MS International (MSI)

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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.

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