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MJH Mj Hudson Group Plc

13.125
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Mj Hudson Group Plc MJH London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 13.125 00:00:00
Open Price Low Price High Price Close Price Previous Close
13.125 13.125
more quote information »
Industry Sector
MEDIA

Mj Hudson MJH Dividends History

No dividends issued between 29 Mar 2014 and 29 Mar 2024

Top Dividend Posts

Top Posts
Posted at 12/12/2022 09:21 by simon gordon
Liquidation?

12/12/22:

Company update and suspension of trading

On 17 October 2022, the Company announced that it was engaged in discussions with its auditors regarding significant potential adjustments in relation to the year-end reporting for FY 2022. This work continues but the Board has become aware of additional issues, including in relation to the reporting of historical trading of the business in relation to FY 2022, the full impact of which is unclear. Pending clarification of these matters, the Group has applied to suspend trading of the Company's ordinary shares on AIM, which will be effective before 08.00 a.m. today.

The Company also announces that Peter Connell, who stood down as a Director of the Company on 31 October, has been suspended. The Board has appointed an external accounting and financial services firm to assist them in achieving the necessary clarity to enable the year end FY 2022 reporting to be completed.

The Board no longer believes that the Company's audit will be complete before the end of December 2022.
Posted at 11/8/2022 15:37 by simon gordon
Dr B,

Will do!

------

There are so many options that it's hard to keep track of them.

£7m worth in December 2022.
£13m worth in December 2023

Then there are the employee options which are all under water with a crystallisation price of 45p. Not sure how many millions of them there are, can't be bothered to look.

Could be heading to a share count in 2024 of c.280m, depending on the share price. c.280m is based off 30p LTIP conversion price.

Why are they forking a dividend when the biggest chunk is going to the Hudson family and debt is going up not down. Is this company run as a personal fiefdom?

What's a fair price for a company with £17m net debt and c.280m shares that is still not cash flow positive in 2024. Cause at 30p you are potentially paying c.£101m for MJH today.

There's just not tremendous upside unless they hyper-perform relative to the downside potential if they hit problems with their leveraged balance sheet.

They deserve to get ripped in the media!!
Posted at 11/8/2022 09:46 by simon gordon
They don't understand the public markets. I think they will have to go private. They've lost the small cap pi world with that LTIP news.

This was Cenkos said on the Irish ManCo:

The cash requirement also reflects outperformance of MJH’s Irish Super ManCo business (acquired September 2021), where MJH originally forecast it would have AUM of c€17bn by FY22E; in fact, the business grew AUM to €70bn. The consequence of this is that the required regulatory capital that MJH is required to set aside has increased from the £3.9m originally expected by FY22E, to £10.0m (ie £6.1m higher).
Posted at 09/8/2022 15:37 by simon gordon
Interesting piece on how the ACCESS pool works and MJH's involvement. I read in one of the broker notes that MJH get paid a percentage fee based off AUM.

Top 1000 Funds - 9/8/22:

The benefits of external investments: UK’s pooled fund backs outsourcing



-----

VeroESG is a SaaS platform directly targeting private markets. Came across it as it was advertising on ESG Clarity site.



-----

Informative article on ManCos:

Ocorian - 8/8/22

8 benefits of appointing a third-party ManCo
Posted at 08/8/2022 09:36 by simon gordon
Interesting Fintech company that MJH have a share in:

Undervalued Shares - May 2021:

DO YOU WANT TO BECOME A FUND MANAGER? VAUBAN MIGHT BE FOR YOU

...Vauban had 24 employees when I visited their office in the City of London, and are planning to double this number by the end of the year. It doesn't take much to figure out that this is one of the more serious finance-related start-ups to come out of London. Not only is MJ Hudson a shareholder, they have also been given office space in the same building as the law firm...




Another company MJH have shares in is Making Science Group which is listed in Spain and is currently 14.30 euros a share, it's on the MJH books as 5.7 euros a share.
Posted at 21/7/2022 08:04 by chasbas
Simon
Thanks for your comments. Yes, maybe I'm forgetting that MJH's market cap is £58m while JTC's is over £1bn. However, MJH's trading statement on 12th July was so positive it is frustrating. I think there are plenty of quoted legal/professional services firms now quoted with decent ratings, it just seems that MJH is overlooked despite (more?) attractive tail winds...I guess we will just have to be patient. Stockopedia's screening scores can only improve after year end results. Now that new auditors are on board there should not be a delay for their year end results.
GLA
Posted at 20/7/2022 15:55 by simon gordon
Chas,

Comparing JTC's shareholder base to MJH's it's probable that JTC got a stronger institutional base because they were in the Expansion stage of the S Curve. They had positive cash flow and a more formed business.

When MJH floated they were mainly Advisory with a bit of analytics and outsourcing. So, much earlier stage than JTC, more a story stock.

Since the float in 2019 they've totally re-engineered the group to be more heavily weighted to recurring revenues in outsourcing and data analytics. The quality of their earnings is increasing whereas JTC's were already of a high quality when they floated.

All MJH can do is prove up their strategy and show the market that they are worthy of a higher rating because their earnings are now of a higher quality.

I think their outsourcing, data analytics and ESG offering gives them a path for this to happen. Look how the Irish ManCo has performed since acquisition. Their ESG expertise and technology is a great selling point for their fund management / ManCo offering when going up against Apex, JTC, etc.

