MPAC (LON:MPAC) - link to new research report: https://www.equitydevelopment....
For the six months to 30 June 2024, Mpac Group reported significant revenue, margin and profit growth.
Revenue of £60.0m was +14%YoY, (adj.) EBIT of £4.5m, +105%YoY, operating margin 7.5% vs 4.2% H1 23, and EPS of 15.0p compared to (2.2p) a year earlier.
Year-to-date order intake remained strong at £59.7m, +6% on H2 23 (H1 23 of £62.4m was distorted by pent-up demand unwinding), with a closing order book of £71.4m providing extensive coverage over forecast revenues for the remainder of 2024. We expect the customary H2 weighting, with forecast EBIT at c.38% above the H1 level.
These strong results build on the sound foundations and momentum already established. With a clear vision for growth over the coming five years, we retain our fair value of 530p/ share, indicative of a FY25 EV/EBITDA of 7.0x vs the market cap weighted average of a group of peers of 10.6x.
