The Mission Marketing Share Discussion Threads

[alotto] 05/8/2019 12:53

Flood I think it is a general market sentiment. I thankfully sold at the highest but went through the same pain with D4T4. The FTSE has performed poorly in the past days. Brexit looming on us

[floodland] 05/8/2019 12:35

Any specific reasons?

[mfhmfh] 05/8/2019 12:26

added on this dip.

[dmdmdmdm1] 05/8/2019 12:09

A savage drop

[dr biotech] 05/8/2019 11:15

On a day of many cuts this one seems the deepest - at least in % terms. I'm currently holding a lot of cash - think I'l hold off until the effects of Brexit become clearer...

[jeff h] 01/8/2019 08:38

Good work from Bray Leino:-



"The transatlantic partnership of Bray Leino and The Mx Group beat off competition from global B2B Agency giants to win the pitch for Cummins’ global strategy and communications Agency of record. Cummins, a Fortune 500 company, is a leading manufacturer and distributor of engines, filtration, and power generation products, generating over $22 billion in revenue each year...."

[thorpematt] 16/7/2019 09:29

Edison's last analysis on this one gave the following estimates: -


Year Revenue PBT EPS DPS P/E Yield
end (£m) (£m) (p) (p) (x) (%)
Dec-17 70 7.7 7.1 1.7 11 2.2
Dec-18 78.8 9.5 8.7 2.1 9 2.7
12/19e 83.2 10.2 9.2 2.2 8.5 2.8
12/20e 87.4 11.3 10.2 2.4 7.6 3.1

Looking at the growth percentages we get theses figures: -

12/19e 5.58% 7.37% 5.75% 4.76%
12/20e 5.05% 10.78% 10.87% 9.09%

so that 5% revenue growth looks on track with the 10% profit growth figure in the statement looking very healty indeed.

With lower debt than historicallly present, and conitnued growth predicted this surely jusitifies a PER closer to 12 or so? I make that a fair valuation or circa £1.20

Full Edison note PDF is here: -

[dr biotech] 15/7/2019 13:52

Just checked in - statement seems fine, I was quite surprised to see the dip in the chart. Nice to see continued growth, will continue to hold what I have.

[mfhmfh] 15/7/2019 12:14

buy rating reiterated by ST in IC today.

He raises his target price to 115p from previous 100p.

[bbluesky] 15/7/2019 11:18

Debt used to be trotted out as a reason for the lowly valuation, but I like the fact that they took notice of this and "the Group's debt leverage ratio (the ratio of net bank debt to EBITDA) reduced further, to x0.5 on a comparable, pre-IFRS 16, basis (30 June 2018: x0.7) and to x0.9 on an IFRS 16 basis (30 June 2018: x1.3)." is very impressive and good management. Often bizarre how the market reacts to good news!

[thorpematt] 15/7/2019 10:44

For clarification the weightings for the last 3 years as follows:-

pbt,H1 eps as % H1

37.14% 36.29%
37.66% 36.24%
36.84% 37.10%

Those average out to 36.88% or if you'd prefer 63.12% 2nd half-weighted.

In the last 2 half year statements the company has stated the identical following phrase:"A strong second-half bias again predicted".

In the previous (2016) one, they used the phrase "Expect to have a strong second-half bias as in previous years..."

So in summary it's alwyas second half weighted. I have no idea why anyone has a problem with the consistent message.

FWIW I can tell you that I expect the company to have second half weighting this year.

[mfhmfh] 15/7/2019 07:43

TMMG has always been 'H2 weighted' and has always delivered as far as memory serves me.

[bahiflyer] 15/7/2019 07:35

Overall sounds good especially taken in context of updates from other companies recently in similar spheres.

Revenue growth of 5% and headline profit 10% implies improving margins.
Paid off acquisition liabilities of £3M from previous purchases and reduced bank debt by £2.6M.

In a pretty reasonable state of health i'd say.

[runthejoules] 15/7/2019 07:29

Ah, the dreaded H2 weighting. Could be a 'top up opportunity'..

[thorpematt] 06/7/2019 11:57

Looking back on my last post here I still feel the same really. It's way too soon for profit taking if we consider the growth profile here.

The FTSE has had a pretty good run of late and as such not many stocks trade of fPEGs of less than 1. A lot of those which do heavy heavy debts and thus if you apply A discount these tend to look more expensive.

TMMG is debt free and growing consistently and thus PERs of 15 and above are typical. So yes running winners is the strategy that pays.

I would agree that if portfolio rules dictate you topslice then needs must.

[cb7] 05/7/2019 17:39

Having been in since the 20s, after a recent top-up on the dip to the low 70s a few weeks back, I have also decided to sell just over 15%. My main reason though was because it now made up over 50% of my portfolio, as I still think there is still more upside to come. Another third more is my initial target, giving a p/e around 12, which I do not think is unreasonable at all. Although it is easier said than done, the old adage is to run your winners and cut your losers. In fact one very underused method of investing is to buy shares that make new highs!

[dr biotech] 05/7/2019 13:20

Knew I should have held on a bit. Still with hindsight we are all fantastic.

[mfhmfh] 05/7/2019 09:51

Tipped by NT yesterday

[bareknee] 03/7/2019 22:44

Nothing wrong with taking profits Doc Bio. I've probably had more occasions that I'd "lost" money by not taking profits than I've "lost" money by continuing to hold.

Mission's hard to call at the moment, on one hand, when you look at the p/e and anticipated growth rates, Mission still looks cheap. On the other hand, we're nowhere near as obviously undervalued as we were, say, 12 to 18 months ago.

It's a nice problem to have though. For the moment, I'm holding, but, if the share price keeps rising withing much changing with the fundamentals, then I'll almost certainly be reducing

[dr biotech] 03/7/2019 20:55

I hope you are right BB. Its always a bit easier to sell ones that have done well rather than to crystalize losses elsewhere (I have as many duff investments as good ones). I am certainly not someone who hopes for a share to fall to prove my timing right.

[bbluesky] 03/7/2019 18:19

Still undervalued to peer group, Pathfinder adds a kicker on top, the world advertising industry spend 2019 is estimated to be C.$560 bn (!!), with the world economy, looking at new market highs, about to lift off... I disagree, potentially much, much more to come. Perhaps, not today, but tomorrow is another story imo.

Not having heard from Glasshalffull for a while: congratulations on your excellent analysis and many thanks in sharing it with us. Hope you are enjoying the rewards and of course your views are always of interest!

[alotto] 03/7/2019 16:14

Well done Dr I agree with you

[dr biotech] 03/7/2019 15:47

Sold quite a few today and yesterday. I’ve only got 25% of my original holding. Will hold the rest long term, this has been one of my best investments, original purchase was in the 20s. Still believe, but I think most of the gains are now priced in.

[mfhmfh] 27/6/2019 16:00

90p being paid.

[alotto] 21/6/2019 10:13

Mfhmfh the answer is yes