Mpac Share Discussion Threads

[davr0s] 10/5/2018 12:27

It was a Shares mag tip that triggered the drop. No drama just lemmings following the tipsters

[5chipper] 10/5/2018 12:22

Picked up a few on the dip here

[richjp] 07/5/2018 18:01

Losing the FD is usually a bad sign however the fact that he is working his six month notice period suggests that he is not someone leaving because he has screwed up.

If he had left immediately that would be far more concerning.

[rhomboid] 07/5/2018 17:38

The paid for research from Edison might be of interest to you?

I’ve rarely seen a better investment proposition than MPAC presents at the moment..rapid growth stories rarely come for free..net out the cash and the surplus property and you get a niche engineering growth business for nothing.

To argue the bear case is admirable contrarian behaviour👍

[pro_s2009] 07/5/2018 17:09

The interesting thing here is that the leftover company has lost all its cash generative business (the tobacco side). This was high margin and lots of cash.

The remaining business is not straight forward.

Food packaging - this is highly competitive and very low margin. Easy to get high sales figures, not easy to back up those sales figures with good margins and cash generation. The big risk with low margin sales orders is of course installation problems. Installation problems can eat your margins in no time and leave the project running at a loss very quickly.

Technology - their Mtech division makes lots of money IF they are doing repeat machinery orders. If their repeat order book runs dry and they get involved with first of a kind then Mtech can lose lots of money and gobble cash.

You have to therefore look at the margins on the Food Packaging side as a stand alone.

And you have to watch the profit levels on the technology side like a hawk.

The FD resigning after such a very short time since joining is not indicative that things are rosy.


All of course IMO.

[edmonda] 04/5/2018 08:24

Agreed - and see 'nothing untoward' in title of brief note from ED published today reiterating business as usual. No change to forecasts or fair value.

Research on here:

[xajorkith] 04/5/2018 07:58

Leaving for personal reasons but will be seeing out his six month notice period, so don't think there's anything untoward behind it.

Still slightly odd as he only joined last year.

[penpont] 04/5/2018 07:19

FD leaving announced after hours yesterday.

[nfs] 19/4/2018 21:50

Thanks rhomboid

[rhomboid] 19/4/2018 20:52

I attended the AGM ,it was derailed by a late start due to train issues for registrar , I needed to leave quickly but formed a v favourable view of mgt , Monks Risborough site seems to be a case of when not if,and revised scheme has fewer homes but similar gross development value, a well deserved tribute to our outgoing Chairman was eloquently delivered by a fellow shareholder, my view is best expressed by me leaving the meeting and buying quite a lot more shares but i’m still Likely to add more on any pullback.

[richjp] 19/4/2018 10:13

It did say that he was leaving for personal reasons although that could just be a cover up.

It's always disappointing when a chairman leaves who has been involved in what has over the last year so far been a highly successful turnaround situation, however with the strong position I believe the company is now at, it should be fairly easy to find good people to come in.

[castleford tiger] 19/4/2018 09:58

Possibly not well or a family member.
Is he linked with any other companies|?

Tiger

[kenmitch] 19/4/2018 09:00

hmmm. Surprise news of Chairman resignation. He is stepping down at once. No explanation with announcement today.

[richjp] 16/4/2018 15:17

Up again. I wonder if someone has a whiff of news about a deal.

They have cash to spend now.

[xajorkith] 13/4/2018 15:58

Great to see this hitting a new high.

Looking really strong & may get to 250p quicker than I expected :)

[hpcg] 04/4/2018 09:59

I'm a holder too. I guess I wasn't clear that tax year end selling is a potential buying opportunity when liquidity comes into the market.

[castleford tiger] 04/4/2018 08:26

I take opposite view as they are so hard to buy.
I have 300p[ fair value by later this year as this management are on the ball.

However PDYOR.

Tiger

I am a holder

[hpcg] 03/4/2018 23:35

Personally I think there is more froth to come off large cap US tech. That will get people worrying about all shares - volatility does what it says on the tin. It also has to be said there could be end of year selling to bed and breakfast into ISAs, or just to take profits. Up to you.

[red5] 03/4/2018 21:25

do i buy or do i not please let me know your thoughts.

[wilsonst1] 03/4/2018 10:44

Taken nearly an hour to buy c10k . Think MMs using general market weakness to call down Mpac to try and buy some cheap ones.

[davr0s] 18/3/2018 15:32

And in the end what matters is how the market values this and at the moment it's going up which is all I care about

[hpcg] 17/3/2018 20:29

Perhaps you missed this in the results statement?

The IAS 19 valuation of the UK scheme resulted in a net surplus at the end of the year of £17.6m (2016: £4.6m). The value of the scheme's assets at 31 December 2017 was £414.6m (2016: £401.9m) and the value of the scheme's liabilities was £397.0m (2016: £397.3m). The scheme's assets have benefited from strong returns in the year which has increased the scheme's surplus. The scheme's obligations fell slightly during the year.

-- the beast from the east may help the latter further, Dignity has reported an uptick in the death rate so far this year.

Which leads to this: The deficit recovery plan will be reassessed as part of the 30 June 2018 actuarial valuation, which is expected to be completed in the second half of 2019.


And then also this: Group equity at 31 December 2017 was £42.8m (2016: £35.4m). The movement arises mainly from the net actuarial gains in respect of the Group's defined benefit pension schemes of £5.9m, a profit for the period of £1.6m, currency translation gains on foreign currency net investments of £0.6m and translation reserve recycling of £1.1m arising as a consequence of the sale of the I&TM division, all figures are stated net of tax where applicable.

The dividend rules are complex and constrained by the out of date recovery plan, see the the results text again, but in any case a company the size of MPAC should not under any circumstances be paying a dividend in my opinion. The levy payment will likely continue, but not the catch up payments.

I am not for one moment suggesting the pension fund doesn't need consideration, but to suggest it makes MPAC a zombie company is far from an accurate depiction.

[wiltshire sage] 17/3/2018 13:51

Simon Thompson's analysis and bullish view of MPac in Investors' Chronicle is flawed. MPac is a pension zombie company - a £400m pension fund with a huge funding shortfall and a small and overvalued business on the side. MPac currently has to find £2.6m cash (£1.8m contributions + £0.8m administration costs) annually for the pension fund for years to come, a situation which is likely to worsen given the £70m hole in the pension fund. Set against this MPac's £29m of net cash, which is catching the punter's eye, is chicken feed. Difficult to see any real value in the shares evidenced by the absence of any dividend, share buyback or meaningful directors' holdings. Strong sell.

[ronwilkes123] 14/3/2018 08:03

Good luck to here, if it hits 2.50 it hits it. I just can't see it ever happening and it seems over hyped imo. I'll pop back in round June to see it in the same sort of area now doubt

[tudes100] 14/3/2018 00:12

Don't feed the trolls