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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Mincon Group Plc | MCON | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 38.00 | 08:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 38.00 | 38.00 | 38.00 | 38.00 |
| Industry Sector |
|---|
| INDUSTRIAL ENGINEERING |
| Top Posts |
|---|
Posted at 04/5/2014 23:32 by wexboy Company: Mincon GroupPrior Post(s): None New IPO (Nov-2013) Ticker: MIO:ID Price: EUR 0.975 Not to be unfortunately mistaken for rubbish like Minco (MIO:LN)... Mincon IPOed in late 2013: The company was established in 1977 by the Purcells, and now has manufacturing plants in Ireland (Shannon), the US (Benton, IL) & Australia (Perth). It sells (& services) rock hammers & bits to the mining industry (& distributes related third party products) for example, the San Jose miners in Chile were rescued with Mincon equipment back in 2010. Its products are considered consumables, rather than capital items, so customer loyalty & revenues are far more predictable its customer base is also more diverse than you might expect, with its top 10 customers typically accounting for about 30% of revenue. 2013 was a fairly tough year for the industry, and 2014 promises more of the same but recent results were still encouraging. Revenue declined 17%, but this was primarily due to a 43% fall in third party product revenues (after some one-off deals in 2012). On the other hand, adjusted operating profit (of EUR 15.0 million) was up an astonishing 18%, but this was flattered by some exceptional 2012 expenses (mostly bonus payments) I estimate underlying operating profit fell marginally, which still amounts to an excellent performance. This pegs the operating profit margin at a remarkable 28.7%, which obviously masks an even higher margin for Mincon's own product range. I do notice some cash flow shortfalls in the past 2 years, but that kind of margin still deserves a 2.5 P/S multiple. This margin would also support a good slug of leverage: I calculate EUR 43 M of debt would cap interest expense at 15% of operating profit let's haircut this total by 50%. We can also add cash on hand, plus net IPO proceeds: (EUR 52 M Revenue * 2.5 P/S + 50 M Cash + 43 M Debt Adjustment * 50%) / 207 M Shares = EUR 0.98 Mincon Group's fairly valued a view on the commodities/mining industry may be essential here. Meanwhile, it's worth noting Mincon's still very much an owner-operated firm Paddy Purcell's a non-executive director, while Tommy & Joe Purcell are Sales Director & Chief Technology Officer respectively, plus the CEO Kevin Barry's also been with the company for 3 decades now. This involvement's also reflected in their continuing 58% (Purcell family) & 14% (Barry) stakes. [Incidentally, the average employee has also been with the company for nigh on a decade]. Some investors prefer to avoid this kind of ownership, others will actively embrace it. It could also prove a double-edged sword when it comes to acquisitions: Mincon's already earmarked its available cash for a likely deal or two in 2014 their tight-knit culture may offer a good home for similar firms, or prove a real integration challenge. Price Target: EUR 0.98 Upside/(Downside): 0% |
Posted at 26/11/2013 19:22 by simon gordon RNS - 21/11/13:Mincon Group plc ("Mincon" or the "Group"), an Irish rock drilling engineering company with global operations, today announces that it has placed 57,471,264 new ordinary shares in the Company at a price of 0.87 per share (£0.73) (the "Placing"), raising gross proceeds of approximately 50 million (£41.9 million) and valuing the issued and to be issued share capital of the Company at 180.5 million (£151.3 million). HIGHLIGHTS · Total gross proceeds of approximately 50 million raised. · Aggregate of 57,471,264 new ordinary shares will be issued at a price of 0.87 per share, representing 27.7% of the issued share capital of the Company at Admission. · Strong international institutional investor interest with the funding over-subscribed. · Admission and commencement of dealings are expected to take place on the ESM market of the Irish Stock Exchange (Ticker: MIO) and on the AIM market of the London Stock Exchange (Ticker: MCON) at 8.00 am on 26 November 2013. · Davy is acting as Nominated Adviser, ESM Adviser and Broker. |
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