It's a tiddler with the potential to become a much larger company like JTC, it just starts from a different base.
Posted at 20/7/2022 14:19 by chasbas
I like the alternative asset space, so I was in Sanne (taken over by an industry player). I remain in JTC, Intermed Capital and MJH.
MJH is by far the worst stockmarket performer and has been derated the most. Why?
MJH presentations are excellent and Matthew is a convincing speaker and has put his money where his mouth is. Cenkos/Progressive write gushing reports and their forecasts are very encouraging. BUT Institutional shareholdings are not very impressive certainly compared to JTC. Stockopedia's rating is poor, particularly Quality at only 15.
Historic statutory numbers have been poor - probably the explanation for Stocko's rating??
Given MJH's excellent prospects can anyone explain the low rating/lack of institutional conviction?
Thanks and GLA
Posted at 12/7/2022 06:17 by se81
Yet another upgrade- still doesn't seem to be attracting much interest though

Cenkos this morning...

MJ Hudson (MJH) delivered a strong finish to FY22E, confirming that Adj EBITDA would be ‘modestly ahead’ of our £8.3m forecast, driven by ESG and Fund Performance Analytics performing better than previously expected. After reporting organic revenue growth of 7% in H1, this accelerated rapidly in H2, to give a full year figure that is expected to be in the mid-teens. On the back of this outperformance, we nudge up our FY22E Adj EBITDA forecast by £0.2m to £8.5m (our fourth such upgrade this year), with Adj EPS rising c5% to 2.6p. Following the recent sell-off in the shares, MJH now trade on a FY23E Adj P/E of just 10.7x, representing its cheapest valuation since IPO. Given the positive momentum underway at the business, in an industry where the highly favourable tailwinds remain unchanged (eg increasing investment into alternatives, heightened focus on regulation and governance etc), we believe MJH is looking materially undervalued, and as such, reaffirm our Buy rating.

 Transformational growth areas. MJH has identified three areas which present significant growth opportunities over the coming years: (i) ESG (acquired July 2019); (ii) Irish Super ManCo (acquired February 2021), and; (iii) Luxembourg fund services (incubated by MJH); each of which is discussed in more detail below. Together, these businesses recorded underlying revenue growth 50%+ in FY22E, and now represent 34% of group revenue (vs 22% in FY21A). Growth in these areas is helping MJH to shift its business mix away from Advisory, and increasingly towards the higher margin, higher repeat revenue Data & Analytics and Outsourcing divisions.

 Data & Analytics. ESG and Fund Performance Analytics were the standout performers within this division, each securing important new client wins during the year. MJH’s ESGAdvantage platform, which allows investors, fund managers and portfolio companies to conduct efficient ESG assessments, is proving very popular with clients, and offers a useful tool for MJH to upsell consulting and other ESG services. Good progress is also being made elsewhere within this division, including MJH’s Quantitative Solutions (risk and regulatory reporting) business that was acquired last year, and MJH’s IR & Marketing business.
Posted at 18/5/2022 06:59 by simon gordon
Morning se81,

Cheers!

I came onboard after Thursday's stunning update.

Like this bit from the Prog note:

We regard this update as more than just encouraging trading news; we regard it as a
significant ‘proof point’ on the stock’s journey, which we hope will be followed by
opportunities for further forecast upgrades and increasing valuation multiples.

Statement answers the questions the market is asking

With a strategy based on addressing a range of existing and evolving needs across the private equity space, MJ Hudson is dependent on a number of capabilities. We are particularly impressed by this trading update as we believe it answers the questions about those capabilities that may have been hampering the share price.

Q: Can MJH spot the right businesses to be in within the space?

A: ESG, Ireland and Luxembourg clearly answer this, in our view. The company’s ‘three transformative growth areas’ are driving the outperformance, with the ESG offering in particular gaining traction.

Q: Can MJH act quickly and buy opportunities at the right price?

A: Ireland demonstrates this. With its purchase of Bridge Consulting in Dublin, MJH took a business faced with a challenging change in regulations and provided it with capital support, enabling rapid growth. It was acquired in early FY21 with €6bn AUM. By the end of H1 FY22 the AUM were €50bn, and it would appear to have maintained the strong growth trajectory since then. An initial fixed consideration of €2m was paid in cash, with deferred and additional earn-out consideration of up to €10m, payable over a two-year period, with previous year’s revenues and EBIDTA having been approximately €4m and €0.5m, respectively. It is evidently generating revenues, and almost certainly profits, at several times that level.

Q: Can MJH scale businesses?

A: Yes, yes and yes across these ‘three transformative growth areas’. And we suspect across other areas too. The ESG operations were acquired in 2019 with only 12 staff, but now there are over 60. Also, as noted above, Ireland is now several times its scale upon acquisition, and Luxembourg has grown to be a material business contributor having only been started from scratch soon after the Brexit result.

Q: Where there is nothing to buy or prices being demanded are too high, does MJH still have the skills and culture to start a business and build it?

A: Luxembourg was an incubated business within MJH’s ‘Organic Investments’ business
segment until not too long ago, so yes again.

Q: Can MJH really step beyond its senior management’s origins, answer its customers’ needs and build a valuable data business?

A: We believe so. The progress being made by ESG Advantage is very encouraging, albeit as yet unquantified. We believe that MJH’s ability to use technology to leverage its accumulated data and experience to generate high-margin recurring software and services income should prove highly valuable.

Q: Progress with fair winds is fine, but can MJH stabilize and revitalise businesses that hit holes in the road?

A: We would suggest that the encouraging news on Advisory shows that it can, as
demonstrated by the reported sustained recovery in legal services following a difficult first half of the year and the reported progress of the newly hired partners.

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