Share Name Share Symbol Market Type Share ISIN Share Description
Mpac Group Plc LSE:MPAC London Ordinary Share GB0005991111 ORD 25P
  Price Change % Change Share Price Shares Traded Last Trade
  -1.50 -0.68% 218.50 144,292 14:00:04
Bid Price Offer Price High Price Low Price Open Price
212.00 225.00 220.00 210.00 220.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Engineering 88.80 5.40 29.70 7.4 44
Last Trade Time Trade Type Trade Size Trade Price Currency
17:20:02 O 4,892 218.50 GBX

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Mpac Daily Update: Mpac Group Plc is listed in the Industrial Engineering sector of the London Stock Exchange with ticker MPAC. The last closing price for Mpac was 220p.
Mpac Group Plc has a 4 week average price of 167.50p and a 12 week average price of 167.50p.
The 1 year high share price is 372.50p while the 1 year low share price is currently 130p.
There are currently 20,166,540 shares in issue and the average daily traded volume is 159,934 shares. The market capitalisation of Mpac Group Plc is £44,063,889.90.
john09: 89p cash per share. True share price then of 123p
nallen1: Share price: 307.5p (up 1% today, at 11:45)No. shares: 20.2mMarket cap: £62.1mFull year resultsI was bowled over by the trading update from this company a little while ago, here on 8 Jan 2020. The most striking thing was repeated, and very substantial upgrades to forecast earnings - tripling in one year! You don't see that very often. I've been looking forward to having a proper look at it, so today is my opportunity. This might take some time to prepare, so please bear with me.Here are my notes from reviewing the results announcement -2019 was clearly a very good year, as has been previously flagged by the companyRevenues up 52% to £88.8m, of which 24% growth was organicAcquisition of Lambert is described as a "strategic milestone", in May 2019Healthcare-orientated customer base - sounds good, growing sectorsUnderlying EPS 39.5p (LY: 4.5p!) - adjustment for pension costs not necessarily justified, as it is an ongoing & repeat costStatutory EPS 29.7p - more conservative measure that some people may be more comfortable with - which is still showing impressive growthDivis re-starting, with a modest 1.5p final divi - so not an income stock yet2020 has started well, in line with expectations2020 opening order book flat vs last year at £52.2m (not clear if this is LFL, or including Lambert) - possibly slightly disappointing? Has the growth surge paused for now I wonder?Coronavirus - currently doesn't expect delay to parts. China is small element of supply chain. But, could be knock on effect if other suppliers impacted by China.Huge pension schemes - £423.6m assets, £403.2m liabilities, on an accounting basis - technically a surplus, but since deficit overpayments are calculated on the actuarial numbers, then I would delete the £20.4m pension asset from the balance sheet. Investors here do need to properly understand the pension fund situation.Annual pension recovery payments of c.£3m - are material cash outflows, and help explain why divis are so small. Not to be ignored!Tax charge - NB note the P&L tax charge is negative at +£0.3m - this significantly boosts EPS, so needs to be adjusted to a normalised tax charge to properly value this shareBalance sheet - overall looks fine, even after adjusting out the pension scheme asset, and intangible assets. Cash position is fine..My opinion - the figures look good. Although I think it's important to adjust the EPS figures down by normalising the tax charge, and possibly reversing back in some of the adjustments (especially pension fund related costs).My big question, is how did the company achieve such a surge in performance, and is it sustainable? It could have been a one-off surge in orders, or it could be the beginning of a run of strong performance. I don't feel able to judge that, given no knowledge of the sector, nor its competitors. I think finding out about that should be the key focus of investors research. Remember that, when competitors find out how a company is achieving strong results, then they copy it!Overall though, I think this looks interesting & worth a closer look.If we're going into a global recession, which strikes me as likely due to coronavirus, then orders could be delayed, or dry up. Therefore, I'm not sure this is necessarily a good time to buy the shares. But it's on my watchlist for a possible purchase later on, when the situation becomes clearer re coronavirus.I have to leave it there for today. See you tomorrow.Regards, Paul.
mrnumpty: So , cash of £ 7.5 M is 12% of the market cap of £ 62 M , which equates to 36p of the current share price of £ 3 . So , by deducting the cash ( 36p ) from the current share price ( 300p ) leaves 264p . By dividing this ex-cash value by 39.9p suggests to me a p/e ratio of 6.6 . In addition , dividend restored . Good luck all .
fuji99: @Dan - You are comparing a laser guided equipment manufacturer for builders with a very versatile and fast packaging machines manufacturer for a variety of industries. Mpac is keeping upgrading its numbers while Som has just recovered from bad weather effects in the States (its share price shows it). In terms of potential, Som depends on the health of the economy wordwide while packaging for food manufacturers or pharmaceutical companies is a non-stop and around the clock process - This is why Mpac keeps upgrading its projections. So if you want to promote Som, I wouldn't buy a tooling manufacturer for builders while the world economy is stagnating with the construction industry almost frozen. So a simple blip would affect Som while Mpac is riding the waves head high under any weather. Watch this space, just till the 4th of March.
