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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Molins | LSE:MLIN | London | Ordinary Share | GB0005991111 | ORD 25P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 157.00 | 0.00 | 00:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 156.00 | 158.00 | ||||
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 157.00 | GBX |
Molins (MLIN) Share Charts1 Year Molins Chart |
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1 Month Molins Chart |
Intraday Molins Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 29/1/2018 | 19:37 | ***Molins *** | 453 |
| 22/11/2013 | 19:56 | Molin - long slow and steady haul to a fiver? | 944 |
| 22/2/2005 | 07:42 | open a short NOW - 16% dwon | 39 |
| 25/1/2002 | 09:32 | Packaging for Xmas, and New Year too | 2 |
| 18/12/2001 | 20:36 | A package to remember | - |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|
| Top Posts |
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Posted at 08/9/2017 08:57 by edmonda 40% top line growth, plus £22m cash pileMolins is a technology-led service provider of high speed packaging equipment and machinery with circa 300 employees. The group comprises two complementary subsidiaries: the largest, Langen (c. 75%-80% revenues) is a designer & manufacturer of cartoning machines, case packers, end-of-line and robotic packaging solutions, as well as a provider of turnkey projects involving design/integration of packaging systems. By refocusing solely on packaging machinery, the group this morning posted impressive growth, with H1 revenues up 40% to £25.2m (vs £18.2m LY), or 29% at constant currency. Driven by standout performances from EMEA (+58% to £9.5m) and AsiaPac (+210% to £5.6m), offset by a slight decline in the Americas (-1% to £10.3m), albeit vs tough comparatives. Better still, proforma net funds, including the above Tobacco proceeds (£27.3m net costs/taxes, and £23.1m post a £2.7m UK pension contribution with £1.5m held in escrow), ended the period at £22m (or 109p/share). With another £5.9m scheduled to come in by November after June’s disposal of a property in Canada. With regards to M&A, the Board are actively seeking for complementary and value accretive targets. Ideally comprising specialist know-how and/or solutions capability, within Primary (ie touching product) and Secondary (outer-layer) Packaging covering the rapidly expanding Pharma, Healthcare, FMCG and Beverage sectors. Despite a spectacular recent rerating of the shares, our sum-of-the-parts remains unchanged at 180p/share. This is based on a range of industry multiples, a 12% discount rate and assuming corporate overheads (incl PPF levy) are streamlined if suitable acquisitions are not made. |
Posted at 16/8/2017 17:24 by rhomboid I hold a lot of MLIN (+ CAR AIEA HYNS) as I believe their pension fund issues are creating meaningful undervaluation which will unwind over time as QE itself eases. The end result will be a rerating of these businesses edited to add today's move may be planning related on their surplus Berkshire land ? |
Posted at 16/8/2017 16:28 by castleford tiger I had a very interesting conversation with David Cowen, FD of Molins (LON:MLIN), yesterday. For as readers may recall I have begun seriously to doubt the widespread reports that company after company is insolvent because of deficits in their pension funds.I am certainly not an actuary but in essence computation of a surplus or deficit depends upon a number of factors. They are: life expectancy, the rate of inflation to be expected, the yield and capital gains to be expected from the portfolio and, above all, the cost of annuities to guarantee the payment of a pension. This last figure depends upon the yield on gilts where, as I think readers will agree, an entirely absurd state of affairs obtains as a result of Quantitative Easing. Surely, QE will cease and a yield of the order of 4 or 5% p.a. will apply. Therefore it is wise for the authorities to give a revised and higher yield for gilts to allow pension fund trustees to behave sensibly. Believe me the reduction in the pension fund liabilities to pay/purchase gilts if interest rates are higher is staggering. Take MLIN itself: The liabilities are circa £300m (which should be contrasted with tangible net asset value of the order of £15m or 75p per share) reduces by £2.5m for each tenth of a per cent gilts yields rise. So a 1% rise means £25m off the liabilities figure. It does not take a great deal of imagination to see that MLIN’s pension fund could shortly be massively in surplus. tiger |
Posted at 28/6/2017 05:14 by fishbournetrader There is a new research note from Equity Development. The full report is available on their website equitydevelopment.coThe highlights are: There are typically only a few key events in a company’s life that can truly be described as ‘transformatio The deal in our view is a ‘home-run̵ Molins will have effectively swapped its high quality, yet ‘sub-scaleR 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. |
Posted at 13/6/2017 12:11 by jay083 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 |
Posted at 13/6/2017 11:25 by whites123 A 10% increase based on total share trades of just £71kWhen 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) |
Posted at 08/6/2017 12:47 by rhomboid 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. |
Posted at 08/6/2017 12:38 by simon cawkwell 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 |
Posted at 08/6/2017 11:45 by simon cawkwell Gentlemen,I think I am right in commenting that the goodwill in the balance sheet sold today is not identified. But since I always write off goodwill any sort of recovery is a bonus. My guess is that MLIN has reached a blast off moment. After all, the pension fund is well under control and tangible net assets are probably well above the current share price. And the CEO's comments on prospects are very strong. It's hard to see why this stock should sit below 125p. I paid 102p this morning - there just was no stock at the time. Simon Cawkwell |
Posted at 16/3/2017 20:50 by walbrock82 Maturing business Molins is struggling to grow.Revenue is 33% smaller today, then 2004. Market valuation decline by 80% since 2003. Are Molins shares still value for money? Molins management made a recent trading update suggesting the poor results is for last year. Because customers were delaying orders till 2017. The second good news is their pension situation. With the UK Bond Rates (known as the 10-year Gilts) rising. Their assets pay more in cash flow to Molins retirees. The downside to Molins is capital expenditure. Because they haven’t spent big for a long time. Molins asset age in 14 years (is a record), and 60% of their assets meet that age. Their last big spend was in 2003 at £13.6m. Since 2009, Molins average £4m in CAPEX. Don’t be surprised if they spend £10m. On share price, Molins could average 80 pence per share in 18 months. But, don’t be surprised if it falls back to 40 pence because of the markets at all-time highs. For more read: |
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