McBride (MCB)

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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.

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