Management Resource Solutions. Initiation of coverage - Conviction Buy
Founded in 2007, Management Resource Solutions (MRS) is an Australia based human capital resource consultancy and project management service provider. The company listed on AIM in December 2014 with a remit to expand the business via targeted strategic acquisitions.
Comparing MRS to select ASX listed peers on an EV/EBITDA basis gives our fair value June 2017 target price of 25p per share. We initiate coverage of MRS with a Conviction buy stance.
Management Resource Solutions is a holding company that operates two businesses in Australia: Plant Hire and Mining Contracting. Its customers are based in Australia. Co. is engaged in plant hire, equipment repair, refurbishment and fabrication, mine rehabilitation, earthmoving, road construction and other support services to a base of private and public-sector clients in Australia. Co. caters primarily for the mining, civil, engineering, construction and infrastructure industries.
Align Research is a commissioned research company founded in November 2015 in order to provide the under-served smaller company space with high quality analysis. We have an initial focus on the natural resources sector, in which we see significant opportunities given the current once in a generation bear market, however all undervalued small caps (sub £100m) are considered by our team. Align was founded by industry professionals with decades of experience in the stock markets, headed up by highly qualified individuals from both fund management and analytical backgrounds.
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