Reported Earnings • Jul 17
Full year 2026 earnings released: EPS: UK£0.67 (vs UK£0.90 in FY 2025) Full year 2026 results: EPS: UK£0.67 (down from UK£0.90 in FY 2025). Revenue: UK£115.0m (down 2.1% from FY 2025). Net income: UK£11.0m (down 24% from FY 2025). Profit margin: 9.6% (down from 12% in FY 2025). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 17
MS International plc Appoints Michael O'Connell as Group CEO, Effective July 16, 2026 MS International plc confirmed the appointment of Michael O'Connell as Group CEO with effective July 16, 2026, following his tenure as Group Managing Director and Finance Director before that. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €17.50, the stock trades at a trailing P/E ratio of 17.6x. Average trailing P/E is 41x in the Aerospace & Defense industry in Germany. Total returns to shareholders of 233% over the past three years. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €12.90, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 54x in the Aerospace & Defense industry in Germany. Total returns to shareholders of 147% over the past three years. Reported Earnings • Jan 18
First half 2026 earnings released: EPS: UK£0.39 (vs UK£0.40 in 1H 2025) First half 2026 results: EPS: UK£0.39 (down from UK£0.40 in 1H 2025). Revenue: UK£55.8m (up 2.0% from 1H 2025). Net income: UK£6.27m (down 2.7% from 1H 2025). Profit margin: 11% (in line with 1H 2025). Over the last 3 years on average, earnings per share has increased by 35% per year whereas the company’s share price has increased by 31% per year. Announcement • Jan 14
MS INTERNATIONAL plc Recommends Interim Dividend, Payable on 20 February 2026 The Board of MS INTERNATIONAL plc recommended payment of an increased interim dividend of 6 pence (2024 - 5 pence) per share to be paid on 20 February 2026 to those shareholders on the register of members at the close of business on 23 January 2026, with the ex-dividend date being 22 January 2026. Board Change • Nov 14
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Non-Executive Director David Hansell was the last independent director to join the board, commencing their role in 2014. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 14
MS INTERNATIONAL plc to Report First Half, 2026 Results on Jan 14, 2026 MS INTERNATIONAL plc announced that they will report first half, 2026 results on Jan 14, 2026 Announcement • Jul 18
MS International plc Appoints John Meldrum as Executive Director MS INTERNATIONAL plc confirms that, further to its announcement on 30 June 2025, which disclosed Mr. John Meldrum would join the Board as Executive Director, the necessary regulatory due diligence has now been satisfactorily completed and accordingly Mr. Meldrum has joined the Board with immediate effect. Mr. Meldrum has been running the UK Defence and Security division since 2019, supported by David Hansell, and has been working at the Company for over 18 years. Announcement • Jan 21
Mrs. Shelley Ashcroft Joins the Board of MS INTERNATIONAL plc as Finance Director MS INTERNATIONAL plc confirmed that, further to its announcement on 6 December 2024, which disclosed Mrs. Shelley Ashcroft would join the Board as Finance Director, the necessary regulatory due diligence has now been satisfactorily completed and accordingly Mrs. Ashcroft has joined the Board with immediate effect. Mrs. Ashcroft has also become a member of the Audit Committee. Mrs. Ashcroft joined MS INTERNATIONAL in 2019 and was most recently the Group Financial Accountant. She has also acted as Company Secretary since 2022. Prior to this, Mrs. Ashcroft worked at AESSEAL plc for over 10 years. Announcement • Sep 06
MS INTERNATIONAL plc (AIM:MSI) commences an Equity Buyback Plan for 1,632,475 shares, representing 10% of its issued share capital, under the authorization approved on July 25, 2024. MS INTERNATIONAL plc (AIM:MSI) commences share repurchases on September 6, 2024, under the program mandated by the shareholders in the Annual General Meeting held on July 25, 2024. As per the mandate, the company is authorized to repurchase up to 1,632,475 shares, representing 10% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is £0.1 and the maximum price which may be paid for each ordinary share is the higher an amount equal to 105% of the average of the middle market quotations for an ordinary share as derived from the London Stock Exchange Daily Official List of the UK Listing Authority for the five business days immediately preceding the day on which the purchase is made and an amount equal to the higher of the price of the last independent trade of a share and the highest current independent bid for a Share on the trading venue where the purchase is carried out. The authority shall expire at the conclusion of the next Annual General Meeting of the company or on October 25, 2025, whichever is earlier. As of June 25, 2024, the company had 17,841,073 ordinary shares in issue of which 1,516,327 ordinary shares are in treasury. Announcement • Jul 11
