reports
Temporary headwinds starting to ease
​In Molins’ end 2016 trading update, released today, the company said that Q4 trading has been “materially†affected by delayed orders and lower gross margins, due to extended customer procurement cycles and “unfavourable sales mixâ€. Here we suspect that some of the deferrals might have also been triggered by macro uncertainties, such as the November US presidential elections. That said, as the ‘economic fog’ lifts, client capex budgets are returning to normal, generating much im...
Better H2 expected despite tough conditions
​This morning Molins (MLIN) reported Interim results in line with management expectations, with sales from continuing operations of £35.0m (2015: £39.5m) and an underlying profit before tax from continuing operations of £0.1m (2015: £1.3m).As in recent years, the Group's full year trading performance will be significantly weighted towards the second half.However today Molins has stated that it is experiencing continuing delays in receiving orders and is therefore taking a more cautious vie...
Trading in line with expectations
​Molins is a technology-led service provider of high speed packaging (59% of group sales) and cigarette making machines, as well as process/quality control instrumentation (Cerulean). In terms of markets, the tobacco industry accounts for around 45% of group revenues, with >90% of sales generated from outside the UK, and a third coming from aftermarket services.Despite being profitable, cash generative and paying a 5.5% dividend yield, the shares at 50p languish at a 53% discount to net tangib...
79% upside vs our 120p/share price target
​This morning Molins reported 2015 results that were in line with market expectations, delivering revenues, adjusted PBT, EPS and net debt from continuing activities of £87.0m (-0.4%), £3.8m (-29.2%), 15.1p (-32.6%) and £3.2m (up £1.1m) respectively. The YoY decline was principally caused by a sharp contraction in demand across its Tobacco machinery and Instrumentation activities.In contrast, the company reported a strong performance from its Packaging Machinery division, where operating p...
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