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this is so undervalued based on fundamentals. 100m company in the making
Jim Mellon, Executive Chairman, commented: "I am pleased to report that at £2.3 million, the Group had its strongest half-year pre-tax profit for over a decade, being a 105% increase over the £1.1 million for the same period last year."
on those results... profit up over 100%..this is under radar. great company
Agreed, great set of results. Based on assets or a modest p/e of 10 this should be closer to 25p but 12 would be a good start.
great results, PE now only 3... and paying dividends. this has 12p written all over it
Resilient, profitable and ready for growth
Manx Financial Group (MFG) offers a combination of relatively fast growth potential and low valuation. Operating income doubled between 2016 and 2020 with only a 1% decline in the pandemic year. MFG’s key assets are Conister Bank, a specialist SME and retail lender, Edgewater Associates, the largest Manx independent financial advisory business, and Manx FX, a currency broker and provider of international payment processing facilities. The ROE ranged between 12% and 17% in FY14–19 and 9% in the challenging 2020/H121. The bank is well capitalised and funded. MFG restarted paying dividends after 16 years in 2021. The shares do not have a very demanding rating at 0.49x 2020 P/BV and 5.7x depressed 2020 earnings, presenting strong share price upside potential as earnings recover.
Embarrassing or deliberate. I had forgotten that I even had this share
Not quite at the dividend paying stage yet, having screwed up the AGM. More than a little embarrassing.
This is such a frustrating share to own... it’s on an undemanding valuation, it’s now paying a divi but it’s price won’t rise, even though many of the other financials are. Hmm
I agree. I believe that the divi is in the form of a scrip dividend but this offers the opportunity to increase your share holding at no cost.
I was expecting to see a share price rise today.
Considering the year I thought these were another set of solid results. . Hopefully a good baseline to build on when things get going again. Reinstatement of dividend is good news.
And watch the shares then shoot up. Very few to buy. Have to be worth 15/20 p
Nav is 19 p
Another set of solid results just posted for first half of year - they even had a record June despite Covid
Shareholder equity increased to £21.8 million = net assets per share now 19.1 p,
Cash / near cash up to £64 million
Total asset base now up to £261 million
JM also stated "One matter that I am determined to progress is the provision of a dividend scheme. I am pleased to say we are in advanced discussions with our financial advisors as to how best to implement a Dividend scheme to reward shareholder loyalty and i hope to announce the full details before the year end"
So, on Sunday, the share price was reduced from 8p to 6.25p on the back of nothing. First thing Monday, two large buys at 6.25p. On Tuesday, a good set of figures RNS'd and the share price goes up (though not to Friday's level). So, someone has a book gain whilst everyone else has a book loss. I am pleased that there is no such thing as insider dealing and Chinese walls are in place and are as strong as ever otherwise, who knows what would happen.
Maybe early buys then then the sell at 6.25. Not sure when but the results must be due.
The two large trades first thing this morning at 6.25 I would suggest are large purchases at the revised opening price / mates rates. There is nothing that we are aware off that merits a 21% fall in the SP.
Been with this for years. Should have left when it hit 17p. The fundamentals look decent enough
But clearly it is not loved.
Just to clarify. On Friday, on LSE, the closing price was 8p per share. On Sunday, the SP was adjusted to 6.25. There isn't an RNS, there aren't any large sells, but because it isn't a share with a high churn rate, the MMs decide to run a clearance sale. No wonder that JM wants to take some businesses private.
For no reason other than to create a market, the MArket Makers lopped 21% off the value of this share and now they have the nerve to display the SP in blue as being 6% up. It isn't, it is 15% down!!!
If he is anywhere near as experienced as a he RNS states then he will be an asset.
I'm not sure that the word "soon" is appropriate. He has a heck of a chunk to get through. I'm surprised that the sp is holding up so well given the number of sells. Looking forward to building a much larger position.
Gaining Traction - in the UK with the new Newbury office, seeing the back of AB soon etc
2019 Year End report in a month or so - Assets up to £1/4 billion, NAV/near cash up to £18/19m , Dividend maybe....
Looks like Aaron Banks has sold out and an outfit in St Vincent (not exactly a haven of good corporate citizens) has taken a stake. Could tucking the stock away in St Vincent be a convenient way for Jim Mellon to own greater than 30% without making an offer? Whatever the case it doesn't look like anything will change for the near future in the prospects of the company. Still dead money.
I know very little about the IoM. It seems a self contained area. The Tesco store is the only place on the island that does home deliveries though you have to book three weeks ahead. Roadworks on the prom will take over a year to complete. It seems to be a place that will continue in much the same way as it always has. MFX is not large enough to be taken over and too small to take over anything meaningful.
PIs have bought in on the assumption that Jim Mellon will make them a fortune. Unfortunately banking is not biotech; it is a capital intensive business that is all about the cost of capital - the cost for Conister is never going to be as low as larger banks.
In addition the regulators in the UK and IoM can't be overly impressed with the owners of the business - just look at how it took over a year for them to get regulatory approval for the acquisition of Blue Star Business Solutions.
Dead money.