Share Name Share Symbol Market Type Share ISIN Share Description
Molins Plc LSE:MLIN London Ordinary Share GB0005991111 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -3.00p -2.05% 143.00p 138.00p 148.00p - - - 0 07:42:53
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Engineering 80.1 -0.8 -3.3 - 28.84

Molins Share Discussion Threads

Showing 1401 to 1425 of 1425 messages
Chat Pages: 57  56  55  54  53  52  51  50  49  48  47  46  Older
DateSubjectAuthorDiscuss
05/7/2017
15:33
I hope you are right. I would like to see the full details of ST's analysis assuming that is in this week's IC.
richjp
05/7/2017
15:09
disagree. the sop valuation is very cautious as there are many unknowns. The original packaging business is still for free. With interest rates going to move up soon the pension may also help the balance sheet. My short term target is 250p. Tiger
castleford tiger
05/7/2017
13:42
I got so lucky with this one. I am a long term holder and was carrying a big loss and I was on the verge of hitting the sell button a few weeks ago when the 8th June announcement came through. I had been mulling the thought over for a couple of days and probably one more day would have done it. I am still nursing a much smaller loss but the question for me is when to sell. Simon Thompson's recommendation is probably worth listening to but there may not be much more to go for at the moment.
richjp
03/7/2017
19:38
Recommended in today's Investors Chronicle (online) by Simon Thompson. Basically he agrees with the 180p sum of the parts valuation produced by Equity Development week. Teela
teela brown
29/6/2017
08:04
The appeal is not against a refusal it is against a non-decision, but is now been 'called in' by the secretary of state as it is a major development in green belt land. Whether they are successful or not is anyones guess, but there are already buildings on the site (it was/is a sports and social club) and even if this application is not successful there may still be development potential in the land for and alternative (and probably smaller) scheme - just my opinion...
jay083
29/6/2017
06:50
There's two further bird of interest in the ED research: 1/ assuming Molins can deliver its ‘through cycle’ targets of 10% pa LFL growth and 10% EBIT margins, then we see no reason why the stock could not trade on 1.0-2.0x turnover multiple (see below), equivalent to a mid-point of 400p/share. 2/ they have land in Buckinghamshire that the local authority won't let them seek for development. They are appealing against this decision. If successful the land would be valued at £15m or 75p per share. Even if they're not successful now, who knows of any land that's fine down in value? Teela
teela brown
28/6/2017
14:32
Key new info in the note was 10 acre surplus land worth maybe £15m if they get the applied for housing consent, that makes this an utterly compelling buy case IMHO , I've topped up more today as a result as a profitable business (as per Equity Development note ) with a potential £15m windfall is valued at 10% below its own y/E cash position ..even cheaper than Volvere 😀
rhomboid
28/6/2017
08:19
Thx FishbourneTrader ED note is indeed out reviewing all these material changes for the Group and available: https://www.equitydevelopment.co.uk/edreader/?d=%3D%3DANxMjM
edmonda
28/6/2017
06:14
There is a new research note from Equity Development. The full report is available on their website equitydevelopment.co.uk if you register which is free. The highlights are: There are typically only a few key events in a company’s life that can truly be described as ‘transformational’ but we think that Molins’ £30m disposal of its Instrumentation and Tobacco Machinery (I&TM) arm to GD Spa (part of packaging giant Coesia Spa) falls into that camp. The deal in our view is a ‘home-run̵7; for both parties: enabling long overdue industry consolidation to occur at a time of overcapacity, increasing price competition, lacklustre growth and ongoing cost pressures from ‘Big Tobacco’, who are themselves merging. Molins will have effectively swapped its high quality, yet ‘sub-scaleR17; I&TM unit for a sizeable chunk of cash. Thus providing vital capital to redeploy within its rapidly expanding and profitable Packaging Machinery (PM) division, where the fundamentals remain strong. Out of the proceeds there are £2.7m of taxes (eg capital gains) and deal fees to settle, with a further £1.5m being held in escrow for up to 2 years (nb £0.75m accessible after 12 months), and another £2.7m will be injected into the UK Pension scheme – leaving net proceeds of £23.1m (or 114p/share). This will be used to fast-track PM’s expansion - particularly in primary (ie touching product) and secondary (outer-layer) packaging solutions for the Pharma, Healthcare, FMCG and Beverage sectors, that together are motoring along at a 5% pa clip (vs global GDP 3%-4%). This morning Molins announced that it had also sold a property in Ontario, Canada to BuildCorp Limited for net proceeds (post fees/taxes) of CA$10.2m, or £5.9m. This, together with the I&TM disposal, means the Group now has ample financial muscle to selectively acquire complementary 3rd party assets that could benefit from PM’s geographical footprint, 1st class reputation & support infrastructure, in-depth industry knowledge and large embedded customer base. In turn generating significant synergies, and returns materially above the group’s cost of capital. Our 2017 turnover and EBIT estimates have been upgraded to £49.8m (+20% vs £41.4m LY) and £1.3m (vs -£1.2m LY), reflecting the buoyant order book and YTD trading, with net cash predicted to close Dec’17 at £27m (or 134p/share). For 2018 we anticipate revenues and EBIT margins to climb to £54.8m and 4.6% respectively, thus driving our SOTP valuation up from 110p to 180p/share.
