reports
- Mike Jeremy
AGM statement: momentum maintained
In a statement to accompany today’s AGM, Mpac reports that the strong earnings momentum established in the second half of 2023 has continued into 2024. Accordingly, the Group is on track to meet FY24 market expectations, with the customary second-half earnings weighting. Following the AGM statement, our outlook is maintained. Our Fair Value of 530p/share is indicative of a FY24 EV/EBITDA multiple of 7.9x and PE of 13.9x. Compared to market cap weighted averages of 11.8x and 18.2x respectively f...
- Mike Jeremy
Going for Growth: FY23 results ahead on all metrics
For the year to 31 December 2023, Mpac Group reported results which were ahead on all key metrics. Revenue of £114.2m, +17%YoY, was 7% above ED outlook and EBITDA (adj.) of £10.7m, 12% above our outlook, a 9.4% margin (FY22: 7.0%). The closing order book of £72.5m was up 8%YoY, backed by record £118.5m order intake, an impressive +41%YoY. Mpac achieved its initial goal of a return to normalised operations and has established a firm platform for growth. Accordingly, the Group has launched a new...
Hybridan Small Cap Feast - 11 Jan 24
11th January 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje...
- Mike Jeremy
Strong performance in line with expectations
In a Trading Update for the year to 31 December 2023, Mpac Group reports that revenue and (adj.) profit before tax in H2 were substantially above the first half, whilst margins for the year returned towards normal levels. As a result the Group expects FY23 (adj.) PBT to be in line with market expectations and sees FY23 performance as providing a sound platform for continued growth in FY24. Whilst Mpac’s shares have recovered somewhat over recent weeks, they still trade on a 32% discount to the ...
Hybridan Small Cap Feast - 07 Sep 23
7th September 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj...
- Mike Jeremy
First half FY 23 results: orders continue to grow
For the six months to 30 June 2023, Mpac Group reported revenue of £52.8m (+4%YoY) and a closing order book of £77.5m, compared to £67.2m at FY22 year end, with order intake of £62.4m (H1 22: £32.8m). The net debt position at December 2022 of £4.7m reverted to H1 net cash of £2.2m; we estimate c£2.5m net cash for the full year. As the combination of order uptake cashflow progress demonstrates, the Group has re-established momentum; trading remains in line with management expectations. Reported...
- Mike Jeremy
Trading update: H1 meets expectations
In a Trading Update for the first half to 30 June 2023, Mpac reports that trading was in line with management expectations, reiterating - as stated at the AGM in May - that performance remains second half weighted, supported by the strength of the order book and projects underway. The Group closed H1 with a strong balance sheet and positive net cash. Mpac notes that order intake for the year to date is significantly ahead at £62.4m compared to £32.8m a year earlier, with the H1 closing order bo...
Mpac Group: 1 director
A director at Mpac Group maiden bought 10,000 shares at 255p and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly ...
- Mike Jeremy
AGM statement: momentum maintained
In a statement accompanying the AGM, Mpac Group reports that the positive momentum of Q4 22 has been maintained, with order intake and quotation activity significantly ahead year-on-year. As expected, pressure on working capital has eased - the completion of orders and shipment of equipment means that Q1 23 closed with a positive net cash position, which is expected to be maintained in H1. This is a clear validation of the steps undertaken in the latter part of FY22 and a strong positive indica...
- Mike Jeremy
FY22 results show a platform for growth
For the year to 31 December 2022, Mpac Group reported revenue of £97.7m, +3.6%YoY, EBITDA (adj.) of £6.8m, ahead of our outlook, -39.3%YoY, and PBT of £3.5m. Service revenue grew 14.4%YoY to 23.6% of the total. The year-end closing order book was £67.2m (FY21: £78.4m). Net debt was £4.7m, which we expect to revert to a £7.5m net cash position in FY23. Tony Steels, who has led the Group since 2016, has announced his retirement. COO Adam Holland will become CEO post-AGM on 17 May. Adam joined Mpa...
- Mike Jeremy
Trading Update: FY22 in line and FY23 encouraging
In a Trading Update today, Mpac Group reports performance for the year to 31 December 2022 in line with expectations, with a strong FY22 closing order book; the outlook for FY23 is “encouraging”. We have raised our FY22 (adj.) EBITDA outlook by 8% and FY23 by 13%. Reflecting resilient demand in the core Healthcare and Food & Beverage segments, order intake in the second half of FY22 was significantly above first half levels, leading to a healthy year-end closing order book of £69.0m (H1 22: £62...
