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MCON Mincon Group Plc

-1.00 (-2.17%)
Last Updated: 08:05:02
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Mincon Group Plc LSE:MCON London Ordinary Share IE00BD64C665 ORD EUR0.01 (CDI)
  Price Change % Change Share Price Shares Traded Last Trade
  -1.00 -2.17% 45.00 0.00 08:05:02
Bid Price Offer Price High Price Low Price Open Price
40.00 50.00 46.00 45.00 46.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Mng Machy, Eq, Ex Oil Field EUR 156.93M EUR 7.47M EUR 0.0352 12.78 95.61M
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 45.00 GBX

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Date Time Title Posts
10/7/202210:46Mincon Group Plc35

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Posted at 19/4/2024 09:20 by Mincon Daily Update
Mincon Group Plc is listed in the Mng Machy, Eq, Ex Oil Field sector of the London Stock Exchange with ticker MCON. The last closing price for Mincon was 46p.
Mincon currently has 212,472,413 shares in issue. The market capitalisation of Mincon is £95,612,586.
Mincon has a price to earnings ratio (PE ratio) of 12.78.
This morning MCON shares opened at 46p
Posted at 10/7/2022 10:46 by tmfmayn
MINCON: FY 2021 Reveals H2 Mining Sales Up 30% And ‘Outstanding’ Greenhammer Tests Yet Obvious ‘Moat’-Like Financials Remain Highly Elusive #MCON

"The second half was MCON’s best ever six-month performance for revenue and profit"
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 25/1/2014 09:08 by modform
So 33000 shares traded, all sells, and share price goes up by 2.7%. Mms are buying at a higher price because they know it's going to blow? Otherwise I am confused.
Posted at 02/1/2014 13:04 by essential
Apparently the 1% commission is because it is an Irish share. The deal size could be an issue
Posted at 30/12/2013 23:28 by modform
Haven't heard of PVD, and I can't find any reference to them. My best performing share is Treatt, I bought it last December because it was operating in a niche market, lets hope mincon is the same.
Posted at 30/12/2013 20:09 by modform
I have done quite well with a few recent IPOs. ABDP, GAM & KMK (they are based not very far from where I work) and two recent ones KLBT and MCON.
My gut feel is that ABDP has had its run, but It's a remarkably good and young company, so i am still holding.
I think MCON will do well, it is capable of generating cash in a tough market and very low P/E ratio.
Posted at 28/12/2013 12:51 by modform
Bought some on Friday. Operating in quite a niche market. Any good news will push the price up as there aren't many shares in public hands.
Posted at 08/12/2013 13:09 by apad
"(Sharewatch) Mincon (MCON; 82p) has all three features (excellent demand profile, 20% operating margins, well spread "repeat" customers) that characterise really successful businesses. The company supplies rockdrills. Conventional ones work by a percussion mechanism, operated by compressed air to break hard rock into dust, which is then blown clear by the air exhaust. It might look boring but it's so niche and Mincon continued its profit climb even during the recent mining downturn. Depleted ore-reserves mean that new mines process mainly low grade ore and as more ore is processed, more drill heads break. Between 2010-2012, helped by geographic expansion, Mincon grew sales from Eu33.8m to Eu63.1m and operating profit doubled from Eu6.22m to Eu13.22m. The case for investing looks two-fold. Their existing product line up means it is already a world leader with commanding market shares for its niche consumables. But the key plank is that the market is fragmented and it is planning acquisitions within the rock drilling consumables space. The placing at 73p has raised £47m new money (valuing Mincon at £151.3m) to help fulfil its ambition of doubling in size in 18 months. Buy."
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.
Posted at 26/11/2013 19:17 by simon gordon
The Mincon strategy is straight-forward. Mincon has a small percentage of the global rock-drilling consumables market. The aim is to increase the Mincon share of this market through organic growth and through acquisitions with the objective of becoming a ‘‘one-stop-shop’’; for rock drilling consumables. Controlling the supply chain from manufacture to end-user, providing a high quality customer service and receiving real-time feedback from customers to inform product development is expected to enable the Group to maximise its margins.

Management has set the following as strategic goals to achieve by the end of

• to double the size of the Group from 2013 levels through a combination of organic growth and acquisitions designed to improve product reach and improve access to existing and potential customers;

• to complete and integrate 2 to 3 acquisitions in the rock drilling consumables space thereby substantially utilising the net proceeds from the Placing;

• to adopt a commercially sensible level of leverage;

• to expand its HDD range and upgrade its range of DTH Hammers;

• to enter new markets with sales offices in the Americas, EMEA and Australasia (depending on the footprint of acquisition targets);

• to strengthen the management team and add additional non-executive directors with appropriate skills; and

• to establish a progressive dividend policy as set out in section 19 below.

*Sourced from the Admission Document.
Mincon share price data is direct from the London Stock Exchange

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