McBride (MCB)

McBride MCB Logo

The leading European manufacturer and supplier of Co-manufactured and Private Label products for the Household and Personal Care market.

24-Oct-2017 – 230.75p – £414.7m

AGM Trading Update – This statement kind of sums it up “At this early stage of the year the Board is comfortable that the business remains on track to deliver its full year expectations”.

Up almost 30% in the past couple of months so obviously some see the attraction here. Sure, it looks OK but there’s enough to put me off – Net Debt (about 20% of Mkt Cap), the low Operating Margin and the recent Broker downgrade. And of course – This lacklustre update.

8-Jan-2018 – 222.5p – £405.4m – PER 13.1

Trading Update For The 6 Months To End December 2017 – An in-line update, but wait a minute! It’s in-line with last year – “full year earnings to be broadly in line with the prior year”.

Expect this will get a bit of a battering here today, something I will be avoiding for some time.

22-Feb-2018 – 155.4p – £283.2m – PER 10.5

Half Year Report For The 6 Months To End December 2017 – Growth will come in H2 and expects to launch a plan to return to break-even within 18 months.

This remains on my Avoid list and I will cease coverage until I see something worthy of removing it from that list.

3-Jul-2018 – 132p – £241.0m – PER 8.84

Trading Update For The 12 Months To End June 2018 – FY PBT to be marginally below the lower end of analyst expectations.

Remains on my Avoid list.

6-Sep-2018 – 130.4p – £238.1m – PER 8.92

Final Results For The 12 Months To End June 2018 – Looks like a slight miss but as expected after the previous update.

Nevertheless, this remains on my Avoid list for now – I await to see some positive news.

23-Oct-2018 – 139p – £253.7m – PER 9.13

AGM Trading Update – “In the absence of further near term raw material and packaging cost rises, the Board expects full year earnings to be in line with expectations”.

Remains on my Avoid list for now.

10-Jan-2019 – 131p – £239.5m – PER 8.36

Trading Update For The 6 Months To End December 2018 – Expects FY to be in-line with Profit weighted to H2.

I don’t see this as any more than reasonably priced here.

20-Feb-2019 – 130p – £238m – PER 8.2

Trading Update For The 6 Months To End December 2018 – Revenues up 6% but pressure on the cost base means the Board expects FY Adjusted PBT to be 10% – 15% lower than last year.

Clues were all there with a statement 6 weeks ago mentioning H2 weighting, remains on my Avoid list.

21-Feb-2019 – 87p – £160m – PER 5.5

Interim Results For The 6 Months To End December 2018 – Looks OK but expects FY Adjusted PBT to be lower than last year (by 10% – 15%).

I am no more interested here today than I was yesterday.

2-May-2019 – 105p – £192m – PER 7.5

Trading Update And CEO Leaves – FY earnings to be modestly lower than current market expectations and the CEO leaves, doesn’t read like it was a happy ending.

I remain unintestered in this company at present.

5-Sep-2019 – 51p – £93m – PER 5.2

Results For The 12 Months To End June 2019 – Revenue up 5% to £721.3m, Adjusted PBT down -26%, EPS -23.6%. Guides FY (this year) on target, flat Revenue and earnings slightly below previous year.

This looks to be as expected and I remain as interested today as I was yesterday.

22-Oct-2019 – 68p – £125m – PER 8

AGM Trading Update – Cautiously expects FY to be in-line (H2 weighting).

I remain uninterested here at present, look at that Net Debt!

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