Mpac Dividends - MPAC

Mpac Dividends - MPAC

Best deals to access real time data!
Monthly Subscription
for only
Level 2 Basic
Monthly Subscription
for only
UK/US Silver
Monthly Subscription
for only
VAT not included
Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Mpac Group Plc MPAC London Ordinary Share GB0005991111 ORD 25P
  Price Change Price Change % Stock Price Last Trade
-6.50 -1.72% 371.00 16:35:08
Close Price Low Price High Price Open Price Previous Close
371.00 367.50 377.50 375.00 377.50
more quote information »
Industry Sector

Mpac MPAC Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

andy2205: Meant to also add, I bought MPAC at £2.59 recently (CT alerted me to..Ta!) but I sold at £3.20 so also missed the extra......My nervousness isn't with MPAC but with a wider market correction.
arregius: Mpac Group today announces the relaunch of its brand and positioning as part of the ongoing evolution of the Company. The Company's new positioning, 'Automation Ecosystems', encapsulates its leading position as a global manufacturing provider and commitment to increasing sustainability and productivity.Furthermore, the Company is pleased to announce the launch of a new corporate website for Mpac Group plc:
bigbigdave: Equity Development @equity_research #MPAC interview with CEO, Tony Steels, discussing the synergies they hope to achieve with today's acquisition of Switchback. Https://;hss_channel=tw-288250384
bigbigdave: Nice.... RNS Number : 4009Y Mpac Group PLC 09 September 2020 9 September 2020 Mpac Group plc ("Mpac" or the "Company") Acquisition of Switchback Group, Inc. Mpac Group plc (AIM: MPAC) a global leader in high speed packaging and automation solutions is pleased to announce that it has acquired the entire issued share capital of Switchback Group, Inc. ("Switchback"), a USA based supplier of packaging machinery and automation solutions to the food, beverage and healthcare markets (the "Acquisition"). The Board expects the Acquisition to be immediately earnings enhancing.
bwm2: Mpac smashes analyst estimates Mpac (MPAC:270p), a small-cap niche packaging engineering business, servicing the healthcare, pharmaceutical and food and beverage sectors, is successfully navigating its way through the Covid-19 pandemic far better than analysts at Panmure Gordon predicted when I last suggested buying the shares, at 263.5p (‘Deep value plays’, 13 July 2020). First half order intake only dipped 6 per cent to £30.5m, and the closing order book was up 14 per cent year-on-year to £45.4m. Importantly, there have been no Covid-19 cancellations. That’s an impressive performance and one that highlights ongoing demand in Mpac’s end markets which are growing at a rate of 4 to 6 per cent per year, and the company’s ability to capture the growth, too. For instance, Mpac offers customers digital solutions for artificial intelligence-enabled equipment and robotics in their production facilities and warehouses. Chief executive Tony Steels pointed out during our results call that one consequence of Covid-19 will be an acceleration of the move to automation as more blue-chip clients reappraise their manufacturing efficiency. Mpac is proactively helping its clients to do so and, with more than 85 per cent of its revenue already generated overseas, is incredibly well placed to benefit from this structural change. Also, around 75 per cent of Mpac’s business is associated with essential consumer products, another reason why end-market demand is robust. Indeed, analyst Paul Hill at Equity Development points out that the second half has started well, noting “unseasonally strong July bookings, especially in North America and healthcare, with food and beverage not far behind.” The Americas accounted for half of Mpac’s first half revenue, so is an important market. The other key take was the 28 per cent first half surge in high margin service revenue from £7.6m to £9.7m, and at higher levels of profitability, on the back of improved operational supply chain efficiency. Mpac reported “double-digit revenue growth registered across all regions” in the service segment. Admittedly, disruptions completing installation of equipment did have an impact which explains why Mpac’s first half underlying operating profit of £2.6m on revenue of £36.8m was down from a record profit of £4.6m reported on revenue of £45.8m in the first half of 2019. However, first half operating profit was 30 per cent higher than Panmure had predicted for whole of 2020, highlighting the scale of Mpac’s outperformance. Based on Mpac delivering a second half operating profit of £3m, only £200,000 shy of the 2019 second half result, Panmure now expects Mpac to report full-year pre-tax profit of £5.4m on annual revenue of £81.6m to produce earnings per share (EPS) of 23.5p. On this basis, the shares are rated on a cash-adjusted PE ratio of 6.7, a harsh rating for a company that has a resilient revenue base and is a major beneficiary of the accelerated change in manufacturing automation. Indeed, after taking account of the net cash pile of £22.5m (112p a share) and the actuarial pension deficit of £35m, I arrive at fair value of 330p a share. So, having included the shares, at 156p, in my 2018 Bargain Shares portfolio, and now priced on a bid-offer spread of 265p to 270p, I see scope for further upside. Buy.
