Mpac Group Plc

-10.00 (-3.88%)
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
  -10.00 -3.88% 247.50 10,696 11:02:36
Bid Price Offer Price High Price Low Price Open Price
245.00 250.00 255.00 247.50 255.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Special Industry Machy, Nec 97.70 -0.40 -2.00 - 50.67
Last Trade Time Trade Type Trade Size Trade Price Currency
15:13:10 O 3,000 249.055 GBX

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Date Time Title Posts

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Mpac (MPAC) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-05-31 14:13:11249.063,0007,471.65O
2023-05-31 14:12:09250.0077192.50O
2023-05-31 14:08:12248.856001,493.10O
2023-05-31 13:55:15248.551,0002,485.50O
2023-05-31 12:23:51248.556251,553.44O

Mpac (MPAC) Top Chat Posts

Top Posts
Posted at 17/5/2023 12:11 by clanger66
Disco I assume Tiger is referring to Equity Developments year end forecast, not EPS year to date.
You had been right so far with your negativity, however the company did suffer badly from supply chain issues during last year which also hit many other businesses. These issues now seem to be abating so we should be looking forward.
The increase in working capital that led to year end debt is being worked through and the order book they say is increasing so you would expect earnings to drop in as the year progresses and the cash position to build.
Obviously nothing is a given but I feel much more comfortable with my holding than prior to todays statement.
If the year pans out as the brokers forecast the current share price in my opinion seems overly cheap.
Shore Capital have penciled in an adj EPS of 26.9 for the full year and highlight the same points as Equity Dev.
I guess it's up to the individual to decide if they believe the company will deliver or, as I guess is your standpoint, to fail.

Posted at 17/5/2023 07:24 by edmonda
AGM statement - new research from Equity Development

Link to research report with audio summary:

In a statement accompanying the AGM, Mpac Group reports that the positive momentum of Q4 22 has been maintained, with order intake and quotation activity significantly ahead year-on-year. As expected, pressure on working capital has eased - the completion of orders and shipment of equipment means that Q1 23 closed with a positive net cash position, which is expected to be maintained in H1.

This is a clear validation of the steps undertaken in the latter part of FY22 and a strong positive indicator for the current year. We note that Mpac expects trading to be second-half weighted, with the order book sufficient to meet revenue expectations. The positive momentum reported should continue.

The core message of this AGM statement is that Mpac continues to focus on its key markets, notably Healthcare and Food & Beverage, where the shortage of key components in FY22 constrained the ability to deliver, and where there is now evidence of healthy demand.

Our fair value for Mpac remains 485p/share, indicative of a FY24 EV/EBITDA multiple of 7.9x.

Posted at 22/3/2023 08:57 by my retirement fund
Unrepresentative. Freyr contract excitement gradually being managed downwards. Unsurprisingly share price marked down, could sell off lot more in coming weeks imo
Posted at 22/3/2023 07:44 by edmonda
New research note with audio summary from Equity Development:

FY22 results show a platform for growth - For the year to 31 December 2022, Mpac Group reported revenue of £97.7m, +3.6%YoY, EBITDA (adj.) of £6.8m, ahead of our outlook, -39.3%YoY, and PBT of £3.5m. Service revenue grew 14.4%YoY to 23.6% of the total. The year-end closing order book was £67.2m (FY21: £78.4m). Net debt was £4.7m, which we expect to revert to a £7.5m net cash position in FY23

Orders underpin FY23 earnings visibility - The FY22 closing order book was £67.2m with order intake at £83.8m, compared to £83.9m in FY20 and £117.9m in FY21. By FY24 we expect a return to top line growth of above 10%YoY and EBITDA growth of above 30%YoY, with revenue from Service approaching 30% of total.

Supply chain pressure eases - As expected, Mpac required additional working capital in order to meet customer expectations and offset the impact of supply chain disruption. This amounted to £17.8m (our estimate: £18.7m), including inventory build to £9.6m. We forecast this to unwind as the backlog of projects completes in H1 23; Mpac reports that contract assets – projects awaiting final factory sign-off – peaked in Q4 22 as the supply of key electrical components improved, allowing project completion prior to shipment. Cashflow was also constrained by the timing of customer deposits carried over into FY23. We expect working capital to improve to above £3m, and FY22 net debt of £4.7m to revert towards an estimated 31 Dec 2023 net cash position of £7.5m. Mpac continued to progress development of casting and unit cell assembly equipment for the battery cell production line at FREYR’s Battery Customer Qualification Plant in Norway. Agreed changes resulted in a revised plan for delivery in Q1 23, and commissioning in Q2 23.

Appointment of new CEO - Tony Steels, who has led the Group since 2016, has announced his retirement. COO Adam Holland will become CEO post-AGM on 17 May. Adam joined Mpac in late 2022 having held senior positions worldwide at JCB, Siemens AG and Rolls-Royce.

Fair value remains 485p - Following the January 16th Trading Update we raised our FY23 revenue outlook from £103.6m to £104.7m, (adj.) EBITDA by 13% to £9.6m, and our FY24 revenue outlook from £113.4m to £115.8m, with (adj.) EBITDA from £12.9m to £13.0m (see note here). We retain these estimates. Our fair value for Mpac remains 485p/share, indicative of a FY24 EV/EBITDA multiple of 7.9x.