nobilis: The company also has a relatively strong balance sheet with cash forecast at £16m - 80 pence a share. In view of that both the company’s arms are gaining traction we are reiterating our Buy recommendation on the stock, which still looks undervalued. Results on 4 March should trigger another upgrade. Current share price 350 Take cash off of 80p leaves 270 Earnings 37p Cash adjusted pe is 7.3 A pe of 13 plus 80p cash leaves target of 561p 60.2% upside
pireric: The reality is that even before considering further upgrades to current forecasts, I'm not convinced this should trade on less than 12x earnings. That's already pointing to a 4 handle on the share price.
pireric: Reading again, the equity development note really is extremely bullish. One of the most bullish notes I've read in a while. My impression is that MPAC is going through a step change in its operations, which still is not reflected in analyst forecasts. The sort of step change that reminds me of GAW or VLX. Time will tell if that proves to be right, but if the market concurs, then I think there will still be significant share price strength from here over the next 6 months. After all, rather than continued momentum which is the picture the company paints, the forecasts seem to conservatively imply very little organic growth once you factor Lambert's lapping impact next year. And then you have a PE of less than 8 and EDs expectations of nearly £18m in net cash at year end (pension def to consider). Credit to CT on here who has been on the money for quite a while
phar lap: Paul Scott on Stockopedia hTTps:// MPAC (LON:MPAC) Share price: 238p (up 15% today, at 12:18) No. shares: 20.2m Market cap: £48.1m Full year trading update Mpac Group plc, a global leader in 'Make, Pack, Monitor and Service' high speed packaging and automation solutions, provides a pre-close trading update (unaudited) for the year ended 31 December 2019. This used to be called Molins, making tobacco packing machines. Presumably the name change, and more generic self-description, was intended to put PC/ethical investors off the scent! EDIT - I'm told that the tobacco machinery division was sold some time ago, so looks like that isn't relevant any more. End of edit. Continuing the theme of companies out-performing & getting repeated earnings upgrades, look at this! Earnings forecasts (broker consensus) has almost tripled in the last year - spectacular stuff; This begs 2 questions; 1) What's going on to drive such an outstanding improvement in profitability? and, 2) Is it sustainable, or just a one-off good year? (EDIT: or maybe a large customer programme with a finite end point?) I won't have time here today to drill down to that level of detail, but am certainly going to be printing off some broker notes, and doing some deeper research, and will report back at a later date. Positive update today - this sounds great, coming on top of the very substantial forecast increases already; On 5 September 2019, the Group reported that its profits for FY19 were expected to be significantly above the Board's and market expectations, with the momentum gained earlier in the year continuing throughout the second half of the year. The Board is delighted to announce that since that date, momentum in the business has continued to accelerate and we expect to report a full year trading performance ahead of these upgraded expectations. This is primarily as the result of a strong Q4 order intake and accelerated project execution. Outlook - this sounds positive for continued strong performance in 2020; "I am pleased with the overall business development and the high level of performance delivered by our global colleagues which has enabled us to report a further trading performance upgrade for 2019. Order intake and revenue growth have continued for both Original Equipment and Services and the Group will close the year with a strong order book for execution in 2020. I am confident that we will be able to report an excellent financial performance for 2019 and improved outlook for 2020 which gives us confidence for the future progress of the business." Pension deficit - is large still, so this needs to be factored into the valuation - i.e. it's the reason the PER is low. That said, if the underlying business is now trading its socks off, then the pension deficit becomes far less of an issue. My opinion - I've not looked at this company properly for over 3 years, so am not going to rush out an ill-informed opinion today (that doesn't usually stop me, I hear you cry!). However, today's update, and the latest note from Equity Development, sound very interesting. Therefore I'm going to flag this as definitely worthy of a closer look. It's tempting to buy a few shares straight away, and then do the detailed research later, when something crops up that has such strong earnings momentum as this.
pireric: 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.
mfhmfh: powerful combination of low PE ratio and expected high EPS growth. This from ST in IC which I particularly liked: '...Mpac’s shares are trading on a miserly current year PE ratio of 8, and on a cash-adjusted basis the PE ratio is only 6. That’s an incredibly low earnings multiple to pay for a company that is on course to lift EPS by 42 per cent from 23.6p in 2019 to 33.7p in 2021 based on Mpac delivering £7.7m of pre-tax profit on revenues of £101m in 2021...In fact, Mpac’s forward PE ratio for 2019 is half the UK engineering sector average.' Share price should be 300p. All IMHO.
Mpac share price data is direct from the London Stock Exchange
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