fishbournetrader
27/6/2017
18:52
When rates start to move it may become an asset. tiger
castleford tiger
27/6/2017
10:35
Thanks rhomboid, a great summary. I'm fully aware of the pension situation, i am just trying to see if anyone is focusing on anything else apart from that.
spooky
27/6/2017
10:05
Pensions, the scheme dwarfs the company at c£400m of assets & liabilities, on some measures it's well funded on others it's underfunded but the Pension trustees are in a powerful position to influence how the company goes forward, in the meantime they appear supportive of growing the business. From the disposal RNS; "9. Arrangement with the Fund The Company has formalised an agreement with the Fund's trustees, following the completion of the funding valuation as at 30 June 2015 and in consideration of the Sale. The principal terms of the agreement are as follows: · Molins will continue to pay a sum of £1.8 million per annum to the Fund (increasing at 2.1 per cent. per annum) in deficit recovery payments; · if underlying operating profit (operating profit before non-underlying items) in any year is in excess of £5.5 million, the Company will pay to the Fund an amount of 33 per cent. of the difference between the annual underlying operating profit and £5.5 million, subject to a cap on underlying operating profit of £10 million for the purpose of calculating this payment; this part of the agreement will fall away in 2021 if the funding deficit is above certain levels; · the Company will pay a one-off amount to the Fund of 10 per cent. of the net proceeds (after costs and taxation) of the Sale on Completion, which is expected to be approximately £2.7 million; and · payment of dividends by Molins will not exceed the value of payments being made to the Fund in any one year. The next funding valuation will be carried out as at 30 June 2018 and every three years thereafter, and the agreement between the Company and the Fund will be reassessed at each of those valuations." So they rank ahead of us shareholders in many respects. HTH
rhomboid
27/6/2017
09:30
What is the bear case here?
spooky
27/6/2017
08:05
add another circ £5m to the expected cash in about a months time....i make that £1.48 / share cash approx. that plus the remaining business where 'order intake in the Continuing Group (i.e. excluding I&TM) at the end of May 2017 was considerably ahead of order intake for the same period last year'...
jay083
15/6/2017
13:16
Packaging machinery is anything but commoditised, it's highly specialised and commonly gives great margins, a private competitor I'm aware of made profits of 2.5m on turnover of c£13m so a PE rating of 10 would be ultra conservative.
rhomboid
15/6/2017
12:32
It will make 3 million a year be backed with 30 million of assets that's why I think it will be worth that much. There is the change of growth in for free. Wait till you see new note tiger
castleford tiger
15/6/2017
12:04
Why would it make 3 million a year? And why would that make it worth 30 million. PE of 10 in such a commoditised business as packaging? And won't much of the cash be needed for capital investment? There's no dividend, after all. I'm a holder, btw.
cjohn
13/6/2017
16:51
Cheers Tiger.
teela brown
13/6/2017
16:26
IT is backed by after the sale a company making 3.00 million a year worth 30 million. There is also 20 odd million cash. total value 50 million or 2.50 a share Tiger
castleford tiger
13/6/2017
14:18
Whites123 Your "conservative" target of £2.50 looks quite bullish to me. Is it wishful thinking or do you have some supporting figures? I've got my fingers crossed!
teela brown
13/6/2017
13:11
had this on my watchlist for some time, and think this is now a much better prospect at this price with the sale than it was before. NET cash post completion is estimated to be £25.4m or £1.26 / share....plus what the remaining business is worth.... on the basis that at year end net assets were £1.76 (including intangibles) and the business they have sold was at book value that is probably a fair target in the short / medium term. ...after that it will be down to how wisely they use the cash and translate the growth into profitability. also worth noting that they are approved to buy back upto 15% of the stock....might be a decent use of some of the money in the sort run if price is around these levels
jay083
13/6/2017
12:25
A 10% increase based on total share trades of just £71k When the cash position of the company after the sale will warrant an share price of £1.30 alone. Effectively its worth maybe having a slight giggle at the position? It sure as heck doesnt make much sense. Almost akin to shouting £5 notes for sale, £5 notes for sale, just £2 each... And people not wanting them... :-) (Assuming of course you agree with my conservative target of £2.50 per share)
whites123
08/6/2017
14:24
Simon Have to agree that the shares currently about 1.00 giving market cap of 20m are far too cheap. The whole operation is in the pot for nothing as net cash will be over 20 million tiger
castleford tiger
08/6/2017
13:47
I've bought a slice this morning as I think the penny hasn't dropped yet as to how clever this deal is, obviously the pension trustees are backing mgt to scale up the consumer packaging biz rather than strong arming them over the sale proceeds. After today's rise the remaining business is valued at sub zero even though it's on a fast turnaround track even given its newly increased central overhead allocation. I know the pension scheme is humungous compared to the business but that may yet turn into an asset rather than a sheet anchor on the share price.
rhomboid
08/6/2017
13:38
Gentlemen, I have just spoken to David Cowen, the FD, and he gently draws my attention to the fact that the goodwill disposed comes to £7.8m. Well, that is even better than I thought and makes the shares very cheap here - although I accept that it will take a day or two for that to be proved. My target price for this year is 150p since I am pretty sure that MLIN will now start to sprint. Simon Cawkwell
simon cawkwell
Chat Pages: 57  56  55  54  53  52  51  50  49  48  47  46  Older
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