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MAB1 Mortgage Advice Bureau (holdings) Plc

-26.00 (-3.11%)
27 Feb 2024 - Closed
Delayed by 15 minutes
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
  -26.00 -3.11% 810.00 37,447 16:35:04
Bid Price Offer Price High Price Low Price Open Price
792.00 806.00 838.00 796.00 818.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Loan Brokers 230.82M 12.24M 0.2145 37.58 459.86M
Last Trade Time Trade Type Trade Size Trade Price Currency
17:54:34 O 199 809.92 GBX

Mortgage Advice Bureau (... (MAB1) Latest News

Mortgage Advice Bureau (... (MAB1) Discussions and Chat

Mortgage Advice Bureau (... Forums and Chat

Date Time Title Posts
12/12/202316:19Mortgage Advice Bureau257
27/6/201810:57SBIZ the new MAB1-

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

Trade Time Trade Price Trade Size Trade Value Trade Type
2024-02-27 17:54:34809.921991,611.74O
2024-02-27 17:53:29816.192662,171.07O
2024-02-27 16:35:04810.002,80722,736.70UT
2024-02-27 16:29:55806.0018.06AT
2024-02-27 15:55:52798.00107853.86AT

Mortgage Advice Bureau (... (MAB1) Top Chat Posts

Top Posts
Posted at 27/2/2024 08:20 by Mortgage Advice Bureau (... Daily Update
Mortgage Advice Bureau (holdings) Plc is listed in the Loan Brokers sector of the London Stock Exchange with ticker MAB1. The last closing price for Mortgage Advice Bureau (... was 836p.
Mortgage Advice Bureau (... currently has 57,054,481 shares in issue. The market capitalisation of Mortgage Advice Bureau (... is £459,859,117.
Mortgage Advice Bureau (... has a price to earnings ratio (PE ratio) of 37.58.
This morning MAB1 shares opened at 818p
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 25/1/2023 10:29 by its the oxman
Big falls here but so much bad news in the price now, and probably no meaningful recovery until anticipation interest cycle has turned. Hoping that can't be too far away now.
Posted at 10/10/2022 13:43 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 09/10/2022 10:55 by judyelliot
why has this share price reversed direction in recent months, when on the results it seems to be expanding and doing pretty well?
Posted at 18/5/2022 13:23 by km18
Mitchells & Butlers (MAB) posted Interims this morning. The business has bounced back from COVID, posting like-for-like sales growth of 1.0% over the first half versus FY 2019 (pre Covid-19) and has seen encouraging like-for-like sales growth of 3.8% versus FY 2019 through the second quarter. Total revenue was £1,159m, operating profit £121m, profit before tax £57m and basic EPS 7.7p. Net debt reduced to £1,253m (HY 2021 £1,472m), excluding £483m of IFRS 16 lease liabilities (HY 2021 £541m). Sales recovery is ongoing, cost headwinds are a challenge, management are pushing forward with capital investment plans which are delivering strong sales uplifts. Valuation looks pretty attractive with forward PE ratio under 10, profitability ratios are decent for the sector, operating margin should return to double digits. Share price is in a 15 month correction which appears to be extending. There is no rush to buy yet, but there are plenty of positives. M&B is a share to monitor for now....

...from WealthOracleAM
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 15:29 by 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.
Posted at 02/6/2021 15:20 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 14/4/2021 18:12 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.
Mortgage Advice Bureau (... share price data is direct from the London Stock Exchange

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