The Mission Marketing Share Discussion Threads

[mfhmfh] 08/12/2015 18:29

this my be of interest; check out the interview with the chairman from 24.09.15

hxxp://brrmedia.co.uk/lseaim/10TMMG/the-mission-marketing-group/

[dr biotech] 08/12/2015 16:42

Looks like its been a solid year of progress but with the share price going nowhere. Sort of sums up my year really. Think I will end it down overall.

[davebowler] 30/11/2015 12:07

Edison;
The house broker’s figures reflect the Chapter deal, on conservative assumptions.
Forecast earnings growth for the smaller quoted agency sector is currently at 10.7%,
but this may not yet reflect slowing assumptions for UK ad spend. For the mission,
the house broker’s earnings forecast is for growth just ahead of this level, yet the
market values the group on an FY15e P/E of 8.3x, well below peers on an average
of 13.9x. On an FY15e EV/EBITDA, TMMG is trading at 5.2x vs peers at 8.5x,
despite its stronger EBITDA margins.

[mfhmfh] 27/11/2015 14:16

The chairman David Morgan said after the last interim results 'we've got a couple of acquisitions in line for this autumn' (plural not singular) and has also said the company traditionally does better in the 2nd half of the year compared to the 1st half.

[red_shed2000] 27/11/2015 09:40

I disagree...I think it sounds like a very good deal!

400k ebit on 1.9 million turnover for an initial consideration of 1.3 million and they have over 1 million in assets! Maximum payable over the next 3 years is a further 3.7 million but that's based on performance and I would guess that to get the max consideration they will have to be earning much more than 400k ebit.

So let's say they have to grow pbt by 30 percent to get max earn out (complete guess but just for example)...that would give ebit of approx 520k for total consideration of 5 million...But paid over the next 3 years when we would have had the benefit of their profits over that time. Then there's the 1 million in assets as well as the synergies and cross selling....

I'm happy!

[18bt] 27/11/2015 08:44

another acquisition - not obviously a bargain on figures presented.

[dr biotech] 15/10/2015 16:15

This been treading water now for 18months, despite the company having less debt and improved results over that period. It seems to be fairly tightly held (that is the optimistic way of saying illiquid) - I am still hoping for 60p in the medium term, ie the next 12 months.

[janeann] 15/10/2015 15:03

welcome PJ; it seems to have been stuck around this level for a while; one of a few of shares I hold (pel included) that always sounds promising but never seems to quite get there! That said the updates and reports are always a good read and tend to broaden my vocabulary!

[pj 1] 15/10/2015 12:17

Taken a few more this morning. Still a smallish holding, looking to add if/when it rises. Hoping to see debt reducing.

edit- were easy to get hold of, suspect overhang or seller about.

[dr biotech] 07/10/2015 15:50

Perhaps this is about to finally break upwards? Must admit I am not holding my breath, but at some point its got to get a valuation more inline with its peers. Assuming of course the valuation of its peers does not drop...

[cheshire man] 24/9/2015 10:54

Edison Investment Research
Free registration for our daily email
The Mission Marketing Group (TMMG)
Business description
Mission Marketing Group is a national marketing communications and advertising group.

Edison ‏@Edison_Inv_Res 7 mins7 minutes ago
Plenty still to do in H2, but new business momentum good. #TMMG #TheMissionMarketingGroup hxxp://ow.ly/SBMiU


Quest for growth
QuickView | Media | 24/09/2015

Previous
The mission’s H115 results benefited from strong performances from newly acquired businesses, driving operating income ahead by 12%. There is plenty still to do in H2, but new business momentum is good, with some high-profile new clients on the roster. The group has been broadening and deepening its capabilities via both acquisition and start-ups, particularly in PR, digital and events. Further deals are on the cards in H2, supported by the stronger balance sheet. The interim dividend is raised by 20% to 0.3p. The shares remain valued at a substantial discount to agency peers.

[18bt] 24/9/2015 10:48

New Edison report out

[cheshire man] 24/9/2015 10:15

Pleased with them myself GHF:-)

[glasshalfull] 24/9/2015 09:36

Positive results & statement.
Forecasts are for 5.6p EPS for this year & places them on a PER 8.