investor0109: bubloo- IC does well to explain pension deficit: 'The US scheme has a £6.2m deficit, and although the UK pension scheme is in surplus on an IAS19 basis (assets of £398m exceed liabilities of £377m), tiny changes in bond yields can have a major impact on the pension liabilities. Also, the assumptions used in actuarial valuations are far more conservative than for IAS19. This explains why analysts believe the current actuarial deficit could be around £50m. Mpac is making a £1.9m payment into the UK scheme to bridge the funding gap, and has agreed to pay additional payments if annual operating profit exceeds £5.5m. Please note that I took into account Mpac’s pension schemes when I suggested buying the shares in my 2018 Bargain Shares Portfolio.'
investor0109: Castleford Tiger- quite agree that MPAC a great buying opportunity today. Don't believe share price will close flat, however, as fear seems to have taken hold. Fear of what, I do not know, given MPAC still performing well despite wider economic carnage. Wager the sort to have been frightened away today soon hurry back when MPAC inevitably tipped in coming weeks.
standish11: Packaged for economic recovery Mpac (MPAC:263.5p), a small-cap niche packaging engineering business has issued a reassuring pre-close trading update ahead of interim results on Thursday, 3 September 2020. Entering the second half, the order book is up almost 14 per cent year-on-year to £45.4m, and there have been no Covid-19 cancellations. All sites have been able to remain open throughout the pandemic, so providing essential support for customers in the pharmaceutical, healthcare, nutrition and beverage industries. Mpac continues to win new orders with original equipment manufacturers (OEMs) and service orders, too, highlighting resilience in the healthcare sector (accounting for three quarters of annual sales), and in the Americas region (almost two-thirds of sales). Moreover, debtor days remain at pre-Covid-19 levels, and net cash has surged from £18m to £22.1m since the start of 2020, driven by tight working capital management, deferral of discretionary spend and access to government support. Admittedly, there will be an impact on Mpac’s operations this year. Analyst Sanjay Jha at Panmure Gordon estimates a 24 per cent decline in revenue to £67.6m ahead of a strong recovery in 2021 when he forecasts sales of £81.5m. On this basis, expect operating profit of £2m rising sharply to £5.3m in 2021, although in the absence of management guidance I feel that Panmure are being far too bearish on this year’s profit estimates and overly cautious on their 2021 numbers. In any case, Mpac's shares are only rated on 10.5 times low-ball 2021 EPS estimates, representing a 36 per cent discount to the UK engineering sector average even though the company has net cash of 110p a share. In my opinion, Mpac’s current rating fails to adequately factor in a pick up in second half orders (thus reducing the 2020 profit shortfall) as lockdown restrictions are eased and potential for a stronger than forecast earnings rebound in 2021. Mpac’s management is ahead of the game, having put in place a ‘Fast Recovery’ plan to position the company for growth as activity levels return to normalised levels. Initiatives include the launch of a new website, a virtual exhibition for customers to demonstrate the range of newly developed products, and offering customers digital solutions for artificial intelligence-enabled equipment and robotics in their production facilities and warehouses. The Covid-19 crisis will undoubtedly accelerate these trends as more blue-chip clients reappraise their manufacturing efficiency. Mpac’s share price is up 22 per cent since I last rated the shares a buy (‘Coronavirus winners’, 9 March 2020) and the holding has delivered a 66 per cent gain since I included the shares, at 156p, in my 2018 Bargain Shares Portfolio. A recovery back to my 330p target price, which was surpassed in February when the shares hit a 16-year high of 377p, is not unrealistic. Buy.
fuji99: Here it is: "On the upgrade" Simon Thompson Mpac (MPAC:268p), a small-cap niche packaging engineering business supplying customers in the pharmaceutical, healthcare, nutrition and beverage industries, has prompted analysts to push through their fifth earnings upgrade since the annual results in March last year ('Mpac’s massive earnings upgrades', 5 Mar 2019). Mpac supplies its blue-chip client base with high-speed, cutting-edge packaging machinery and equipment in a global market growing by 4 to 6 per cent a year, and one where demand is being underpinned by the need for large original equipment manufacturer (OEM) customers to improve efficiency and lower costs and wastage in their production lines. Mpac earns more than 80 per cent of annual revenues outside the UK, so it is benefiting from strong global trends including the migration to smart technologies, which is accelerating growth rates as large companies adopt artificial intelligence-enabled equipment and robotics in their production facilities and warehouses. Mpac’s order intake (especially in the US and healthcare segment), profit margins and cash generation are all ahead of analysts' full-year expectations even though they had already lifted forecasts at the time of the 2019 half-year results (‘Mpac delivers fourth earnings upgrade this year’, 9 Sep 2019). Paul Hill at Equity Development now expects Mpac’s 2019 pre-tax profits to rise from £1.4m to £7.5m, representing a £500,000 upgrade, on revenue up by more than half to £89m, buoyed by a surge in operating profit margin from 2.4 to 8.4 per cent – the margin expansion highlighting the operating leverage of the business given its relatively fixed cost base. On this basis, expect 2019 earnings per share (EPS) to soar from 4.5p to 33.7p, implying the shares are rated on a lowly price/earnings (PE) ratio of eight, or half the sector average, a valuation that can no longer be justified by Mpac’s legacy pension scheme liabilities. Moreover, expect closing net funds of around £17.8m (88p a share), or 80 per cent higher than at the end of the first half, cash generation being buoyed by an unwinding of working capital, the better-than-expected profit contribution and receipt of customer deposits. Mpac’s shares are up around 70 per cent since I included them, at 156p, in my market-beating 2018 Bargain Shares Portfolio and smashed through my 250p target price following the latest earnings upgrade. However, the shares still only trade on a cash-adjusted PE ratio of 5.5 and I now feel that a fair value of 330p is more appropriate. Strong buy.