- Mike Jeremy
FREYR 3-year supply agreement
Mpac Group has announced that it has signed a framework agreement with FREYR Battery, for an initial three-year period, for the exclusive supply of casting and unit cell assembly equipment to FREYR’s battery cell production line at FREYR’s Giga Arctic plant in Mo I Rana, Norway. This is an important step towards the commercialisation at scale of Mpac’s technology at the start of FREYR Battery’s major investment in next-generation clean energy provision, and a clear validation of Mpac’s commitmen...
- Mike Jeremy
Staying the course
First half FY 22 results mirrored the July trading update with revenue of £50.6m +14.5%YoY close to our revised estimate of £49.5m, and a closing order book at £62.6m (H1 21 £62.0m), which remained firm. Inflationary pressures and supply chain disruption remain features, however the Group continued to implement mitigating processes. We also note positive discussions with FREYR Battery towards a framework agreement for the installation of battery cell automation lines. The underlying direction o...
- Mike Jeremy
FY22 first half trading update: supply chain pressure
In a trading update for the half year to 30 June 2022, Mpac reports that supply chain difficulties affecting the availability of critical components has impacted on delivery lead times to customers. Mpac reiterates a strong prospective pipeline and order book, and has implemented a series of mitigating measures. Nevertheless, combined with inflationary pressure on costs, the impact on profitability leads us to reduce our outlook for FY22: FY22E: revenue of £96m, +1.8%YoY, previously £105.0m. FY2...
- Mike Jeremy
FY21 results: the strategy delivers
FY21 results reflected the fruits of Mpac’s strategic initiatives, underpinned by growth in the US and the One Mpac integration process. EBITDA (adj.) grew +42%YoY to £11.2m, which was ahead of our outlook of £10.3m. Order intake crossed the £100m mark for the first time. • An important lead indicator for future performance, Group order intake grew 41%YoY to £117.9m (FY20: £83.9m) - surpassing the £100m mark for the first time - with a closing order book of £78.4m, +41%YoY (FY20: £55.5m). • ...
- Mike Jeremy
Trading update confirms a strong FY21
In a Trading Update for the year ended December 31st 2021 Mpac Group confirms strong performance for the year, with revenue, adjusted PBT and the year-end cash position in line with market estimates. Strong H2 order intake led to a year-end closing order book of £77.0m, an impressive increase of 39%YoY, which continues a rising trend. The resilience of FY21 performance reflects the impact of Mpac’s strategy in two respects. First, its ‘outward-facing’ market positioning. Examples include ent...
- Mike Jeremy
FY21 interim results: a strong rebound
For the six months to 30 June 2021 Mpac Group reported a strong recovery in both orders, +69%YoY, and revenue, +20%YoY, as a result of which we have raised our FY21 revenue outlook from £95.0m to £97.5m (+16.4%YoY) and for FY22, from £100.0m to £105.0m. We have also raised our fair value per share estimate from 600p to 660p. Mpac’s high-speed packaging and automation systems are increasingly in demand in the key market segments it serves – healthcare, food & beverage and pharmaceuticals – as t...
- Mike Jeremy
Clean energy equipment contract win
Mpac has announced that Mpac Lambert has signed a contract with FREYR Battery to supply casting and unit cell assembly equipment for the battery cell production line at FREYR’s Customer Qualification Plant in Mo i Rana, Norway. FREYR was founded in 2018 and is NYSE-listed with a market capitalisation of US$1bn. It develops and manufactures lithium-ion cell batteries based on wind- and hydro- based clean energy sources, targeting 43GWh of capacity by 2025. Mpac reports that it was prequalifie...
- Mike Jeremy
Accelerated momentum
In its Trading Update for the six months ended 30 June 2021 Mpac reports that the upturn seen in H2 2020 has accelerated with H1’21 order intake well above that a year earlier - which had suffered the impact of COVID-19. The update highlights: • Strong performance in the Americas, enhanced by the successful integration of Switchback Group, which continues to trade ahead of management expectations, and an expanded regional presence. • A second half order book which is ahead of the opening level o...
Pressure Technologies: 1 director
A director at Pressure Technologies bought 30,800 shares at 97p and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clear...
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