Mpac Share Discussion Threads

[mad foetus] 08/1/2020 16:07

From the price action today I'd be surprised if there wasn't follow through in the days to come

[nimbo1] 08/1/2020 15:50

pinched my nose and purchased

[mfhmfh] 08/1/2020 14:31

positive write-up by Paul Scott on Stockopedia.

only about 10p more expensive than it's peak in 2018.

still cheap IMHO.

[castleford tiger] 08/1/2020 11:39

Well well.
The door is open the shares are there to be bought.
242 p looks crazy.
Following today’s guidance I think 400 p will happen this year.
Even better current year has started well.
Huge upside still for those wanting in.
Tiger

[jay083] 08/1/2020 11:27

based on updated fy19 forecast numbers in ED note at £2.40 / share I make
EV/EBITDA = 3.4.
Cash adjusted PE circ 4.5.

Still cheap for a growth company with a strong balance sheet....

[pireric] 08/1/2020 08:28

Always hard to get yourself to pay up when the share price has torn upwards in recent weeks but valuation here is low enough that I think this can still continue to run for quite a while.

[interceptor2] 08/1/2020 08:23

Also bought at the open and of course not enough, but couldn't ignore an update like that. Chart shows major resistance at 220p which hopefully holds to the close.

[pireric] 08/1/2020 08:17

I've taken some today. Had to pay up for it but that update alleviates a lot of concerns and think this can now rerate. At 33.7p forecast for this year, can quite easily make an argument for this to travel towards 300p in fairly short order

[mad foetus] 08/1/2020 08:04

Got some on the bell but nowhere near as many as I wanted...

[bwm2] 08/1/2020 08:02

Since the last profit upgrade "momentum in the business has continued to accelerate"

[brummy_git] 08/1/2020 08:02

FYI Arregius - All the latest ED numbers in edmonda's report

[arregius] 08/1/2020 07:41

No numbers given though. From tonys words I see lambert has contributed dearly

[edmonda] 08/1/2020 07:32

Very strong close to 2019, meaning we have raised our forecasts and valuation to 350p/share (vs 275p before). New research available here:

[broadwood] 08/1/2020 07:28

Only one way this is headed this morning.

[tongostl] 08/1/2020 07:16

You can't beat an upgrade on the upgrades. CT I think your 275 will get smashed very soon :)

[bwm2] 08/1/2020 07:10

That's about as good as you can state at this stage!

[arregius] 08/1/2020 07:07

I knew it!!! AWESOME!!!

[arregius] 07/1/2020 13:36

News tomorrow?

[phar lap] 06/1/2020 11:32

Regards pensionsTaken from annual report"The Company will continue to pay a sum of £1.9m per annum to the Scheme (increasing at 2.1 per cent. per annum) in deficit recovery payments;» if underlying operating profit (operating profit before non-underlying items) in any year is in excess of £5.5m, the Company will pay to the Scheme an amount of 33% of the difference between the annual underlying operating profit and £5.5m, subject to a cap on underlying operating profit of £10.0m for the purpose of calculating this payment; this part of the agreement will fall away in 2021 if the funding deficit is below certain levels; and» payments of dividends by Mpac Group plc will not exceed the value of payments being made to the Scheme in any one year.

[castleford tiger] 06/1/2020 11:05

very few left under 210p

I can see us closing around this shortly
tiger

[castleford tiger] 06/1/2020 08:55

Arregius

I think the Pension news was much improved

Group is responsible for defined benefit pension schemes in the UK and the USA, in which there are no active members. The Company is responsible for the payment of a statutory levy to the Pension Protection Fund.

The IAS 19 valuation of the UK scheme at 30 June 2019 shows a surplus of GBP29.3m (GBP19.2m net of deferred tax), compared with a surplus of GBP20.5m (GBP13.2m net of deferred tax) at 31 December 2018. The main driver of the increase in the surplus was the strong asset performance, partially offset by a decrease in the discount rate.

The UK scheme was subject to a formal triennial actuarial valuation as at 30 June 2018, which was completed in the first half of 2019. The principal terms of the deficit funding agreement between the Company and the Trustees are set out in note 7. The next funding valuation will be carried out no later than at 30 June 2021 and the agreement between the Company and the Fund will be reassessed at each of those valuations.

The actuarial deficit in the UK scheme reduced from GBP69.9m at 30 June 2015 to GBP35.2m at 30 June 2018 in the formal triennial valuation. The actuarial deficit is now expected to be eliminated in July 2024, compared to August 2029 under the previous valuation, representing a gross saving of GBP9.7m. The current annual deficit recovery payments have been maintained but will now cease more than five years earlier than was agreed under the previous valuation.

The net valuation of the USA pension schemes at 30 June 2019, with total assets of GBP17.6m, showed a deficit of GBP6.1m, which was unchanged from 31 December 2018.

The aggregate expense of administering the pension schemes was GBP0.4m (2018: GBP0.5m). The net financing income on pension scheme balances was GBP0.2m (2018: GBP0.1m).
Tiger

[tongostl] 06/1/2020 08:07

Thanks Bwm2 and thanks CT, I appreciate your replies. The numbers here look remarkable in comparison to the market cap. The brokers note has FY EPS at 26 but that looks far to conservative to me, have to agree with you CT, 30p+ EPS looks nailed on, exciting times.

[arregius] 05/1/2020 18:43

What about the pension scheme? Remember we are paying until 2024 at least

[castleford tiger] 04/1/2020 10:58

Thanks

Think we HAVE smashed those.

tiger

[phar lap] 04/1/2020 10:34

September update from Equity Development.

"We’ve lifted our FY19 sales (+2.4% to £87m vs £58.3m LY), profit margin (8.0% vs 2.4% LY), EBIT (£7.0m vs £1.4m) and adjusted EPS (26.2p vs 4.5p) projections, on top of nudging up the valuation from 260p to 275p/share."