Share Name Share Symbol Market Type Share ISIN Share Description
Michelmersh Brick Holdings Plc LSE:MBH London Ordinary Share GB00B013H060 ORD 20P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 106.00 105.00 107.00 106.00 106.00 106.00 5,305 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 46.3 6.4 5.8 18.3 98

Michelmersh Brick Share Discussion Threads

Showing 1001 to 1025 of 1050 messages
Chat Pages: 42  41  40  39  38  37  36  35  34  33  32  31  Older
DateSubjectAuthorDiscuss
04/9/2018
08:55
Cenkos; The foundations for an excellent year Michelmersh’s interims fully recognise Carlton’s acquisition (June 2017) for this first time over H1A, contributing to an overall 74% YoY improvement in CKS adj EPS to 4.3p p/s. Positive trading across the remaining group has also supplemented the acquisitive growth. While YoY growth rates will materially moderate over H2/18E, the current order book places the company firmly on course to achieve FY18E expectations. We expect 34% annual EPS growth and a material DPS uplift (+48% YoY). n H1A results – strong YoY growth: Group revenues of £23.1m (+43% YoY) reflected sales of c55m (H1/17A: 36m) bricks, c1m more than that manufactured, in the face of strong market demand across all segments. This lead to some de-stocking of reserves, and we expect this to continue in H2/18E to meet current demand. Modest, single-digit price inflation was also passed on to customers, largely reflecting cost inflation. Both gross margins (40.5%, +14%) and CKS adj EBITDA margins (25.5%, +34%) appreciated strongly, predominantly highlighting the accretive impact of Carlton. The company achieved CKS adj EBITDA of £5.9m (+91%), in-line with FY18E forecasts of £11.3m. n Successful site restructure: The group’s Michelmersh site was restructured in February, moving production of handmade bricks to Charnwood, achieving cost efficiencies. This has successfully returned the site to profitable trading. n Temporary working capital outflow: Interim net debt came in £18.1m after payment of £1.9 million in dividends and seasonal cash outflows. We expect the latter to reverse in H2/18E, with FY18E net debt expected to fall to £13.2m. n Use of material FCFs: Given the strong FCF generation expected over the course of the year (FY18E FCF of £7.7m, 10.2% yield), the company has repaid early the outstanding £1.8m of deferred consideration for Carlton. Funds of c£1.5m have also been earmarked for expansionary capex projects at Carlton this year. The company plans to invest in new equipment at the site, which will yield cost efficiencies, de-risk operational processes and give potential for near-term capacity improvements. This capex is included within our FY18E forecasts. Beyond this, we expect the company to use remaining FCFs to pay down debt. The board have stated their expectation that net debt will fall to under 1x EBITDA in FY19E, in-line with our forecasts. n Order book underpins H2/18E delivery and beyond: The group’s order book currently stands at c67m bricks (+11% YoY) and is said to be well-balanced across sectors and price points, diversifying risk. Given our expectation that Michelmersh will sell at least all their annual capacity of c100-105m bricks, this provides good visibility over H2/18E and into Q1/19. n Forecasts largely unchanged: We consider today’s results reflective of in-line trading. We expected this slightly stronger H1 delivery, given the occurrence of annual planned maintenance over H2. As such, we leave our forecasts largely unchanged, but have updated for the early payment of deferred consideration, a slightly higher FY18E and FY19 DPS (+0.1p in each year) and a marginally higher share count. The company is on course to post growth in CKS adj EPS of 34% this year. n Valuation – anomaly verses peers: Michelmersh is a more premium, niche player with higher gross margins compared to its larger, listed peers (Ibstock and Forterra). It offers materially stronger earnings growth this year versus these names. Despite this, the company is currently valued at a discount, or in-line, to these mass market players
davebowler
04/9/2018
07:42
Yes - looking good !
masurenguy
04/9/2018
07:31
Decent set of results on first quick glance IMHO:- https://www.investegate.co.uk/michelmersh-brick--mbh-/rns/half-year-report/201809040730016812Z/ Commenting on the results, Martin Warner, Chairman of Michelmersh Brick Holdings Plc, said: "The strong growth achieved during the period reflects not only the successful acquisition and integration of Carlton but also improved sales and operational progress across our other divisions. With a robust order book for the rest of this year and into next year, and the market demand for bricks remaining strong, the outlook is positive and we are confident in meeting our full year targets."
