MS International (MSI)

MS International MSI Logo

Engaged in the design and manufacture of specialist engineering products and the provision of related services, the Company’s segments include Defence, Forgings and Petrol Station Superstructures.

30-Nov-2017 – 181p – £30.3m – PER 19.9

Half Year Report For The 6 Months To 28 October 2017 – PBT up to £1.64m (2016 – £0.61m) on a notable uplift in revenue to £34.63m (2016 – £25.00m). EPS up to 7.8p (2016 – 3.3p) and there’s Net Cash of £14.53m.

This looks OK but with concerns about the UK MoD spending also pointed out – For me, with already unimpressive ROCE and Operating Margin figures, it’s just a little too risky in the present environment.

6-Jun-2018 – 208p – £34.8m – PER 15.2

Final Results For The 12 Months To 28th April 2018 – PBT up £4.04m (2017 – £1.53m) on Revenue of £68.09m (2017 – £53.82m), EPS of 20.5p (2017 – 9.1p) with a Final Dividend of 8.25p (8p last time).

There’s a lot to like here but with no broker coverage at all (that I can find) and the company outlook difficult to interpret it’s not easy to get involved. I will remain Neutral for now.

4-Dec-2018 – 199.5p – £33.4m – PER 9.72

H1 Report – PBT of £3.19m (£1.64m last time), Revenue of £37.74m (£34.63m last time), EPS 15.2p (7.8p last time), Net Cash of £16.55 (£15.87m last time) and the Interim Dividend of 1.75p is maintained.

Still looks quite tempting but there’s no forecasts available at all and little to go on in this update – Just a little too risky with no solid outlook (loads of Net Cash!).

17-Sep-2019 – 197p – £33m – PER 9

Trading Statement – Highlights “interesting times” and warns to “expect a substantial weakening in the Company’s results”.

Enough there to make it onto the Avoid list for now.

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