MS INTERNATIONAL plc (AIM:MSI) commences an Equity Buyback Plan for 1,644,473 shares, representing 10% of its issued share capital, under the authorization approved on August 9, 2023. MS INTERNATIONAL plc (AIM:MSI) commences share repurchases on July 11, 2024, under the program mandated by the shareholders in the Annual General Meeting held on August 9, 2023. As per the mandate, the company is authorized to repurchase up to 1,644,473 shares, representing 9.99% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is £0.1 and the maximum price which may be paid for each ordinary share is the higher an amount equal to 105% of the average of the middle market quotations for an ordinary share as derived from the London Stock Exchange Daily Official List of the UK Listing Authority for the five business days immediately preceding the day on which the purchase is made and an amount equal to the higher of the price of the last independent trade of a share and the highest current independent bid for a Share on the trading venue where the purchase is carried out. The authority shall expire at the conclusion of the next Annual General Meeting of the company or on November 9, 2024, whichever is earlier. As of June 21, 2023, the company had 17,841,073 ordinary shares in issue of which 1,396,334 ordinary shares are in treasury. Announcement • Jun 27
MS INTERNATIONAL plc, Annual General Meeting, Jul 25, 2024 MS INTERNATIONAL plc, Annual General Meeting, Jul 25, 2024. Location: the holiday inn, warmsworth, doncaster, United Kingdom Announcement • Jun 26
MS International plc Recommends Final Dividend, Payable on 23 August 2024 MS INTERNATIONAL plc recommended the payment of a final dividend of 16.5 pence per share (2023 - 13 pence per share) making a total for the year of 19.5 pence per share (2023 - 15 pence per share). The dividend is expected to be paid on the 23 August 2024 to those shareholders on the register at the close of business on the 12 July 2024. New Risk • Feb 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 10.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10.0% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (€54k sold). Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €9.45, the stock trades at a trailing P/E ratio of 19.6x. Average trailing P/E is 26x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 90% over the past year. Reported Earnings • Dec 14
First half 2024 earnings released: EPS: UK£0.36 (vs UK£0.17 in 1H 2023) First half 2024 results: EPS: UK£0.36 (up from UK£0.17 in 1H 2023). Revenue: UK£57.0m (up 36% from 1H 2023). Net income: UK£5.80m (up 109% from 1H 2023). Profit margin: 10% (up from 6.6% in 1H 2023). The increase in margin was driven by higher revenue. Announcement • Dec 12
MS INTERNATIONAL plc Declares Interim Dividend, Payable on 19 January 2024 MS INTERNATIONAL plc has declared an increased interim dividend per share of 3 pence (2022 - 2 pence) payable on 19th January 2024 to those shareholders on the register at close of business on 22nd December 2023, with the ex-dividend date being 21st December 2023. Announcement • Jul 08
MS INTERNATIONAL plc (AIM:MSI) commences an Equity Buyback Plan for 1,619,473 shares, representing 9.99% of its issued share capital, under the authorization approved on July 29, 2022. MS INTERNATIONAL plc (AIM:MSI) commences share repurchases on July 7, 2023 under the program mandated by the shareholders in the Annual General Meeting held on July 29, 2022. As per the mandate, the company is authorized to repurchase up to 1,619,473 shares, representing 9.99% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is £0.1 and the maximum price which may be paid for each ordinary share is the higher an amount equal to 105% of the average of the middle market quotations for an ordinary share as derived from the London Stock Exchange Daily Official List of the UK Listing Authority for the five business days immediately preceding the day on which the ordinary share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System. The authority shall expire at the conclusion of the next Annual General Meeting of the company or on October 28, 2023, whichever is earlier. As of June 27, 2022, the company had 17,841,073 ordinary shares in issue of which 1,646,334 ordinary shares are in treasury. New Risk • Jun 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (26% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.3% average weekly change). Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Upcoming Dividend • Jun 29
Upcoming dividend of UK£0.13 per share at 2.5% yield Eligible shareholders must have bought the stock before 06 July 2023. Payment date: 18 August 2023. Payout ratio is a comfortable 58% but the company is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (1.5%). New Risk • Jun 25
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (26% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.3% average weekly change). Reported Earnings • Jun 23
Full year 2023 earnings released: EPS: UK£0.26 (vs UK£0.31 in FY 2022) Full year 2023 results: EPS: UK£0.26 (down from UK£0.31 in FY 2022). Revenue: UK£84.0m (up 13% from FY 2022). Net income: UK£4.12m (down 17% from FY 2022). Profit margin: 4.9% (down from 6.6% in FY 2022). The decrease in margin was driven by higher expenses. Announcement • Jun 22