cwa1
28/8/2018
10:46
Hi rich, hope so, will know by eod close
bamboo2
28/8/2018
10:19
Confirmed??
villarich
22/8/2018
21:29
Price closed above 50sma. Needs close above 87.5 to confirm the Inverse Head and Shoulders pattern. Tp approx. 94.6 Potential turn 3-4/9/2018. [4 Sept date of half yr figs] Watch prior trend for likely direction. gla
bamboo2
14/8/2018
21:04
A potential turn shows on the chart 14-15/8/2018
bamboo2
09/8/2018
13:01
This consolidation/retrace forms the second shoulder of the INVH&S bottom pattern. Should see an increase in volume around this price level.
bamboo2
09/8/2018
11:49
From IBST results, "Demand from the Group's UK brick customers was strong over the first half, Review of UK brick manufacturing assets identified requirement for increased maintenance and refurbishment activity over 2H 2018 and 1H 2019 to sustain manufacturing capability" They should think about taking out MBH,at a large premium of course.
shauney2
05/8/2018
08:23
Price into resistance zone now. Expect consolidation for a few days. Good volume. New target price 96.4
bamboo2
31/7/2018
07:27
mrf, I only have direct personal experience of FLB arm of MBH. A large percentage of production is used locally, which means weather related probs and energy costs are well contained. Builders merchants collect using their own transport, leaving the co's lorries for site and direct deliveries. I would guess that a similar story applies to MBH's other smaller factories. Are you not holding anymore, or are you short?
bamboo2
31/7/2018
05:47
Re Ibstock "Demand from the Group's UK brick customers continues to be strong, particularly from the new housing sector, and market fundamentals remain favourable". Net debt of £117 million on a market cap of circa £900 million and strong cash flow looks very serviceable while still able to produce a healthy and non stretching dividend.
marvelman
30/7/2018
23:16
Perhaps mbh are immune to weather and energy costs ?
my retirement fund
30/7/2018
22:44
In our area, FLB Multi's [part of MBH] can be used as an alternative to Ibstocks local production. They have similar visual appearance and performance. [raw material comes from very similar clay beds] Many planners won't notice the difference!
bamboo2
30/7/2018
18:24
Ibstock mention a healthy market which should help MBH. I don't know if they compete in the same exact space, but any operational problems for ibstock could benefit these guys
twistednik
30/7/2018
17:27
Maybe you should read their update again and look for the reason for the profit warning.
shauney2
30/7/2018
16:44
Surprised this hasn't cratered after Ibstocks nasty profit warning.Perhaps the market is in late summer slumber mode and hasn't woken up yet ?
my retirement fund
27/7/2018
13:33
shauney, yes looking good here. I have used FLB bricks for well over 25 years, and have always enjoyed a good customer experience, both before and after MBH became owner. Pre MBH the brick clamps were fired with coking coal rather than gas. The smoke was amazing. Now the firing is all gas based, which is more reliable, cleaner and quicker. The current brick shortage will help ensure pricing power.
bamboo2
27/7/2018
13:02
Good call yesterday Bamboo.
shauney2
27/7/2018
13:01
Thanks bamboo...worth knowing...I noted this company has a market cap of 71 million backed up by over 50 million of property and plant. The debt appears to be well serviced by cash flow and still leaves room for a decent dividend.
marvelman
27/7/2018
12:57
Did some calcs based on various types of reversal chart pattern scenarios, and came up with a minimum target price of 92. I expect historical resistance at approx 86-87
bamboo2
27/7/2018
11:11
Pretty sure there is a seller or an overhang here the MM's are trying to manage so a little patience required.
marvelman
27/7/2018
10:08
You can sell online at 80p now so it does appear to have bottomed and getting interest which is seeing it move up again.
marvelman
26/7/2018
11:34
Worth a nibble and i have.Will be interesting to see the FCF v debt in the results in September.Debt is also backed by freehold property and land.
shauney2
26/7/2018
07:51
Just spotted this through noticing your post highlighted after a long absence from my watchlist. Looks a very interesting re-entry point. Plenty of debt but a niche market and free cash flow to service it. Also paying a dividend....worth a nibble.
marvelman
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