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
  -12.50 -0.94% 1,317.50 330,714 16:35:01
Bid Price Offer Price High Price Low Price Open Price
1,315.00 1,320.00 1,325.00 1,320.00 1,325.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 148.30 14.86 23.70 55.6 700
Last Trade Time Trade Type Trade Size Trade Price Currency
17:07:13 O 22,070 1,347.50 GBX

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Date Time Title Posts
02/6/202116:46Mortgage Advice Bureau226
27/6/201811:57SBIZ the new MAB1-

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Mortgage Advice Bureau (... (MAB1) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2021-09-24 16:15:001,347.5022,070297,393.25O
2021-09-24 16:14:491,320.003,33043,956.00O
2021-09-24 16:07:131,317.4323303.01O
2021-09-24 16:07:131,314.9623302.44O
2021-09-24 15:29:451,317.5023303.03O
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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 1,330p.
Mortgage Advice Bureau (holdings) Plc has a 4 week average price of 1,300p and a 12 week average price of 1,200p.
The 1 year high share price is 1,500p while the 1 year low share price is currently 682p.
There are currently 53,142,894 shares in issue and the average daily traded volume is 17,290 shares. The market capitalisation of Mortgage Advice Bureau (holdings) Plc is £700,157,628.45.
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.
spann_703: Agreed, gsbmba99. I wonder how many investors [like myself] own shares in both companies. They both exhibit similarly-good quality metrics - I think BLV still looks decent value too, despite the recent appreciation in share price.
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.
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."
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://www.ukfinance.org.uk/data-and-research/data/mortgages/product-transfer 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: cube.investments/mortgage-advice-bureau-mab1-quality-and-income/
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.
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