Mcbride Share Discussion Threads

[bookbroker] 08/9/2020 07:53

Undervalued by a mile!

[elsa7878] 08/9/2020 07:47

Operating cash flow before changes in working capital before exceptional items: £48.8m. Market cap £120m

Outlook. Marginal improvement this year. Big improvements expected from next year.

[imastu pidgitaswell] 08/9/2020 07:34

Results out:

good (ish)

Flat adjusted earnings (9p+) - multiple of just over 6.
Debt down a lot, mainly due to working capital changes (some will revert)
Sales up in last 4 months - cleaning products (duh, pandemic..)
Small dividend (but a dividend)
Increased profitability expected in current year

bad(ish)

Sales returning to normal levels
Consultancy costs exceeding £1m (why?!)
No notification of what the ex CEO was paid off
Plenty of exceptionals, although most were non-cash (except the exCEO pay-off)

Overall, happy with those, good for 90-100, as posted previously. Not too many businesses perform this well in a pandemic. Although no one cares or is watching...

[imastu pidgitaswell] 07/9/2020 13:24

Yes, there wouldn't be anything leaking would there, because that doesn't happen...

Nice to see someone else noticing - a lonely old share this one. Beginning to think it was no longer quoted.

[gordongekko4] 07/9/2020 13:10

looks like we might get fireworks tomorrow

[imastu pidgitaswell] 04/9/2020 17:05

Signs of life, ahead of Tuesday next week. Just as well, it has been dead for months...

[imastu pidgitaswell] 03/9/2020 16:47

And some Dutch outfit has sold down over 3% or some 5.5 million shares as at 1st September. Another 3 million gone in the middle of today. Difficult to rise against that backdrop - although someone is taking them.

Did they invest purely because of the (apparently useless) ex CEO?

Results soon - 8th September.

[imastu pidgitaswell] 21/8/2020 13:00

You were right - Invesco (in the US - why would they be investing in a tin-pot Manc company?) selling 274,500 shares. Not a lot but when only 2 people and a parrot are trading these shares, it has an impact.

Also no indication that they are finished - 5.04% down to 4.89%.


Zzzzzz

[spooky] 13/8/2020 11:45

Think he's still there.

[imastu pidgitaswell] 13/8/2020 11:13

Just bringing up this up for all those thousands of enthusiasts out there for MCB - the b*stard who has been selling at 60 for weeks on end appears to have finally finished...

Results 8th September.

[imastu pidgitaswell] 28/7/2020 12:01

Another read across:



Demand for Dettol and Lysol disinfectants during the pandemic has led to better-than-expected sales at Reckitt Benckiser, leading the FTSE 100 consumer goods group to declare an interim dividend and to raise its full-year forecasts.

Reckitt said group like-for-like sales rose 11.9 per cent to £6.9 billion in the six months to the end of June as demand for its hygiene and health products more than offset the impact of social distancing....

[spooky] 24/7/2020 12:37

They look like reasonable value to me but there has been a persistent seller.

[imastu pidgitaswell] 24/7/2020 12:06

Um, read across anyone?




Unilever has become the most valuable company on the FTSE 100 after a better than expected trading update sent shares in the Anglo-Dutch consumer goods group up almost 8 per cent.

The company said yesterday that demand for bleach, soap and hand sanitiser helped to offset a slump in other products...



Perhaps not...

[gordongekko4] 20/7/2020 14:37

there is a lot of talk about and reference being made to the "strategy review"... I wonder if that could mean that the company is trying to sell itself

[imastu pidgitaswell] 14/7/2020 10:04

Yes, agree with those numbers.

Or the pure equity version of Post tax 17m vs equity of 115m - not screamingly cheap, but (I think) good for 50% higher equity value (say £170m, 10 times earnings.)

Good enough for me.

[elsa7878] 14/7/2020 09:30

If debt/ebitda is going to be 1.5x and net debt is £90 million then ebitda must be about £60 million. Pre-tax 21.6m and post-tax 17m. Enterprise value 115m equity plus 90m debt = 205. Looks pretty good value.

[imastu pidgitaswell] 14/7/2020 09:07

In my (limited and recent) experience, the market isn't fond of this lot - Northern oiks, or possibly just not very good with informing the market. The farce with the 8-month CEO won't help.

Dunno - just on pure numbers I think it is worthwhile, good for 90-100 with a bit of 'trust'. Needs one or two funds to get interested rather than just a newspaper tip (although not unwelcome.)

[sirrux] 14/7/2020 07:57

Looks ok, implies people are washing their clothes less by staying at home but maybe benefiting a bit from better margins as profits holding up. Makes sense I suppose. The PE will be very low with these numbers, but will the market re-rate even a little?

[imastu pidgitaswell] 14/7/2020 07:13

Fairly anodyne, but not unpleasant trading statement. In line with what they said in May - debt down, earnings ahead of expectations (and very careful to stick that out front...)

I dunno, hand sanitiser and cleaning products in a pandemic, seemed a good idea at the time, m'lud. No mention of the ex-CEO, who appears to have been Stalinised from their history.

Although only about 2 people and a dog read their stuff anyway...

[bookbroker] 23/6/2020 20:47

I think results will be ok, input pricing may have reversed a bit, but last statement fine, as long as Ludwig did not leave a mess, his departure somewhat hasty!

[imastu pidgitaswell] 23/6/2020 19:33

It's slightly tongue-in-cheek. Taken at face value (dangerous thing to do) I think it is valued cheaply - which is why I bought them first time round.

I was surprised how easy it was to buy in that volume at that discount to the quoted buy price - it wasn't possible first time round, hence the apprehension that something bad is about to happen because someone must be selling significant amounts.

But hey, rock n' roll, they won't take me alive, etc etc..

[bookbroker] 23/6/2020 18:35

Why buy in that case!

[imastu pidgitaswell] 23/6/2020 16:20

Right, back again...

Given the price I managed, both showing as sells, am now expecting bad news...