Per finnCap

The group has produced a strong set of interim results showing growth in operating income (revenue) of 12% to £29.5m and a 20% increase in adjusted PBT from £1.8m to £2.2m. The net DPS was increased by 20% to 0.3p following two years of flat interim payouts.

Growth has been both organic and through recent acquisitions. The launch of Speed PR is reported to have gone well as has the Splash acquisition in Asia. The April Six office in San Francisco continues to do well and the integration of the Big and balloon dog agencies under the bigdog brand and the launch of the Mongoose Sports Marketing agency have both been successful.

Net debt has reduced further to £7.9m from £9.4m. Traditionally the group has a H2 bias to its trading. The last two financial years have seen a H1: H2 split of 33:67. The interim PBT for 2015 represents 34% of our full-year forecast. The statement confirms that “the board remains confident of meeting expectations for the year”. We therefore retain our forecasts and 60p target price.

Regards
GHF

[red_shed2000] 24/9/2015 09:09

Dr. B that made me chuckle!!

Nice update for me, full year should look good based on 2nd half bias as per last couple of years. Have to admit that I sold 40% of my holding on 'black monday' a few weeks ago, more from the feeling of needing to do something than anything else but I think I'll buy them back...today.

GLA

[dr biotech] 24/9/2015 08:59

Decent enough update, assuming ultracrepidarian/saturnalia/consanguinity doesn't imply our impending doom. Nice to see the dividend rise.

[cheshire man] 08/9/2015 12:39

Got that date off TD Direct,,,,,,,,,Note to self.......will have to do better :-/

[jeff h] 08/9/2015 10:11

Interims 24th I think Cheshire Man

[cheshire man] 08/9/2015 10:03

Interims Monday 14th so not long to wait for news !

July 22, 2015

LONDON--The Mission Marketing Group PLC (TMMG.LN) said Wednesday that first half earnings are expected to be above the year ago period, due to strong organic growth and contribution from recent acquisitions.

The marketing company said revenue and profit for the six months ended June 30 are expected to show double digit growth over the equivalent period last year.

Mission Marketing remains confident of meeting market expectations for the full year.

[red_shed2000] 30/7/2015 07:44

This will hopefully push on today...

[dr biotech] 28/7/2015 11:02

Glass ceiling at 46 again...

[cheshire man] 27/7/2015 09:40

Happy to tuck this one away and can well see finnCap's 60p TP being achieved,,,,,DYOR

[glasshalfull] 26/7/2015 20:32

TMMG

Promising trading update with Edison & finnCap suggesting full-year growth of 12% in revenue & adjusted PBT of 16%. This provides for EPS of 5.6p (+9% on 2014) & a current year PER of 8.3 after the "surge" in the shareprice this week. For the following year they are on a prosp PER of 7.6, signifying further +9% growth in 2016.

Also offering a dividend yield of 3%, TMMG appears similar to EMR in a number of respects. Although in different sectors, both struggled for the last 4/5 years under the weight of debt following a buy/build policy at top of the cycle. Both now appear to have considerably improved balance sheets with gearing significantly reduced and earnings back in growth phase. This was again confirmed by TMMG with further reduction in net debt. Yes, I know they are both in different sectors but appear remarkably similar in certain respects, only recently consolidating subsidiaries & adding some small bolt-on acquisitions.

EMR has however doubled in a short space of time while TMMG had remained in a tight trading range until uplift in shareprice over the last couple of days & now looks on the cusp of breaking out.

With the company back in growth phase, expanding into growing Far East markets & consolidating & rationalising subsidiaries, it seems reasonable to suggest 40-50% upside on the shareprice with a 12 month view if they deliver per forecasts. finnCap have a 60p shareprice which I concur with. Seems reasonable.

I also like the fact that KPIs are in place limiting total indebtedness to 2.5x EBITDA (including contingent acquisition consideration). This ratio fell to 1.7x EBITDA at 2014 year end & will have reduced further following H1 2015.

Pleased on the good fortune & opportunity to add @40p prior to the trading update a week ago, and will continue to hold/add at current levels. Not many other shares offering the combination of decent growth & 3% yield on PERs of 7 or 8 at the moment.

Kind regards,
GHF