Posted at 16/1/2023 16:39 by my retirement fund
I guess that's why the share price is £3 instead of £6. I think if you a glass half empty type of person and believe order intake will not improve in the next few years this shares not for you but if you think we can now see over the horizon it's stupidly underpriced. It is difficult to see an argument for being overpriced, tho.
Posted at 16/1/2023 07:22 by edmonda
Trading Update this morning - new research report out from Equity Development

Link to note:

In a Trading Update today, Mpac Group reports performance for the year to 31 December 2022 in line with expectations, with a strong FY22 closing order book; the outlook for FY23 is “encouraging”. We have raised our FY22 (adj.) EBITDA outlook by 8% and FY23 by 13%.

Reflecting resilient demand in the core Healthcare and Food & Beverage segments, order intake in the second half of FY22 was significantly above first half levels, leading to a healthy year-end closing order book of £69.0m (H1 22: £62.6m). In addition, Service order intake and contribution to revenue continued to grow. Mpac adds that, inclusive of modified specifications, the development and installation of the clean energy project for FREYR remains on track for completion in Q2 23.

Mpac was required to adjust its operations to meet the impact of the worldwide disruption of supply chains and related macro-economic factors. The response was good management of components sourcing and stock levels, in addition to alternative routes of sourcing. This resulted in the ability to better meet customers’ expectations and, in H2, improve profitability. The exercise required additional working capital – in areas such as inventory build - and adapting to lengthened project build timing, for which we estimate Mpac has ample balance sheet resources. We expect the pressure on working capital to unwind in H1 23, with estimated FY22 year-end net debt of £4.2m reverting towards an estimated 31 December 2023 net cash position of £5.3m.

Our fair value for Mpac remains 485p/share, indicative of a FY24 EV/EBITDA multiple of 7.9x compared to 4.6x at current EV.

Posted at 14/12/2022 13:25 by darrin1471
MRF. Had MPAC on my watchlist when you gave the heads up on SHA thread last week. I bought a few last week around 260p looking for 500p in 12 months. Watched the webinar, half-year presentation and read annual report.
500p looks a reasonable recovery price. Additionally tight western labour markets makes automation more attractive going forward in general.

FREYR’s could also become a nice little bonus. I believe the Customer Qualification Plant (CQP) was worth around £10m and the first four lines would be each worth a similar amount . The 8 lines at giga artic have a capacity of 29 GWh. The 8 lines at Giga America have a capacity of 34 GWh.
So each line produces around 4 GWh and £10m revenue to MPAC.
"FREYR’s goal to deliver 50 GWh of battery cell capacity by 2025 in the Nordics and U.S., over 100 GWh of annual capacity by 2028 in the Nordics and the U.S., and
over 200 GWh of annual capacity by 2030 across multiple geographies"
200/4 is 50 lines at £10m is £500m by 2030
MPAC are small and new in this area. The CQP is not fully tested, but MPAC believe they have a better solution than their competitors (what else are they going to say)
The M24 solution appears ready to hit the market and is lower capital cost and lower material cost than current solutions. As batteries become commoditised this appears to be a current solution for the market. If MPAC pulls this off and it a quite a leap of faith, then the clean energy cell manufacturing market looks huge.

Posted at 15/9/2022 13:08 by bigbigdave
15 September 2022

Mpac Group plc


Mpac signs framework agreement with FREYR for the supply of automated cell assembly equipment

Mpac Group plc, a global leader in high-speed packaging and automation solutions, announces that it has signed a framework agreement with FREYR Battery ("FREYR"), for an initial three-year period, for the exclusive supply of the casting and unit cell assembly equipment to the battery cell production line at FREYR's Giga Arctic factory in Norway.

FREYR is a developer of clean, next-generation battery cell production capacity, incorporating 24M Technologies ("24M") SemiSolid lithium-ion battery platform technology. Mpac was prequalified to participate in the competitive tender for the framework agreement following several years of cooperation with 24M on industrialising and scaling battery cell assembly. Mpac will leverage 24M's innovative battery casting technology and in-house expertise and experience in automation and mass production systems to construct and install the equipment.

Previously Mpac was awarded the contract to design and build the development line for FREYR's Customer Qualification Plant (CQP) in July 2021 and this project remains on schedule for shipment in December 2022.

Tony Steels, Chief Executive at Mpac Group plc, commented:

"We have worked closely and effectively with FREYR since being awarded the contract for the development line and I am delighted that our partnership with FREYR has developed into the award of an exclusive agreement to build the first series of production lines for their Gigafactory in Mo I Rana, Norway. I am excited about the opportunity to establish Mpac as a market leading provider of automation equipment to the clean energy sector and to support FREYR in achieving their ambitious growth plans for a more sustainable future."

Posted at 26/6/2021 11:28 by richjp
A number of companies have recently reported supply chain and logistical issues, possibly due to the amount of Covid financial stimulus with a resulting increase in the demand for raw materials plus potential price increases.

I wonder if some of this concern is the reason for the fall in the MPAC share price.

A positive trading update could hopefully reverse the current trend.

Posted at 13/1/2021 09:38 by mfhmfh
i'm looking at MPAC share price to settle around 550-600p.

hopefully when Covid-19 unwinds in the 2nd half of the year and order book increases then share price will follow.


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