Ms Share Discussion Threads

[greenroom78] 14/6/2012 11:22

Record results at MSI

Last updated: 14th Jun 2012 at 08:04am
Keyword tags: Michael Bell, MS International
Pre-tax profit has jumped by 25 per cent at MS International (MSI) bolstered by a "sterling performance" from its core defence division.
In the year to 28 April, the Doncaster-based engineering business reported pre-tax profit of £8.4m, up from £6.3m in 2011, on sales of £55.9m. Turnover was £54m in the previous year.
Executive chairman Michael Bell said the record results were the result of strong trading performance across all three divisions – defence, forgings and petrol station superstructures - and maintained an upward trend in annual results.
Despite not being "immune to the unfavourable effects of the well-chronicled budget constraints of national governments", Bell said defence – the group's largest division – had produced another "sterling performance" lifting profitability "handsomely" on revenue lower than the prior year.
The business said the results for its forgings and petrol station superstructures divisions had been most pleasing with both experiencing a progressive upturn in monthly order intake during the course of the year.
Looking ahead, Bell said: "The prognosis for the world economy and particularly that of Europe is of grave concern.
"The lack of political resolve affects much that we try to achieve and in common with so many others, we are striving against a persistent and variable headwind. We must and will, maintain our prudent approach to managing and steering the group for the long term interests of shareholders and not just the immediate future.
"Corporate focus remains on creating excellence in everything we do for there is no room for complacency in these highly competitive and tight markets that we serve."

[greenroom78] 13/6/2012 15:18

Thanks darlocst. I've not disected the numbers in full yet. Good to see the cash pile growing even though they are investing in the business.

MCap of £51m with 20% covered by the cash alone.
ISAble
Yielding 3%
Growing
and on a historic P/E under 8

Looks good IMO.

[darlocst] 13/6/2012 15:08

Adjusted EPS (MSI don't quote this) is 36.75p.
Divi yield is 3%
Cash would have been +£2.5m higher if not for property purchase in Poland due to expanding business.

Forgings & Petrol Station superstructures increased orders over course of year and defence orders have increased post year end.

Gross margin increased considerably in H2.

Share price below where director was buying recently.

Next update : IMS in early AUG

[greenroom78] 13/6/2012 15:07

They achieved 16.6p EPS in the first quarter which points to 18.2p in H2.

[greenroom78] 13/6/2012 15:05

Trust me to be away from my desk when they came through.

Revenue up (a bit), EPS up 13.8% and cash up as well. Agree with CR and a historic P/E of 7.8 looks mean especially given they have cranked up the dividend again.

Statement, although cautious around the Euro politics/government spend is still decent and they are confident of further growth next year.

Will wait to see if Michael Bell puts his hand is his pocket again now the results are out.

[phar lap] 13/6/2012 14:35

Record results for MSI



Profit before taxation for the 12 months ended 28th April, 2012 amounted to £8.39m (2011 - £6.68m) on revenue of £55.95m (2011 - £54.20m). Earnings per share were 34.8p (2011 - 30.6p).
Net cash and short term deposits at the year-end were £10.04m (2011 - £9.88m)

[cockneyrebel] 13/6/2012 14:33

Well the sell off over don on those results imo.

PE just 7.8 historic, Isa-able too. A decent divi increase and nothing alarming in there to account for a sell off likethse have had imo.

Outlook statement looks as good as you can expect in this climate too imo.

All imo/dyor etc.

[cockneyrebel] 12/6/2012 22:00

Best results timing I've had from MSI was when they released them at 7.00am several years back. Having biught a week before I was rather pleased with what was a pretty instant 50% rise.

These have great scope to thrash estimates imo.

They said this in Feb:

"In my interim statement, I referred to the Board's confidence as to the full year outlook for the Group. Pleasingly, that confidence prevails with the anticipated outcome becoming progressively more assured.
All three Group divisions, 'Defence' 'Forgings' and 'Petrol Station Superstructures' are performing encouragingly and in line with our expectations.
The balance sheet remains strong with net cash and short term deposits. "

In March Michael Bell added 7K @ 294p - that was 8 weeks before the year end.

I suspect the seller today was a capitulator that has been spooked by the results not being out yet - someone likely to be unaccustomed to MSI's quirky ways possibly.

So cheap these could quite easily rise 30% on decent results even in this market as they are dreadfully illiquid.

All just my opinion of course, dyor and all that.

CR

[cockerhoop] 12/6/2012 20:05

I don't think I noticed they'd released them till midday Monday because any RNS flags were reset before 7am on Monday morning.

[greenroom78] 12/6/2012 18:39

Wasn't invested that long ago. You can just picture how that occurred...

All sitting around their 1st Friday arvo pint and suddenly the penny drops...
Did you?
No, I thought you did?
No, we said you'd do it?
I don't remember that...
What time is the cut off?
6pm
What time is it now?
4:30pm...
Off you go then.

[cockerhoop] 12/6/2012 17:36

My favourite was Final Results in 2007 released at 17:30 on a Friday - and they weren't even trying to bury bad news - from memory they were positive results.

[greenroom78] 12/6/2012 12:34

Ah - makes more sense. I think it'll be a 9am RNS who knows which day.

Bit of selling ahead of them today.

[mikepompeyfan] 12/6/2012 11:57

I was talking about the time of day not date !

[mikepompeyfan] 11/6/2012 07:21

Will the results be out at 9, 11 or 12 ? ;-)

[greenroom78] 05/6/2012 22:57

Results were the 9th last year so they must be close. We know their shrouded in mystery with when they release and I'm sure they'll rock up intraday at some point soon. I wonder if they'll leave it this week with it being a short week and wait for Monday of next?

[cockneyrebel] 30/5/2012 07:34

Proquote showing the results date as June 8th - next Friday - that's 5 trading days away with the bank holiday, if correct.

I wouldn't have thought there were that many companies out there that had been so upbeat with what they say and how they had performed yet so far off their recent high.

CR

[stegrego] 22/5/2012 12:03

Added yesterday sub 240. Seemed rude not to.

[rivaldo] 22/5/2012 10:38

Interesting chart - this morning MSI has today bounced right up from the rising long-term trend line.

Results are probably in 3-4 weeks' time, and hopefully they'll be good enough to smash through 300p and well beyond with say 35p-40p EPS and a very useful divi too.

[connor23] 21/5/2012 20:31

Missed these last time by being greedy and waiting for them to pull back further. Didnt expect to get another chance below 250p to be honest. 230p on the cards? Cant see it going lower than that unless the mkt tanks.

[cockneyrebel] 21/5/2012 20:14

the difference being MSI will be doing 2-3 times the eps it was doing last August - mental ah? Probably paying 2-3p more in divi too.

CR

[gswredland] 21/5/2012 12:36

in our dreams eh?! a dip below 200 would be good