Share Name Share Symbol Market Type Share ISIN Share Description
Mortgage Advice Bureau (holdings) Plc LSE:MAB1 London Ordinary Share GB00BQSBH502 ORD 0.1P
  Price Change % Change Share Price Shares Traded Last Trade
  -25.00 -1.95% 1,260.00 87,412 16:35:11
Bid Price Offer Price High Price Low Price Open Price
1,215.00 1,305.00 1,300.00 1,255.00 1,260.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 148.30 14.86 23.70 53.2 670
Last Trade Time Trade Type Trade Size Trade Price Currency
16:38:57 O 156 1,260.00 GBX

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Date Time Title Posts
26/4/202111:21Mortgage Advice Bureau222
27/6/201811:57SBIZ the new MAB1-

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Trade Time Trade Price Trade Size Trade Value Trade Type
2021-05-11 15:38:571,260.001561,965.60O
2021-05-11 15:35:111,260.00337.80UT
2021-05-11 15:28:481,295.0034440.30AT
2021-05-11 15:28:481,260.00225.20AT
2021-05-11 15:26:271,300.0067871.00AT
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Mortgage Advice Bureau (... Daily Update: Mortgage Advice Bureau (holdings) Plc is listed in the General Financial sector of the London Stock Exchange with ticker MAB1. The last closing price for Mortgage Advice Bureau (... was 1,285p.
Mortgage Advice Bureau (holdings) Plc has a 4 week average price of 1,030p and a 12 week average price of 910p.
The 1 year high share price is 1,325p while the 1 year low share price is currently 522p.
There are currently 53,142,894 shares in issue and the average daily traded volume is 14,984 shares. The market capitalisation of Mortgage Advice Bureau (holdings) Plc is £669,600,464.40.
gsbmba99: Thanks for the insight. It would certainly seem to be something that could be enhanced electronically with account follow-up/reminders without a huge amount of wasted effort. Perhaps the BLV model where they have separate remote call centre staff and in estate agent staff represents a good model. It seems apparent from management presentations that MAB1 are keen to extend the useful life of a customer relationship into areas prior to and after the normal mortgage years.
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.
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.
gsbmba99: Https:// Q119 product transfer data shows limited growth by value of product transfers (£39.2bn vs £38.8bn last year) but encouraging that a larger proportion (£22.7bn vs £19.9bn last year) were advised with advised share of value inreasing to 57.9% from 51.3% last year. That's 15.3% growth in the advised value.
trytotakeiteasy: Covered here:
gsbmba99: Belvoir has announced the acquisition of MAB (Gloucester) Limited which is the largest appointed representative firm by number of advisers. When combined with Brook, BLV will have 127 advisers representing >10% of MAB1 reps. "... Belvoir Group has executed a new, long term exclusive agreement with MAB." Improved security for by far the largest rep firm though no mention of any margin impact.
gsbmba99: I imagine it's the combination of interest rate rise and not many buyers around in August. LSE have analytics - Https:// Page 1, lower left relative strength has fallen through the floor. Seems to happen to MAB1 once or twice a year.
gsbmba99: About 2:40 in, the lady from Lloyds says the product transfer/rate switch market was £150bn in 2016. If correct, suggests that this market is very significantly larger than the £90bn guesstimate previously used by MAB1. Don't know what our resident experts think of this estimate. Https:// More generally, there are some interesting topics if interested in mortgage advisers, investment platforms and/or SBIZ.
gsbmba99: Ben Thompson has been appointed MD, a new board level position. He was until today CEO of ULS ( Https:// ). Peter Brodnicki is gifting Thompson 113k shares. I can't recall seeing this before. It seems Mr. Thompson is much desired by Peter if he's willing to give up nearly £700k to get him to join. In the last 12 months we have two new proposition directors (mortgages and protection) and a new MD.
gsbmba99: Belvoir Lettings provided an update on their acquisition of Brook, a MAB affiliate. Brook's net written business (net commission after deduction of MAB1 share?) for October and November was £570k (£285k/month or £3.42m/year annualised) which is +57% on last year or +40% on the average of January to late July when it was acquired. Thus far they are covering 66% of the 39 Newton Fallowell offices (their sales focused brand). Three new mortgage advisers in training and further recruitment planned. Mortgage offering to be rolled out to other sales-focused Belvoir and Northwood offices starting in January. Probably not material to MAB1 (guessing about 3% of advisers) but encouraging progress nonetheless.
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