Ms Investors - MSI

Ms Investors - MSI

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Stock Name Stock Symbol Market Stock Type
Ms International Plc MSI London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
2.00 0.88% 230.00 15:02:39
Open Price Low Price High Price Close Price Previous Close
228.00 228.00 235.00 230.00 228.00
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Industry Sector

Top Investor Posts

thorne3: One has to recognise that MSI is essentially a private company with a listing.That said one can be assured that shareholders will be well taken care of in the medium term even if the lack of newsflow and failure to communicate with shareholders in the short term can be very annoying.The Board is made up of a very sound bunch of individuals and there could be some fairly rich pickings here for investors in due course.In the short term don't be taken in by the high level of cash on board as much of this relates to up front deposits from customers on the naval gun side of the business as stated in the Group accounts.Having said that I consider MSI to be a little jewel to be held in the longer term to see how things unfold.
cockerhoop: Profdoc, I thought the results were a mixed bag, good to see the company investing for the future and the dutch acquisition being ahead of expectations. The positive (for MSI) outlook statement is also very welcome. Whilst as you point out defence is ahead of H1 2014, it wasn't close to matching H2 2014 which may have disappointed some investors. We do know though from the outlook statement in the finals that they expected defence to have a good H2 this year and this business does have excellent visibility. The current global terrorism & military threat whilst unsettling for everyone is clearly a tailwind for MSI.
profdoc: Why are investors so pessimistic about this company this morning? Steady, if unspectacular progress, has been made overall, with Defence revenue up by £2.6m in the half year and Petrol up £1.5m. Admittedly, Defence was not profitable (but close to breakeven) and Forgings turnover is down by £1.7m producing an operating loss of £0.3m in that division. Plenty of investment in the future going on (CAPEX £1.19m, 2014H1: £0.31m) Plenty of cash £11.45m, and no debt. Plenty of experience in coping with cycles in these three industries. Was the market expecting a big bounce back already, and is now disappointed? Glen
cockerhoop: 1 of 9 companies included in a Investor Chronicle Free Cash Flow King screen. hTTp:// MS International (MSI), an engineer with interests in defence (37 per cent of revenues), forging (33 per cent of revenues) and petrol station superstructures (29 per cent of revenues), has just endured a tough year in which EPS dropped from 14.6p to 8.2p. However, things are not quite as bad as they first seem, as reflected in the fact that MS held its 8p full-year dividend. Indeed, considering the group finished the year with record net cash of £17.2m (60 per cent of the market cap), it looks like it can comfortably afford the payout, which cost £1.3m last year. Importantly, trading has also started to look up for MS. A weak defence market coupled with investment in product innovation weighed on last year's result and pushed the defence division into the red. But MS saw a strong pick-up in trading in the second half, which looks like it should continue into the current year. Indeed, not only is the defence market looking somewhat stronger but the first of the new products the company has been investing in has been well received and more new product launches are in the pipeline. Meanwhile, management believes trading at the forging business should be stable whilst the petrol station superstructure business could benefit from a trend for big oil companies to sell their retail operations to independents. Even if earnings stayed at last year's depressed level, the shares' cash-adjusted PE would be just 8.5 times.
dangersimpson2: 1st up day for a while and a reasonable reversal, maybe an overhang cleared? It took the shares down to a c30% discount to cash + NWC. Is the company/management really that bad that we are expecting them to generate a negative return on working capital and the ongoing business to be worthless? Seems hard to believe - they seem competent enough in some difficult business conditions although a bit investor/city unfriendly. I guess when management own a big stake and they have half the mkt cap in cash they don't have much need of the city. It means that long term investors should see a high return here however long-term might have to mean forever (or at least 20 years of 6%+ dividend!)
emmo1210: Not one for the screen watchers anyway. The level of cash is getting very high. I think they will have to decide soon either to return a chunk to investors or go on a buying spree, preferably the former. Would need an OP update soon too.
dangersimpson2: WCB, I agree that MSI will never set the world alight but given the EV/EBITDA & EV/FCF metrics it should be able to deliver 10% pa return without any growth in revenue or earnings (assuming they return their surplus cash to investors over time through either an increased dividend or capital return.) I'd be happy with this given the possibility of a re-rating at some point although I was slightly disappointed with the dividend only being held given the growing cash pile. Overall I think MSI is a solid part of a defensive portfolio but wouldn't overweight it despite the great metrics due to the concerns you raise. Cheers, Danger
westcountryboy: I think there are just the websites for the different divisions. I went to an AGM in Doncaster in 2006. There was just me and a fellow-investor called Jim. We were treated with great consideration - Michael Bell is an old-fashioned Yorkshire gent - but I didn't get the sense that he was a great enthusiast for the ways of the City. I would love to know what his exit strategy is.
skanjete2: Does somebody know if there is a website with investor info (annual reports etc.) available? I can't seem to find the necessary website/information.
pabster: It is worth remembering the company is 1/4 in cash, paying 3.5% dividend at these levels, trading on a single digit p/e. In the interims they had already forwarned that this year would not match the record figures of 2011. The fact that the share hasn't traded today at these low levels should give some confidence that weak hands are not being stopped out and we may have found a level. The company are not great communicators but that might be where the advantage lies for savvy investors who have done the work and are confident in their research.
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