made an agreement.
And in any case it is a useful calculation to do.

PAT ('if' PA was 100% owned now by MFX )
this assume NO growth in MFX (outside of PA Ltd) when it achieved 50% in 2022.

= 4 + 4.2 (for 100% of PA Ltd & assuming no growth, & annual PAT is 4 x Q4 in 2022)
= £8.2 million

115 million shares,

undiluted
gives the EPS as
= 8.2/115
= 7.1p/share

p/e= 28/7.1
= 3.9
=========

DILUTED
~ 150 million shares
EPS = 8.2/150
= 5.5p/share

p/e=28/5.5
= 5.1
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Posted at 22/3/2023 10:55 by smithie6
MFX PBT =£5.2million

including ~0.7 PBT from its part of PA Ltd. for Q4

so, excluding the contribution from PA gives £4.5 million pbt from the other parts of MFX.

if PA produces £5.6 million pbt per year (4 x 1.4 for Q4) then for a year the full combination (after acquiring the 2nd half of PA)
= 4.5 + 5.6
= £10.1 million PBT
(& only 10% tax paid on the parts of MFX outside of PA Ltd, which I assume pays 25% UK tax)

& cap. value of MFX is only around £30 million !!, +/-
versus future pbt of >= £10.1 million.

!!!

:-0

======
PAT numbers

4.5 pbt (MFX excluding PA)
10% tax = ~0.5
so PAT = 4 or 4.1

---
PA. Ltd
5.6 million pbt.
25% uk tax = 1.4
PAT = 5.6- 1.4
= 4.2.

Resulting PAT ('if' PA was 100% owned now by MFX )
= 4 + 4.2
= £8.2 million

115 million shares, undiluted
gives the EPS as 7.1p/share
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Posted at 22/3/2023 10:26 by smithie6
Tiger wrote
"declared 700k profit for MFX in the quarter. ( we must assume that the company made 1.4 million in the period........the results only talk about our share."

good point.

so, if PA Ltd made £1.4 million pbt in Q4 in 2022 then in 2023 it phps makes >= 4x £1.4 million pbt., in 2023 if replicates Q4 performance)

= £5.6 million pbt

(if pays uk tax at 25% that means
£ 4.2 million PAT.
or

3.7p/MFX share undiluted, !!!

("after " MFX have bt the other 1/2 of PA Ltd)

just from PA Ltd, then add in the PAT from other subsidiaries to get overall eps for MFX, "after" acquiring the remaining 49.9% of PA Ltd)

!!. :-0

which will all be consolidated in MFX accounts after MFX buys the other 49.9% of PA Ltd.

!!!!!

:-0
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Posted at 22/3/2023 09:11 by smithie6
PA Ltd

What happens to the MFX part of the profit made by PA Ltd each year ?

since MFX controls PA Ltd would it be correct to assume that it will be paid as a divi to MFX & the other shareholders ?

or retained within PA Ltd to help back an increase in lending ?

----
until MFX buys the other 49.9% of PA Ltd there will be a chunk of money generated. If makes £6.4 pbt & say £4.8million pat (if paying 25% uk tax) then 4 years of operation gives £19.2 million of cash, £9.6 million (!!!) of it being MFXs. (which would more than pay for the 50.1% of PA that MFX bought for £4.2 million !;

~2 year pay back on the MFX investment of £4.2 million (earlier if there is growth),

or about 50% return, very very good :-0 ).
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Posted at 23/10/2022 07:30 by smithie6
update/correction of previous calcs./post to use PAT & not EBITDA for the acquisition PA.
----

CTiger, that sounds a bit hopeful for the acquisition PA but it has grown a lot in the last 2 years & it is working with national outlets like Halfords & others, so for a small co. it could easily grow a lot.

------

if one compares the valuations & finance/profit numbers of PA with MFX it makes MFX look cheap & the future 100% combination of the 2 looks good
& I don't think the mkt is really awake to that yet.

The recent share price rise of ~50% was due imo to the very good interim results combined with the good feeling from the PA acquisition (which was announced in May & the share price stayed at 8-9p for months for months since the mkt didn't care).

£2.3 million PBT for H1 for MFX (a big jump in PBT)
(105% increase on previous year but the sh price only rose 50-60%, so it is still lagging behind the jump in performance imo)

so
>=£4.6 million PBT for the year looks likely imo
(Tiger reckons that H2 is normally stronger, I haven't checked yet)

note that MFX is in the IoM & pays a low overall tax %

(I expect >£4.6 million, excluding any write down of goodwill, apparently possible for the IFA business)

& + ~ £1.25 million PAT (estimate) in the coming fin. year from owning 1/2 of PA. (PA made ~£0.8 million PAT in 2021). say a PBT of ~£1.5 million.

gives >=£6.1 million PBT (4.6 + 1.5) imo in the coming financial year, which starts soon, without adding any other items, & there are some.

say 10% tax rate (8% in last F.Rpt), = £ 0.6 million
6.1 - 0.6 =£5.5 million PAT

(this is 2022 for MFX (2 x H1 result)+ 2023 estimate for PA)

and shareholder assets of £27 million in the last accounts. About £20 million if remove goodwill.

All makes the cap value of £16 million look far too cheap.
----------------------

P/E
cap. value now /PAT 2023.
= 16/~5.5= 2.9

with dilution (mostly due to some convertible loans) the cap. value increases & hence the P/E number increases.
21/5.5= 3.8.
(& ~3.6p diluted EPS)
4 if round off to remove decimals

with dilution the shareholder assets will increase by ~£3 million as convertible loans are converted to shares, & will be ~£23 million if exclude the goodwill, still higher than the cap value of ~21 million if converted and mkt price forbthe rest if the shares was ~14p/share. (conversion price is mostly 7-8p)

issuing/exercising 2022 share units etc will have much smaller dilution effect than converting the conv. loans so I haven't included that, ~2 million shares I think.

--------------------

SUMMARY
P/E of <=4 for 2023 imo
(diluted numbers are reality, any other number is imaginery !)

cheap imo

RISKS
various, see the risks section in the Annual Report for a full list.
The biggest risk is an increase in bad debts, lent money not being paid back or a small acquired co. going bust. But reading the interim accounts they seem to have planned ahead for risk & the expected recession. The acquired companies are all profitable with a track record & any of them going bust seems unlikely, although during the Covid crisis some offices were closed/merged in the UK to reduce costs.
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