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| Announcement Date | Type | Currency | Amount | Ex-Dividend Date | Record Date | Payment | |
|---|---|---|---|---|---|---|---|
| 26/9/2023 | Dividend income or Cash Dividend | GBP | 0.134 | 05/10/2023 | 06/10/2023 | 03/11/2023 | |
| 28/3/2023 | Dividend income or Cash Dividend | GBP | 0.147 | 27/4/2023 | 28/4/2023 | 31/5/2023 | |
| 27/9/2022 | Dividend income or Cash Dividend | GBP | 0.134 | 06/10/2022 | 07/10/2022 | 04/11/2022 | |
| 28/3/2022 | Dividend income or Cash Dividend | GBP | 0.147 | 28/4/2022 | 29/4/2022 | 30/5/2022 | |
| 29/7/2021 | Dividend income or Cash Dividend | GBP | 0.134 | 30/9/2021 | 01/10/2021 | 29/10/2021 | |
| 20/1/2021 | Dividend income or Cash Dividend | GBP | 0.192 | 29/4/2021 | 30/4/2021 | 28/5/2021 | |
| 24/3/2020 | Dividend income or Cash Dividend | GBP | 0.064 | 26/11/2020 | 27/11/2020 | 18/12/2020 | |
| 24/3/2020 | Dividend income or Cash Dividend | GBP | 0.064 | 26/11/2020 | 27/11/2020 | 18/12/2020 | |
| 28/1/2020 | Dividend income or Cash Dividend | GBP | 0.064 | 30/4/2020 | 01/5/2020 | 29/5/2020 | |
| 25/7/2019 | Dividend income or Cash Dividend | GBP | 0.111 | 03/10/2019 | 04/10/2019 | 25/10/2019 |
| Top Posts |
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Posted at 23/2/2023 11:24 by 74tom Not so happy now though as that gap has just filled.Probably due to articles like this encouraging shorters to return; And also poor data like this "Residential property transactions came to 77,390 in January on a non-seasonally adjusted basis, says HMRC. This means transactions were 7% lower on an annual basis and, compared to December 2022, marks a 27% drop off. On a seasonally adjusted basis, HMRC calculates there were 96,650 residential transactions in the first month of 2023 – an 11% annual drop and a monthly fall of 3%." A frozen market would be a disaster for MAB1 as revenues would go into reverse and advisor numbers being significantly reduced. Will it happen? |
Posted at 31/1/2023 09:17 by 74tom What's everyone's take on the Fluent Money numbers disclosed today?£22m contribution in the 2022 accounts, the acquisition completed on 12th July but the deal was announced on 28th March, so it's not immediately clear what period this relates to. However, this is what they said in the acquisition announcement last March; "In the year to Mar-22E2, Fluent is expected to generate £38.5m revenue (+45% yoy) and adjusted EBITDA3 of £4.2m (+118% yoy)" The footnote to this comment then says; "2 Current accounting reference date of 31 March for Project Finland Topco Limited will be changed to 31 December post completion. In the financial year ending 2022 outturn based on 11 months actuals" The comment regarding 11 months actuals suggests they agreed to include the financial performance of the last 2 months of FM's 2022 financial year which ended 31/03/22 (companies house), presumably because this reflected the date at which the acquisition was agreed in principal, but legals weren't signed off? If my understanding of this is correct then today's figure of £22m is for 11 months contribution, which based on MAB1's 75% equity ownership suggests the 2022 outturn was £22m / 11 * 12 / 0.75 = £32m, significantly below the £38.5m forecast at the time of acquisition... That would certainly make sense given the disastrous events of Q4. Today's update seems to want readers to think that £22m has been recognised for FM performance since 12th July, which as per the extracts above is patently not the case... if so, it's pretty poor form IMO. |
Posted at 01/12/2022 10:29 by 74tom Still watching here, the problem I have is that they dropped £72m on Fluent Money last March which wiped out their cash balance + put them in a net debt position.Unrestricted Cash at 30/06 was £57.4m, the £72.7m for Fluent went out in July leaving them in a net debt position of £15.3m. The interim dividend of 13.4p was paid in November at a cost of £7.4m and you'd assume that this would wipe out most of the FCF in H2 (H1 FCF was £10.9m). In the current environment I'm not a fan of any company that has recently moved into a net debt position and is paying a material dividend - it simply doesn't make sense. Will wait until the next results to see how they are looking financially, given the outlook statement and prospect of flat YoY performance I don't see this moving materially higher anytime soon. |
Posted at 10/10/2022 14:43 by 74tom I mean the valuation was outrageous, at £14 on a forecast 2022 EPS of 42.1p it was trading on a PE of 33x.I note in their recent interims they reported a 14p EPS for the half to 30/06, given current events in the mortgage market I'd be very surprised if they even match this in H2, so you're looking at 28p for the full year. So at the current 540p it's still trading at a minimum of 20x earnings. That to me is still far too rich if we are facing a prolonged market slow down. I'd say there could still be at least 50% downside from here before MAB1 could be considered fair value. |
