Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Started: Qd22, 26 Apr 2024 13:37
Last post: Richard08, 26 Apr 2024 14:30
This is quite a quiet share board, so don't be discouraged. But the company does seem to be doing well, gathering new orders etc. Fingers crossed.
Surely this is very good news?
"Award of £1.2m order for a 1.5MWh solid state battery assembly line
Mpac Group plc (AIM: MPAC), a global leader in engineering and automation providing assembly and packaging solutions, announces that it has received a £1.2m order to deliver a SiSTEM pilot battery assembly line secured by funding from the Automotive Transformation Fund (ATF), partnered with Ilika, Agratas and The UK Battery Industrialisation Centre ("UKBIC")."
They're doing it for Freyr in Norway, the battery gigaplant, now have an order for something here along the same line. Confirmation. And there's nothing like doing it: they will be learning at every step - and gaining from the other participants.
No one seems very excited. Have I got this right?
Started: oldbutnowisa, 26 Apr 2024 09:08
Last post: oldbutnowisa, 26 Apr 2024 09:08
Was looking to buy Ilika but research led me here because their industrial reach was better. Now their battery conveyor belt for Ilika is coming good and I am nicely ahead. Moral: Before you rush in to an exciting spec do EXTENSIVE research.
Happy to hold here.
Started: EquityDevelopmen, 26 Mar 2024 12:20
Last post: EquityDevelopmen, 26 Mar 2024 12:20
Adam Holland (CEO) and Will Wilkins (Group Finance Director) of Mpac Group conducted an Investor Presentation covering their FY Results for the period ended 31 Dec 2023.
After a short video ("Innovation Unleashed"), management ran viewers through highlights of the period including strong financial performance, returning the Group to revenue and profit growth, and positive net cash. The team updated investors on progress towards strategic objectives and discussed the Group's ambitions, as well as providing a detailed financial review and answering questions in a wide-ranging Q&A session.
The full video is available below, divided into chapters:
0:00:03 Mpac corporate video ("Innovation Unleased")
0:06:49 About Mpac, including case studies (Adam Holland, CEO)
0:21:22 Financials (Will Wilkins, Group FD)
0:30:53 Ambition & Strategy
0:39:38 Summary & Outlook
0:40:35 Questions & Answers
Full video here: https://www.equitydevelopment.co.uk/research/mpac-group-investor-presentation-fy-results-march-2024
Started: EquityDevelopmen, 19 Mar 2024 07:16
Last post: EquityDevelopmen, 19 Mar 2024 07:16
Detailed new research report here: https://www.equitydevelopment.co.uk/research/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 five-year roadmap with an ambition to broadly double revenue from their existing businesses.
We have raised our Fair Value from 485p/share to 530p/share with the prospect of FY25 adj. EBITDA c.40% above FY23.
Started: oldbutnowisa, 10 Mar 2024 14:48
Last post: oldbutnowisa, 10 Mar 2024 14:48
Expecting a bit of short-term action and, as usual, unless results wildly good or bad, retrenchment afterwards.
The thing with this co is that although hardly large and well-known, it has expertise and many overseas contacts.
This gives it the potential to find new work and, perhaps even more important, to attract bids while small enough to be a nice 'bolt-on'. Definitely one to hold.
Started: EquityDevelopmen, 27 Feb 2024 13:12
Last post: EquityDevelopmen, 27 Feb 2024 13:12
Mpac, a global packaging and automation solutions group, will be conducting an Investor presentation covering their Full Year results for the period ended 31st December 2023.
The online presentation will be hosted by Adam Holland (CEO) and Will Wilkins (Group Finance Director).
This event will take place at 9.45am on Friday 22nd March.
The webinar is open to all existing and potential shareholders, and registration is free. Questions can be submitted during the presentation to be addressed at the end.
Sign up to register here: https://www.equitydevelopment.co.uk/news-and-events/mpac-fypresentation-22march2024
Started: oldbutnowisa, 16 Jan 2024 13:17
Last post: Batterseafish, 26 Feb 2024 21:19
Now's your chance
Every time I think of buying more, it goes up, and I tell myself not to buy more as it will surely stop rising soon.
And then it goes up more the following day/week.
Still, can’t really complain!
....I have ever bought more of a rising stock, but got a feeling about this one!
Started: Richard08, 4 Feb 2024 09:14
Last post: Richard08, 4 Feb 2024 09:14
Another tip for MPAC, Lucy T the Sunday Times today. All free positive publicity is good publicity!
