Morgan Sindall (MGNS)

Morgan Sindall MGNS Logo

A construction and regeneration company which operates through various divisions, including construction and infrastructure, fit out, property services, partnership housing, urban regeneration and investments.

4-May-2018 – 1322p – £591.4m – PER 9.88

Trading Update For The Period From 1st January To Date – FY to be slightly ahead of expectations.

This is above my usual £500m Market Cap level but I am just covering here for the first time for my own personal notes – I bought when it when it was below £500m Market Cap and still hold. Based on this update I will continue to hold.

8-Aug-2018 – 1426p – £614.0m – PER 9.66

Interim Results For The 6 Months To End June 2018 – Revenue up 9% with Reported PBT and EPS up 30% – The Interim Dividend is up 19%. On track to deliver FY slightly ahead of previous expectations.

I cover this to keep track of my personal notes as I bought here when this was below £500m Market Cap. I hold and, based on this update, I will continue to do so.

1-Nov-2018 – 1186p – £538.2m – PER 8.19

Trading Update For The Period From 1st July 2018 To Date – FY in-line.

I am Neutral here after having sold out last month, I remain so for now.

21-Feb-2019 – 1134p – £515.6m – PER 7.82

Trading Update For The 12 Months To End December 2018 – Revenue up 6% (£2,972m), Adjusted PBT up 23% (£81.6m), Adjusted EPS up 25% (151.8p), Ney Cash up from £193m to £207m, FY Dividend up 18% (53p). In a strong position to deliver on 2019 expectations.

I sold out here late last year believing this to be fair value around this level.

7-Aug-2019 – 1110p – £505m – PER 7.3

Interim Results For The 6 Months To End June 2019 – Revenue flat, Adjusted PBT up 20%, EPS up 15%, Net Cash up from £97m to £114m, the Interim Dividend is up 11%. The Order Book (secured) is up 19% and FY is expected to be slightly ahead of expectations.

An ex-holding of mine, I still consider 1200p or so to be fair value – So, not enough here for me at this price.

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