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MCON Mincon Group Plc

0.00 (0.00%)
24 May 2024 - Closed
Delayed by 15 minutes
Mincon Investors - MCON

Mincon Investors - MCON

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% 45.00 08:00:29
Open Price Low Price High Price Close Price Previous Close
45.00 44.50 45.00 45.00 45.00
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Posted at 05/5/2014 00:32 by wexboy
Company: Mincon Group

Prior 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).


· 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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