Posted at 22/2/2022 18:15 by km18 ...from last year...Mortgage Advice Bureau published its H1 interims earlier this week and they were impressive. Revenues grew 46% versus H1 20 to £92.4m, and they were up 52% versus H1 2019. Statutory profit before tax was up 77% on the year to £10.8m, basic EPS was up 63% to 16.5p. An interim dividend of 13.4p was reinstated. Growth has continued post reporting period as well. Numbers of advisers are up to 1800 and a 49% stake in Evolve FS Ltd, a leading specialist new build mortgage broker has been acquired. The company is delivering solid and very profitable growth – RoE 50% and RoCE 42.5%. Unsurprisingly valuation is not cheap, forward PE ratio at 27 is bottom quartile for the sector. PS ratio is mid-range at around 3.6. Share price is currently in a pull-back, around 20% below early August peak. With valuation where it is and a share price correction underway there is no rush to buy MAB1 just yet. But the business is solid and should be worth owning at some point in the next 6-12 months. Monitor for now.... ...from WealthOracleAM |
Posted at 02/6/2021 16:46 by gsbmba99 I tend to skew heavily towards tech and healthcare so I haven't got BLV but know many who do and can see the attractions. Dorian and Louise at BLV are doing a good job of executing (as is TPFG though they aren't a MAB1 client, I don't think, and I don't know them as well). I think people tend not to investigate the impact of the differential operating/ownership structure of some of the estate agency companies thinking they're all the same. There's a huge difference between BLV/TPFG as franchisors of estate agency brands relative to being an actual estate agency. The focus on lettings over sales is also a key attraction. |
Posted at 02/6/2021 16:20 by gsbmba99 Belvoir, MAB1's largest customer, is acquiring the Nottingham Mortgage Services Limited unit from Nottingham Building Society. The Nottingham Building Society is entering into a 10 year agreement with MAB to provide mortgage and protection advice, through Belvoir as an appointed representative of MAB, to its members via its branch network and over the phone. From the finnCap BLV note this morning: "The Nottingham currently has 50,000 18-39-year-old Lifetime ISA savers (which is expected to increase to 100,000 within a few years) the majority of whom are highly likely to need a mortgage for the first time in the future. If these potential new clients convert over a three to five year period (which would likely be from 2024) this could represent a significant increase on the 12,000 mortgages Belvoir arranged in 2020." Sounds like a good outcome for BLV and MAB1. |
Posted at 27/5/2021 10:39 by gsbmba99 Encouraging news from the AGM trading update of Belvoir, MAB1's largest customer: "Additionally, the financial services division continues to achieve substantial growth with net income up 24% in part arising from an increase in Belvoir's adviser network, up 12 since the year end to 214, and in part from the high demand for mortgages resulting from the increase in property transactions." |
Posted at 22/4/2021 23:06 by gsbmba99 I was encouraged to hear Dorian Gonsalves, CEO of Belvoir (MAB1's largest external customer), say in the Investor Meets Company presentation that he expected adviser numbers to grow from 202 on 31 Dec 20 to about 240 at year end or about 10/quarter. One thing I would love to learn more about is how MAB1 think about lifetime customer revenue and whether they have stats on that. There could be a significant element of "recurring" revenue albeit on 2-5 year intervals instead of yearly. I would also be interested to know if there were any publicly available sources for mortgages by type, in particular how long the fixed rate period is. Let me know if anyone has ideas. |
Posted at 14/4/2021 19:12 by gsbmba99 I think the board is very quiet for a number of reasons. First, the company makes no effort to engage with individual shareholders. The fact that Numis is the broker also means individuals can't get access to research notes. Second, I suspect the company is not well understood by individuals. The name of the company would lead you to believe it dispenses mortgage advice but I tend to think of it more in the vein of SaaS albeit operating on a revenue share.I've been a shareholder since 2016 and think it's a very strong business with good potential to grow revenue at low double digits. In previous interviews, Brodnicki has said that MAB1's pool of ARs are growing adviser numbers at roughly 8% and the company seeks to augment this growth by winning over new ARs to get to their target of 15% adviser growth. So, about half the growth happens without the company lifting a finger. All other things being equal, if you grow advisers at 10-15%, you should grow revenue at 10-15%. They're about 6% or so market share so there's still plenty of room to grow. To the naked eye, the profit margins don't look particularly exceptional but they actually are extraordinary. Only 25% (roughly) of the company's revenue is their own (75%, roughly, is paid to the ARs with holdbacks). So the 12.5% net income margin (roughly) on 25% (roughly) of own share of revenue actually works out to 50% net income margin on their revenue share. It is definitely expensive. The higher quality AIM shares do tend to trade at quite high valuations. Might reflect IHT considerations. |
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