Ms Share Discussion Threads

[patricia59] 04/12/2018 12:09

i just bought in too. and i also used to own these some years ago. if i remember the profits are weighted to the second half

[mr. t] 04/12/2018 09:23

Bought some too. Used to own msi a few years back. A nicely run, low key business...with websites that would have looked dated in the 1990s.Can be cyclical but looks like on a nice upward path for now. A low valuation, especially if you strip out cash.

[interceptor2] 04/12/2018 08:28

Bought in here at the open, can't ignore figures like these.

[podgyted] 04/12/2018 08:06

Fantastic results - doubled up and more.

[podgyted] 29/11/2018 16:55

I guess we'll see tomorrow - small punt on them continuing to build.

[cockerhoop] 17/10/2018 11:21

There's still a fair bit of investment in petrol stations, associated shops, motorway service area's etc. Companies like Applegreen expanding rapidly don't seem too concerned. Changing fuel types could be a opportunity as well as a challenge.

[gustavfenk] 17/10/2018 11:12

£68m in revenue, but £32m of that came from the petrol station divisions of the company. With the rapid introduction of electric cars, what future does that side of the business have? Maybe that's why the shares are so cheap.

[cockerhoop] 17/10/2018 11:05

FD bed & ISA's involving a net purchase of 2500 shares.



Whenever I do a similar transaction I like to choose a subdued share price to minimise CGT #justsaying

[overmars] 06/6/2018 21:59

Market Cap 38 million. Net Income 3.4 million. P/E 11.2x

Net cash 15.9 million. Interest income only 51k - negligible

Strip out cash

Market Cap ex Cash 22.1 million. Net income 3.4 million. P/E 6.5 x

Strip out loss in Forgings 536k - assume break even

Market Cap ex Cash 22.1 million. Net income 3.9 million. P/E 5.7x

Cheapest share in the market ???

[gorse] 06/6/2018 14:41

Very strong results. Strong balance sheet.

[topvest] 11/2/2018 17:13

I've been in and out of this once before. Certainly a well controlled family company. What about a new electric forecourt station in a few years time? What do others think.....no doubt reasonably well positioned to take part. Many new supercharging stations will need building. Not convinced about the defence and forgings businesses, but the petrol stations superstructure and signage business appears to be a better prospect?

[hybrasil] 18/12/2017 09:31

absolutely no stock around. Could be in for a jump

[illiswilgig] 11/12/2017 17:22

Thanks. I undoubtedly wasn't very clear. I think the R&D product development will do them ok for international sales but it will be a struggle. And as you say, defence spending could suddenly and 'unfortunately' rise at any time which would be an upside for these shares if nothing else.

cheers

[smicker] 07/12/2017 20:15

Thanks for that. Agree that the outlook for defence spending doesnt seem bright but, unfortunately, that can change all too quickly.

[illiswilgig] 07/12/2017 16:42

ROCE and Margin have nose-dived due to the fall in orders for the MSI cannon, the mainstay of the defence division and the product that earns the big margins for the company.

Product Development has been made - but the RN is suffering huge cuts and in order to keep it's carriers (see what I did there? The word aircraft doesn't seem appropriate in front of these carriers) and their missile toting submarines orders for the MSI product have been continuously postponed.

They may succeed longterm in selling abroad and if they do I think they will be better off long term than relying upon the UK MOD, which looks to be short of cash for a good while yet.

There are promising signs in the other divisions as well - not least the explosive growth in the newly acquired petrol signs division on the back of one very large contract - but I remain to be convinced this is sustainable.

In the meantime any investment needs to be made on the basis that this is a family controlled business where the family comes first.

cheers

[smicker] 07/12/2017 00:27

Having an initial look.

Roce of 18.8, 14.5, 22.2 and 26.0 for 4 years in a row now 9.1, 4.8, 5.0, 4.7 for last 4 years.

Op margin 8.4, 8.3, 11.8, 15.4 now 6.8, 3.8, 3.8, 3.3.

Have these deteriorated due to a period of investment? Is that coming to an end? The div has just been increased marginally which has got me interested as they have aggressively increased it in the past. They also sold some property valued at 45k in the books at 115k and have 19m of property, plant and equipment. Anyone any insight re the breakdown of this and how likely any value could be realised here?

[turbocharge] 26/10/2017 12:28

Anybody watching this?

[manora] 03/10/2017 22:43

I have been a long term shareholder in this stock. I have become increasingly disalusioned with the the chairman and the board milking the profits. This is a an owner dominated company with no interest in their, non board member, share holders. The Defence Systems devision appears to carry the other divisions and the board shareholders but the gun technology will be overtaken by laser technology and they will be left with scrabbling around the world for small gun contracts with third world countries and rogue states. I give them a maximum of 10 years. The Petrol Signs was a very good buy as it has the potential to diversify into other sineage areas but Forgings just chugs along. Forecourts, has a life of about 20 years, enough to see out all but the Chairman’s son on the Board. In the future we will not be powering up our betteries for 30 mins at a ‘petrol’ station. Short journey, local, forms of transport vehicles will charge up at home and at work. Heavy vehicles and those used for distances of over 200 miles will use hydrogen from the equivalent of the current ‘petrol’ stations but eventually we will have electrolysers built into our homes powered by solar panel electricity. Indeed eventually we could do away with conventional central heating and plug in our cars to provide the electricity to light, heat, and power our houses. I have now sold out of MSI and this is my first and last post on this thread. I am trying to come to terms with my complacency and lack of attention to what has been happening with this company but with a big sigh I am moving on.

[tiswas] 13/9/2017 14:35

No, still watching!

[cockerhoop] 11/9/2017 12:31

That wasn't you buying at 8:32 was it :-)

[tiswas] 05/9/2017 17:16

Well that has left me even more confused as to whether to buy or not!

I need to get in to the accounts to see if they have any property assets but on face value trading just above nav ignoring goodwill and the manageable pension deficit?

Div maintained last few years despite cash pile but falling cover as eps falling. I would like to see some broker forecasts/comment but tempting all the same if they are back on track to increase ROCE.

I would have thought defence spending picking up again but no idea what that means to MSI.

[cockerhoop] 05/9/2017 14:35

Yes, I think Michael Bell is also 71, Michael O'Connell is 68 and Nicholas Bell (Michael's Son?) is 39. All on chunky (for Doncaster!!) salaries.

Interesting though that John Lee is back onboard as he knows the company really well.

[cockerhoop] 05/9/2017 13:19

Tiswas,

I don't think there has ever been a forecast out there for MSI :-)