cjohn: wiltshire sage 9 Mar '19 - 13:26 - 148 of 151 0 2 0 Mpac has produced some tidy results and a decent outlook; however, sadly this positivity pales into insignificance in comparison with the looming pension deficit. Mpac's technically correct but commercially misleading inclusion of an accounting surplus predicates a going concern basis and camouflages the large statutory deficit. A comparison with 600 Group (SIXH) who recently sold their legacy pension to an insurer for cash is instructive. Like Mpac, SIXH had a large legacy pension which had an accounting surplus, but, unlike Mpac, also had a statutory surplus. This has enabled SIXH to transfer its legacy pension in its entirety to an insurer for cash. A read across of this transaction to Mpac would suggest that Mpac would have to pay an insurer a sum of c.£100m, perhaps more, to rid itself of the problem. The latest full pension fund valuation for Mpac was at 30 June 2015, another is now due. At that date the statutory/wind up position was one of 67% funded. The position may now be worse. In 2017 and 2018 taken together Mpac has paid away £9.7m in pensions, sums which exceed by some margin the cash generative ability of the company. Even a generous sum of the parts valuation of Mpac, cash, property, and the trade, of some £60-70m falls short of the pension liability. It is therefore difficult to attribute any value to the Mpac equity. 1. The last FORMAL actuarial valuation was in June 2015. At that time the UK defined benefit pension scheme was £70m in deficit. (On a wind-up basis valuation, it was even more in déficit.) 2. However, this large figure is put into proportion when you realize that there are several hundred million pounds of assets and liabilities in the UK defined benefit pension scheme. 3. This means that smallish changes in asset values or the assumptions used to calculate the present value of future pension scheme liabilities will have a large effect on the overall deficit figure. 4. Since 2015, there has been a notable increase in asset values in the UK pension fund. At the same time, there has been a notable drop in the discount rate used to calulate the present value of future pension liabilities.(This increases the déficit.) 5. The NET effect of these changes has been to push the UK scheme into a surplus of £20.5m at December 2018. This is on an IAS 19 valuation. 6. This isn't the same as a caluclation on a full buy out basis - ie calculated on the basis that the company off-loads its pension assets/liabilities onto a specialist pension provider and has to pay a premium to such a company to take on the risks inherent in running such a fund. 7. So currently, if the company did this, there would be little or nothing left over of the surplus to come back to the company. 8. However, if interest rates rose - and so the discount rate used to calculate the current value of future pension liabilities - the UK pension shceme could very well be wound up with a surplus coming back to the company. 9. The company pays £1.9m a year into the UK fund, based on the 2015 formal valuation. but this sum is will be reduced or eliminated, at the next formal valuation, if the schemes continue in surplus. 10. The company also paid a total of £2.5m of the proceeds from the sale of the Instrumentation and Tobacco machinery división in 2017 into the UK pension scheme. 11. The situation at 600 Group, where I also have shares is very similar to that of MPAC. And the outcome is likely to be similar too ie a wind up of the UK pension scheme with a surplus coming back to the company. You say "Mpac's technically correct but commercially misleading inclusion of an accounting surplus predicates a going concern basis and camouflages the large statutory deficit." This is nonsense: MPAC has a statutory SURPLUS on a IAS 19 basis. That is why there is a surplus recorded on the balance sheet!! In 2015, MPAC's UK pension scheme was in déficit on an IAS 19 basis and other bases; NOW it is NOT. Finally, you say "Even a generous sum of the parts valuation of Mpac, cash, property, and the trade, of some £60-70m falls short of the pension liability. It is therefore difficult to attribute any value to the Mpac equity." Again, this is a straightforward error. I assume you are harking back to the 2015 formal valuation. A formal valuation today would put the UK pension scheme in SURPLUS. Finally, might I kindly suggest that if the subject of pension schemes interests you that you do some basic reading about what terms mean and how everything fits together. Then you will be able to post something cogent and not misleading nonsense.
ADVFN Advertorial
Your Recent History
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20201029 23:21:01