Maintel Holdings (MAI)

Maintel Holdings MAI Logo

Engaged in the provision of contracted managed services, the sale and installation of telecommunications systems and the provision of fixed line, mobile and data telecommunications services, to the enterprise business sector.

2-Feb-2018 – 690p – £90.9m – PER 7.46

Trading Update For The 12 Months To End December 2017 – In-line with Revenue marginally ahead of expectations and Net Debt position also better than expected. Reflecting continued confidence in underlying cash flows and the longer-term prospects for the Group the total FY Dividend will beincreased 10% YoY, in line with existing guidance. Confident of delivering substantial growth in revenue and EBITDA in 2018.

Quite attracted by this, the main thing putting me off is the poor Operating Margin. Will remain Neutral here for now.

19-Mar-2018 – 820p – £116.4m – PER 9.55

Final Results For The 12 Months To End December 2017 – Revenue up 23% to £133.1m (2016: £108.3m), Gross Profit up 11% to £38.8m (2016: £34.9m), Basic EPS up 36% to 21.7p (2016: 16.0p) but Adjusted EPS is down 14% to 66.7p (2016: 78.0p), partially as a result of the increased number of shares in issue following the issue of new equity for an acquisition in May 2016, Net Debt is £27.7m. FY Dividend to be 33.8p (2016: 30.8p), an increase of 10% on the prior year.

I’m middle of the road here on this one. Doesn’t look too bad but that Net Debt and low Operating Margin leaves me sitting it out for now.

10-Sep-2018 – 780p – £110.7m – PER 8.16

Interim Results For The 6 Months To End June 2018 – Revenue up 14% to £66.5m (H1 2017: £58.2m), recurring revenue was 70%. Gross Profit up £18.2m (H1 2017: £17.4m), about 5%, Adjusted EPS of 25.9p (H1 2017: 27.1p), a small decrease. The Interim Dividend is up slightly to 15.0p (H1 2017: 14.7p).

There’s still quite a lot to like here but the 10% or so spread leaves me Neutral for now.

28-Jan-2019 – 423p – £60m – PER 4.6

Trading Update For The 12 Months To End December 2018 – Comfortably in-line, EBITDA to be at the top end of expectations announced in November, Net Debt at £25.5m. Confident of delivering Revenue, EBITDA and Dividend growth in 2019.

This looks pretty good but the Net Debt is rsther high and there’s no mention of real profit – A case of waiting to see those actuals.

18-Mar-2019 – 500p – £71m – PER 6.5

Results For The 12 Months To End December 2018 – Revenue up 8% (69% recurring) with Adjusted EPS up 20%, Net Debt at £25.5m and the FY Dividend will be up 2%.

Still quite like this although I do have concerns about the Net Debt – It’s probably the only thing stopping me buying in here (for now).

2-Sep-2019 – 440p – £63m – PER 5.5

Interim Results For The 6 Months To End June 2019 – Revenue down -3%, Adjusted EPS up 16%, Net Debt down slightly from £25.5m to £24.2m, Dividend up 0.1p from 15p to 15.1p. Expects FY EBITDA to be higher than next year.

This looks like a Profit Warning on the basis PBT and EPS were forecast to be up 20% or so (Net Debt still quite high!).

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