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Agree with your comments. I was poised to let go of a small proportion, and hovered over the sell button, but then the phone rang and the moment was gone. Hey ho, the dividend is good and getting better, the company performance has been excellent, and the new car can wait a while :-)
Hi Alfista
Bearing in mind that both you and have been serial followers of this fantastic Company for a long time, it shows that it is so easy to get emotionally attached to shares like TMMG and to forget that taking profits at the right time is the name of the game.
12 months ago, despite solid year on year progress, the share price was still languishing around 40p. It was hard to imagine we would get here other than by a sudden takeover bid.
You and I stuck in here and I know, despite this short term opportunity to sell and buy back in, we are both delighted with the price improvement.
What next? New incentive scheme set at 150p or implement the exit strategy!
SB
If you mean do I think this is still undervalued? Yes.
The knowledge of shares to be issued at a level set as the trigger point may anchor the sp around that price IMHO
But, as yesterdays post stresses, my judgement isn't always to be relied upon.
ATB
surely if the incentive was reached it can only mean the board has worked hard and should be an add opportunity?welcome any comments from posters with insight
Another example of The Law of Unintended Consequences.
The concept of incentivising key folks to create shareholder value is sound. My post of 15th April mentioned that the threshold had been crossed. However, I failed to appreciate the effect that confirmation of the execution of the agreement would have on the share price that had risen so strongly above the threshold.
As a result, I'm looking at a dimwit in the mirror today.
I totally agree with the concept of banning shorting of AIM stocks. Unfortunately there are many cases of suspect leakage of price sensitive information which leads to this unpopular activity.
In the case of TMMG has shorting occurred?
Interestingly this significant incentive scheme was well documented and so this share price movement (hopefully temporary) was quite predictable. Shame I did not exit all of my holding at 83-85p!
This is to make you aware that a petition to ban shorting of
London AIM stocks has been started.
Consider signing the petition if you agree, - deadline 04.09.2019
https://petition.parliament.uk/petitions/242399
Yes perhaps, although you mustn't regard a one off disposal as being core profits. The group has been growing, with some of the new acquisitions contributing very well. Debt reduction is another factor. From being moderately risky at the time of restructuring, debt has fallen back to a comfortable level in comparison. Dividends is another factor, and is a particularly strong reason for me to be cautious about disposal. You can imagine what percentage return they represent on some of my earliest buys.
If there does come a point where this share is overvalued due to sp growth or a reversal in fortunes, then of course I'd have to consider it. On track record I'd expect the former to be much more likely than the latter, but I do consider that there is some way to go before fair value is reflected.
All just MHO of course
https://www.themission.co.uk/investors/shareholder-centre/agm-information
Ali
The AGM's on the 17th June in London.
See https://www.themission.co.uk/investors/shareholder-centre/agm-information for details
BB
Alf
fwiw - I think the fundamentals changed round about last Sept when profit growth changed from what was previously round about 10% to something about 20%. January's trading update, and then the results themselves confirmed this.
A company consistently growing profits at 20% is, all other things being equal, worth about twice one which is consistently growing profits at ~10%.
As for where to reinvest - who knows. Most of my the rest of my portfolio ( a mix blue chips, mid caps and small caps ) is pretty much treading water, so it's nice to have one or two investments which are bucking the trend a bit. But, there will almost certainly come a time when Mission starts to look overvalued, so, at that point, chances are, I'll be selling. Hopefully that'll be a few years off yet like.
BB
Thanks for your thoughts Bern.
The fundamentals have been sound for a very long time now, due praise to the board for balancing growth with stability during uncertain times for the sector. Nor could I attribute the recent movement to coverage and recommendations, there have been many others over the years I've been watching. What we've seen of late has been outside of my experience on this particular share, having been achieved with practically zero hoo haa. Hence the "what's going on" question. Not seeking to start any rumours, just wondered if anyone else had spotted something I hadn't.