Started: nextdeal, 21 Jan 2024 16:07
Last post: nextdeal, 21 Jan 2024 16:07
Tipped by both ST in the IC and the Mail on Sunday.
Can't fail!
Nd
Started: oldbutnowisa, 12 Jan 2024 15:43
Last post: oldbutnowisa, 12 Jan 2024 15:43
....turn to the Illika page on LSE and show the message from X. This is why I opted to buy MPAC and really pleased this is cleared for take off!
Started: EquityDevelopmen, 11 Jan 2024 07:38
Last post: EquityDevelopmen, 11 Jan 2024 07:38
Link to research report: https://www.equitydevelopment.co.uk/research/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.
The Trading Update reflects the expectation of a return to normalised operations following the disruption to supply chains which dominated FY22. For FY23 we expect Mpac to show gross profitability at 28.2% compared to 25.0% a year earlier and 23.9% in H1, i.e. implying a second half margin of c.33%. Our (adj.) EBITDA outlook also implies second half margin improvement to 11.5% compared to 6.4% in H1, and for the year, 9.0% (FY22: 7.0%). For FY24 we expect this margin to further improve to 11.2%, with an increase at gross level to a 31.3% margin.
Whilst Mpac’s shares have recovered somewhat over recent weeks, they still trade on a 32% discount to the market cap-weighted average of their peers and we maintain our Fair Value of 485p/ share, indicative of a FY24 EV/EBITDA multiple of 7.5x.
Last post: Richard08, 11 Jan 2024 07:16
“we will report a substantial increase in revenue and profitability in H2 2023 over H1 2023. Mpac's balance sheet remains strong, and we closed 2023 with positive net cash, in line with our expectations.“
A reassuring sentence if ever there was one! Looking forward to the full set of results!
Started: oldbutnowisa, 2 Jan 2024 12:13
Last post: oldbutnowisa, 9 Jan 2024 21:05
Richard08. looking good! a big buyer bought two chunks which only showed after close of business. So its Hello £3+.
Seems like someone may be on your wave length here oldbutnowisa… hopefully it’s good news that has leaked! We shall know soon.
.....likely in a week or so. Tightly held share so good news could move the SP sharply.
Started: Stuartrm, 28 Nov 2023 09:40
Last post: oldbutnowisa, 30 Nov 2023 12:51
Usually a trading update here second week in January, should be fair to good.
You are not wrong, oldbutnwisa. One sale today, so far, of 976 shares and one uncrossing trade of 144 shares and the price drops by more than 4%!
Started: oldbutnowisa, 27 Nov 2023 11:30
Last post: oldbutnowisa, 27 Nov 2023 11:30
....what a tiny bit of trading would do to this SP. The very small capital is obviously very tightly held..If I am correct, the annual report should send the SP skyward!
Started: oldbutnowisa, 23 Nov 2023 12:26
Last post: oldbutnowisa, 23 Nov 2023 12:26
Market seems to be taking a teensy bit of notice.
Started: oldbutnowisa, 20 Nov 2023 10:24
Last post: oldbutnowisa, 20 Nov 2023 10:33
Continued. (keyboard playing up)
This is why I preferred Mpac, Good diversification of interests for such a small outfit..
See the RNS for Ilika today. Mpac is partnering and will construct the production belts for their huge batteries in due course.
J
Started: oldbutnowisa, 16 Oct 2023 11:35
Last post: oldbutnowisa, 16 Oct 2023 11:35
Following Ilica on and off for long while and just noticed it has linked up with Mpac to progress its new fangled battery (which nearly wiped it out a while back) Now this will, hopefully not be make or break to Ilica but only one project to Mpac, which for a modestly sized outfit, has a decent spread of interests and connections. Also it would not cause indigestion if it was itself on the end of a takeover bid! Finally I noted that, in common with a large number of other 'industrials', Mpac's NAV looks tasty. So a reasonable purchase has been made for the p/f.
Started: EquityDevelopmen, 7 Sep 2023 07:47
Last post: EquityDevelopmen, 7 Sep 2023 07:47
New research report from Equity Development: https://www.equitydevelopment.co.uk/research/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 H1 EPS was (2.2p)/share; on an adjusted basis 6.8p/share (H1 22: 3.6p).
