Share Name Share Symbol Market Type Share ISIN Share Description
Michelmersh Brick Hldgs 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
  +2.00p +2.31% 88.50p 87.00p 90.00p 90.50p 87.50p 87.50p 117,993 13:32:24
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 30.1 4.6 4.4 20.2 72.11

Michelmersh Brick Holdings Share Discussion Threads

Showing 926 to 950 of 950 messages
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DateSubjectAuthorDiscuss
29/6/2017
11:16
Have changed from a nimble niche outfit,to a more unwieldy outfit.I am out!
trewinney
27/6/2017
23:31
Good point simso. I may have fallen into the trap of comparing the post deal balance sheet with the pre deal b/s instead of the wider market. As with any business in the construction sector the wisdom of this acquisition, and the prospects of MBH, will be largely determined by the continuing health of the sector. Can't fault your thinking MRF - first rule of investing - protect your capital. I will continue to hold, maybe my twitching will subside.
alanrussell
27/6/2017
09:56
Interesting post thanks alanrussell. I have reflected on this and take a more positive view of the acquisition. I think Michelmersh Balance Sheet was so asset rich/unleveraged to start with, and even after this acquisition, it is much stronger than 90%+ of companies I evaluate. A forecast Net Debt / EBITDA of 1.3 times for 2018, and with over £30m of Freeholds in the balance sheet, this is still a very asset rich and unleveraged business. As an acquisition, Carlton does make sense as it is a single site, highly profitable business well within Michelmersh area of expertise and competence. One would hope for further synergies and cross selling opportunities, which are not reflected in the forecasts. There is always a risk with any acquisition, but I think this one makes more sense than most.
simso
27/6/2017
08:14
Good assessment and for that reason I've taken half my money off the table. I would think they have put a lot of lipstick and make-up on to be able to sell such a pig for such c copious levels of goodwill. Better safe than sorry is my moto.
my retirement fund
27/6/2017
00:00
Well this is a BIG deal. Cap before today’s RNS was £59M so an acquisition of £31M makes MBH a rather different animal. MBH produces about 72M bricks/tiles/pavers pa so an addition of 37M bricks greatly increases its volume/revenue. But is it a good deal? On the face of it the existing owners are bowing out (apart from two year consultancy for Oliver Stephenson) and selling to MBH at what looks like a modest multiple of (very) adjusted earnings. Perhaps hard to find a buyer for this type of business if you want to retire. Immediately earnings enhancing. All very well. But look at the assets being acquired. Net assets at 31/3/16 amounted to £9.3M, including land and buildings at book value of £0.6M independently valued at £6.3M. So presumably net assets included cash at 31/3/16, unspecified then but £7.2M now. For this MBH is paying £38.4M – huge goodwill coming onto MBH’s balance sheet while cash departs. A rather different animal indeed. MBH goes from strong balance sheet with cash in hand to much weaker b/s with significant borrowings. Net effect the company is now much more exposed to trading conditions. If trading continues strongly, or even at a more modest pace, this should prove a good deal. But if trading conditions deteriorate ………;… It’s all very well speaking of accessing new geographical markets but if the economy contracts the north will inevitably suffer most. The economic cycle will not be denied despite record loose monetary conditions. It is eight years since the last recession and for sure we are closer to the start of the next recession than we are from the end of the last recession. A quick search tells me that OS was born in 1962, a little young to be retiring at 55. Perhaps he sees the market turning and has decided to get out while the going is good. I have been in (and out of) MBH for very many years. It is by far my largest holding and I have been delighted to see dividends resume and was looking forward to a solid boring income paying stock. Management has been excellent. Now a change of chairman and we are off to the races with a big acquisition. Acquisitions always make me twitchy and this is no exception.
alanrussell
26/6/2017
14:57
I Understand that Carlton made an Operating Profit of £4.9m on T/o of £13.5m to March 17, and it therefore makes more Operating profit and an appreciably better Profit/Sales than the existing MBH business (£4.5m on £31.5m turnover). Even if there are no synergies on acquisition, one would expect the profit to more than double, just by adding the two Operating profits together - and it appears the new Cenkos note this morning has done exactly that for 2018. The key reason for Carlton's better profit / sales appears to be Gross Margin, which is 33% for MBH and 53% for Carlton. I wonder why on earth they are so different...i thought they both made high quality bricks?
simso
26/6/2017
11:07
Wow up 11 %
my retirement fund
26/6/2017
08:18
Looks like quite a good fit geographically. End of day close above 83 targets approx 97. Wonder if we could get confirmation of the chart pattern today?
bamboo2
26/6/2017
08:09
Complete different business to MBH current factories. Carlton are predominantly a merchant business, selling most of their products into stockist rather than the higher end spec jobs that this company is used to. Carlton are a very good company with an excellent range of merchant products. fn
fishyneck
26/6/2017
08:05
Lordy somebody actually posted !Morning Bamboo
panic investor
26/6/2017
07:59
Looks like good news.
bamboo2
31/5/2017
08:57
Up 60% in 10 weeks, quite a performance. You would expect it to pause after the last surge. Goes XD Friday 3rd June so some fallback would not be surprising. DCLG announced a few days ago that house building in England is highest since 2007/8. Together with positive news from similar companies hopefully any fallback in the share price over the summer will be limited pending half-year results on 4th September.
alanrussell
26/5/2017
20:21
See that 100k buy at 83pClearly someone had a large order lodged this week.
my retirement fund
26/5/2017
14:55
SP got a shift on today! Price could need time to consolidate, but an EOD close above 82.5 gives a new target of 96.75
bamboo2
25/5/2017
08:40
MRF, fwiw My chart tp now raised from 75 to approx 82.3 Using bowl/cup reversal stats for new target. See here for more info, Http://thepatternsite.com/roundb.html
bamboo2
25/5/2017
08:23
Cant buy more than 500 without phoning around and negotiating.Can sell 30,000 at full price online though !Market makers clearly struggling for liquidity now.
my retirement fund
24/5/2017
08:57
Likewise a positive read across from Forterra yesterday
brummy_git
24/5/2017
08:32
Mildly positive reference to the UK brick market in today's update from Ibstock.
alanrussell
19/5/2017
08:58
Added. Last lot for me. :-)
bamboo2
17/5/2017
23:21
Maybe but volume would surely be higher - only about £44,000's worth traded today. But something is stirring for sure looking at the last two or three weeks of action. I can't help but think of the 15 acres former PSM (edited) option land at Telford and wonder if something is in the offing there.
alanrussell
17/5/2017
14:54
Flying as if its been tipped ?
my retirement fund
14/5/2017
09:02
I see May will be kick starting social housing on a scale not seen since the 60's.This will require additional investment in many sectors to meet demand. This may be the catalyst required to push MBH to fresh all time multi year highs.
my retirement fund
12/5/2017
20:41
Yea, so is the paving slab industry. 3 month waiting list on many marshal patio products.
my retirement fund
12/5/2017
16:14
The brick industry is bonkers at the moment. Some Forterra products from Kirton factory not available until December! A good time to be making bricks. fn
fishyneck
12/5/2017
16:08
Added. EOD Close above 71 confirms tp of 75 [bowl]
bamboo2
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