MS INTERNATIONAL plc, Annual General Meeting, Aug 09, 2023 MS INTERNATIONAL plc, Annual General Meeting, Aug 09, 2023. Agenda: Annual General Meeting. New Risk • Jun 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported October 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.0% average weekly change). Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €5.95, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 22x in the Aerospace & Defense industry in Germany. Total returns to shareholders of 116% over the past year. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €7.20, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 25x in the Aerospace & Defense industry in Germany. Total returns to shareholders of 205% over the past year. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 48% share price gain to €7.55, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 24x in the Aerospace & Defense industry in Germany. Total returns to shareholders of 225% over the past year. Valuation Update With 7 Day Price Move • Dec 14
Investor sentiment improved over the past week After last week's 22% share price gain to €5.15, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 24x in the Aerospace & Defense industry in Germany. Total returns to shareholders of 126% over the past year. Reported Earnings • Dec 08
First half 2023 earnings released: EPS: UK£0.17 (vs UK£0.034 in 1H 2022) First half 2023 results: EPS: UK£0.17 (up from UK£0.034 in 1H 2022). Revenue: UK£42.0m (up 27% from 1H 2022). Net income: UK£2.77m (up 416% from 1H 2022). Profit margin: 6.6% (up from 1.6% in 1H 2022). The increase in margin was driven by higher revenue. Announcement • Dec 07
MS INTERNATIONAL plc Proposes Interim Dividend for the Half Year Ended October 31, 2022, Payable on January 13, 2023 MS INTERNATIONAL plc proposed interim dividend of 2 pence per share for the half year ended October 31, 2022. The interim dividend will be payable on 13th January, 2023 to those members registered on the books of the Company on 16th December, 2022. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 5 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Non-Executive Director David Hansell was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improved over the past week After last week's 16% share price gain to €3.70, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 22x in the Aerospace & Defense industry in Germany. Total returns to shareholders of 52% over the past year. Upcoming Dividend • Jul 07
Upcoming dividend of UK£0.075 per share Eligible shareholders must have bought the stock before 14 July 2022. Payment date: 12 August 2022. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of German dividend payers (4.6%). Higher than average of industry peers (1.4%). Reported Earnings • Jun 29
Full year 2022 earnings released: EPS: UK£0.31 (vs UK£0.072 in FY 2021) Full year 2022 results: EPS: UK£0.31 (up from UK£0.072 in FY 2021). Revenue: UK£74.5m (up 21% from FY 2021). Net income: UK£4.93m (up 319% from FY 2021). Profit margin: 6.6% (up from 1.9% in FY 2021). The increase in margin was driven by higher revenue. Announcement • Jun 29
MS INTERNATIONAL plc, Annual General Meeting, Jul 28, 2022 MS INTERNATIONAL plc, Annual General Meeting, Jul 28, 2022. Location: The Holiday Inn, Warmsworth Doncaster United Kingdom Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Non-Executive Director David Hansell was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improved over the past week After last week's 22% share price gain to €3.64, the stock trades at a trailing P/E ratio of 16.1x. Average trailing P/E is 23x in the Aerospace & Defense industry in Germany. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improved over the past week After last week's 17% share price gain to €2.96, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 40x in the Aerospace & Defense industry in Germany. Reported Earnings • Dec 11
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: UK£0.034 (up from UK£0.066 loss in 1H 2021). Revenue: UK£33.2m (up 26% from 1H 2021). Net income: UK£537.0k (up UK£1.62m from 1H 2021). Profit margin: 1.6% (up from net loss in 1H 2021). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Executive Departure • Aug 11
Company Secretary David Kirkup has left the company On the 3rd of August, David Kirkup's tenure as Company Secretary ended after 8.3 years in the role. We don't have any record of a personal shareholding under David's name. David is the only executive to leave the company over the last 12 months. Reported Earnings • Jul 15
Full year 2021 earnings released: EPS UK£0.072 (vs UK£0.15 loss in FY 2020) The company reported a solid full year result with improved earnings and profit margins, although revenues were flat. Full year 2021 results: Revenue: UK£61.5m (flat on FY 2020). Net income: UK£1.18m (up UK£3.67m from FY 2020). Profit margin: 1.9% (up from net loss in FY 2020). 