Mpac reports progress on schedule in completing the Customer Qualification Plant (CQP) project for FREYR Battery in Norway, according to required specifications. Full commissioning is expected in H2.
At the January trading update, we raised our FY23 revenue outlook from £103.6m to £104.7m, and (adj.) EBITDA to £9.6m. After reviewing H1 performance, notably the strength of order inflow, we raise our FY 23 revenue outlook again to £106.6m (+2%). Our fair value for Mpac remains 485p/share, indicative of a FY24 EV/EBITDA multiple of 3.2x.
Started: EquityDevelopmen, 11 Jul 2023 08:05
Last post: EquityDevelopmen, 11 Jul 2023 08:05
Link to report here: https://www.equitydevelopment.co.uk/research/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 book at £78.4m, +25%YoY above the start of FY23 (£62.7m). The performance of (higher margin) Service operations has also been strong, whilst the Group is able to report that supply chain issues that impacted completion of Original Equipment projects have now largely eased. This adds confidence for second half performance and a return to normalised margins: our FY23 gross margin outlook is 28.9%, for FY24 31.3% (FY19: 29.3%; FY20: 29.0%). We expect net debt of £4.7m to revert towards a positive FY23 net cash position of £7.5m.
On site commissioning of the assembly line at FREYR’s Battery Customer Qualification Plant in Norway continues.
Our FY24 outlook remains 11%YoY revenue growth and 35.0%YoY growth in (adj.) EBITDA with fair value for Mpac seen at 485p/share, indicative of a FY24 EV/EBITDA multiple of 7.9x.
Started: EquityDevelopmen, 17 May 2023 07:23
Last post: Batterseafish, 5 Jul 2023 17:19
Am calling the bottom here.
"second-half weighted". Well, there's a surprise!
Link to research report with audio summary: https://www.equitydevelopment.co.uk/research/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 indicator for the current year. We note that Mpac expects trading to be second-half weighted, with the order book sufficient to meet revenue expectations. The positive momentum reported should continue.
The core message of this AGM statement is that Mpac continues to focus on its key markets, notably Healthcare and Food & Beverage, where the shortage of key components in FY22 constrained the ability to deliver, and where there is now evidence of healthy demand.
Our fair value for Mpac remains 485p/share, indicative of a FY24 EV/EBITDA multiple of 7.9x.
Sentiment is not great but this is quite clearly too cheap. Easy recovery buy IMO.
Lots of interest to us in this:
https://www.forbes.com/sites/alanohnsman/2023/03/30/a-nordic-upstart-aims-to-leapfrog-tesla-and-other-battery-rivals-with-a-lower-cost-high-tech-cell/
Looks like the qualification plant has opened, which is good news. 24M gets a good mention, though we don’t. But having worked with 24M for years we are in a good position, I think, for all these plants.
May be Simply walls street repetitive view that iits overvalued lol.
Interesting shift in direction, I’m back in profit. Has someone leaked some news?
No, other than to say that the recent downward spiral is no more- lol.
A sharp 10% rise first thing yesterday morning, and up another 10% since then!
TR1s could be a-coming....
I am almost tempted to think that the recent downward spiral is associated with the FREYR contract being conflated with the difficulties at Britishvolt. Are there any other ideas?
Started: EquityDevelopmen, 28 Mar 2023 13:22
Last post: EquityDevelopmen, 28 Mar 2023 13:22
Mpac, the specialist international business providing high speed packaging machines and complementary services, hosted an Investor Presentation covering their Full Year Results for the period ending 31st December 2022.
Tony Steels (CEO), Adam Holland (current COO and incoming CEO) and Will Wilkins (Group Finance Director) discussed the current strength of their order book, the steps they have taken to mitigate key supply chain challenges, and the timeline for the FREYR opportunity. The team answered a wide range of investor questions and discussed some key illustrative case studies.
The presentation has been divided into chapters for ease of viewing:
00:03 - Introduction from Tony Steels (CEO) and Adam Holland (incoming CEO)
03:33 - Summary of progress made, FY22 overview
07:52 - Mpac overview, business model & strategy
18:11 - Case Studies
22:57 - Financial highlights
38:16 - Questions & Answers
Link to full video recording: https://www.equitydevelopment.co.uk/research/mpac-group-fy-results-investor-presentation-video-24-march-2023
Last post: unhooked, 22 Mar 2023 09:25
Not much to get excited about.
A long old haul from here - share price could be in the doldrums for a while.