Thanks for the portfolio advice. I came in to this one by peeling off substantial profits from bank shares purchased in the depths. Given their performance since it proved to be reasonable timing, though by no means perfect. My issue would certainly be the "where to reinvest" problem, I have a friend who invests only main market, he is crying, small caps are more than enough in my bunch, oilies and miners are a car crash, retail a no no. I don't find the time to study a lot these days. I've nearly completed another property investment, but am wary of doing any more in that region. Looks like it'll have to be wine, women and song then :-)
please can you tell me w en and where is the agm- the calendar on the website says june but no specific date
Alf
I don't think there's anything out of the ordinary happening here. The sp is likely moving up on a combination of good fundamentals ( historic p/e of < 10 ) and forecast p/e of less than that ( take your pick on which eps you want to run with, adjusted or IFRS, they're not massively different ), decent growth prospects ( maybe 10 to 15% for the current FY ? ) and some solid momentum on the chart front, so you'll have two types of buyers in the market at the moment.
IF Mission was a bigger % of my meagre wad than it is ( I think it's about 5% or so ), then, purely for the sake of balancing my portfolio, I'd probably be taking some profits and thinking about where to reinvest, but it's nowhere near the 10% or so of my p/f that I'd be feeling quite nervous about, so I'm currently happy to let profits run.
Mind you, if I'd been in as long as you have, and was feeling overweight in Mission, then I'd probably be doing something different
BB
Keep riding the wave, Simon has £1 target price so happy to add. GLA
Something happening here? We've seen a rising pattern for quite a long period now.
Very happy to see it.
I wish I could make it, it would be good to meet some folks. Unfortunately my work situation doesn't allow me to be there.
Sparkling form again today, another new high?
ATVB
Are you coming to the agm. I'll buy you a beer and quick lunch if you do. SB
Ps unless TMMG are providing .......... Not expecting as they are busy people.
Because such a large percentage is tightly held, it could be argued that this has been overbought for years.
The director sell a while back was for the sole purpose of creating sufficient liquidity for an institution to take a holding. If any large buyer fancies some more, they'll have to prise them out of someone's hands.
I'm minded of a comment in a podcast by David Morgan a while back. He said he'd like to be at the head of a £200m turnover company, with a £2 share price. A laudable ambition, although I'm certain he could find a longer word to describe it.
Yea, it's all looking good here Alf.
I think I had a twelve month target of 75p+ here from about six months ago, so it's nice to see that the market's agreeing with me about something for once. ! I've only been a holder for something like 3 years, so nowhere near as long, or as profitable as you, but I don't think the current sp ( 76p mid price ) is overly demanding, so I'm in no rush to reduce.
BB
Does this level trigger the Incentive plan they put in place a while back?
Have to say, I'm absolutely delighted at progress recently. My best performing share by a distance.
Been in here for a long time now, started buying prior to the refinancing That proved to be the right move at the right time. Today's results are very pleasing, the dividend yield keeps climbing, as does the expressed optimism within what is now a substantial group.
The board and all elements of The Mission are to be congratulated on such continuous strong success.
Quaquaversatile indeed.
Yes, appear to be a quality run company. Eighth successive year of growth, had my eye on them a while now. No funds or i would have bought in yesterday pre results... Maybe Simon Thompson coverage in IC today...
Well this Company have year on year consistently achieved exactly what they say they have set out to do. The presentations are well written and the latest video on the TMMG web site is excellent. This is a very professional Company that does not “bullshit”; they tell it how it is ........ pure and honest. Consistent growth is on the agenda big time. Watch for the 100p + reviews to come.
David Morgan speaks from deep within and Is genuinely quaquaversatile. Not sure i’ve used this correctly, but who cares.
No gamble here so it’s a “yes” from me.
Just Bed & ISA'd the remainder of my allowance, both transactions show up as sells. Not the case, more than happy to hold for the divi and further growth potential here.