Announcement • Feb 23
MBH Corporation plc Announces Resignation of Mohid Miah as Director and Secretary MBH Corporation PLC announced that Mohid Miah has resigned as an Executive Director and Secretary with immediate effect. The Board of Directors of MBH Corporation Plc now consists of Kevin Hanbury, Ian Elsey and Peter Lawrence. New Risk • Oct 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 8.2% 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 Risks Interest payments are not well covered by earnings (1.0x net interest cover). Share price has been highly volatile over the past 3 months (512% average daily change). Earnings have declined by 18% per year over the past 5 years. Market cap is less than US$10m (€4.50m market cap, or US$4.72m). Minor Risks Paying a dividend despite being loss-making. Shareholders have been diluted in the past year (8.2% increase in shares outstanding). Reported Earnings • Oct 01
First half 2023 earnings released: UK£0.002 loss per share (vs UK£0.29 profit in 1H 2022) First half 2023 results: UK£0.002 loss per share (down from UK£0.29 profit in 1H 2022). Revenue: UK£66.2m (down 9.4% from 1H 2022). Net loss: UK£248.0k (down 127% from profit in 1H 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 10 percentage points per year, which is a significant difference in performance. Buying Opportunity • Oct 01
Now 26% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be €1.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Meanwhile, the company became loss making. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €1.50, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 12x in the Construction industry in Europe. Total loss to shareholders of 88% over the past three years. Buying Opportunity • Aug 15
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 36%. The fair value is estimated to be €1.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 41% over the last 3 years. Earnings per share has declined by 60%. Valuation Update With 7 Day Price Move • Aug 09
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to €1.54, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 11x in the Construction industry in Europe. Total loss to shareholders of 85% over the past three years. New Risk • Jun 15
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.7% Last year net profit margin: 2.8% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Market cap is less than US$10m (€5.92m market cap, or US$6.42m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (0.7% net profit margin). Announcement • May 16
MBH Corporation PLC (DB:M8H) acquired P.N. Sharpe Limited for £8 million. MBH Corporation PLC (DB:M8H) acquired P.N. Sharpe Limited for £8 million on May 15, 2023. The purchase consideration is estimated to be approximately between £7 million to £8 million in cash subject to finalisation of completion accounts. The deal will be funded partly through debt financing of £4m (payable on completion) and deferred consideration of £3-4 million, which is payable over a 3 year period. Paul Seabridge, CEO of Robinsons Caravans and the MBH Corporation Leisure Vertical, will oversee the integration of White Arches into MBH and will manage the business going forward. For FY ended 30 September 2022, the unaudited revenue of White Arches was £25.1 million.
MBH Corporation PLC (DB:M8H) completed the acquisition of P.N. Sharpe Limited on May 15, 2023. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Kevin Potter was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jun 10
MBH Corporation PLC Appoints Neil Fachie to Board as A Board Apprentice MBH Corporation plc has announced that Neil Fachie, OBE, has joined the Group's board as a Board Apprentice. Fachie is a high-performance business coach building on his experience as an accomplished competitive cyclist. The 2012 Paralympic champion and reigning world champion - and tandem kilo and flying 200m world record holder - regained his Paralympic title in Tokyo 2020, his fourth Paralympic Games. Fachie, 38, was born in Aberdeen and made his Paralympics debut for Great Britain in Beijing 2008. He then made the switch to track cycling in time for the London Games four years later, winning gold and silver in the tandem B events, for athletes with a visual impairment. Fachie has proved dominant in this area, winning 14 gold medals at UCI Para-cycling Track World Championships between 2009 and 2020 in the tandem B kilo and sprint disciplines. Buying Opportunity • May 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 7.9%. The fair value is estimated to be €0.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 45% over the last year. Earnings per share has declined by 60%. Revenue is forecast to grow by 46% in a year. Earnings is forecast to grow by 163% in the next year. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Non-Executive Director Lisa Maynard-Atem was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Mar 24
Now 21% undervalued Over the last 90 days, the stock is up 8.6%. The fair value is estimated to be UK£0.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 45% over the last year. Earnings per share has declined by 60% over the last year. Announcement • Feb 25
MBH Corporation PLC (DB:M8H) agreed to acquire BEP Engineering Services. MBH Corporation PLC (DB:M8H) agreed to acquire BEP Engineering Services on February 24, 2022. The total consideration for the acquisition of BEP will be approximately £0.5 million to £0.7 million which will be settled by way of convertible notes which will convert at the one year anniversary from completion date into MBH shares at the lower of the 30 day volume weighted price preceding the conversion date or €0.35 (£0.29191) per share. BEP Engineering Services will become part of MBH's Engineering Vertical. BEP's unaudited revenue for the full year ended November 30, 2021 is approximately £0.5 million. The transaction is subject to regulatory approval. Reported Earnings • Oct 04
First half 2021 earnings released: EPS UK£0.024 (vs UK£0.014 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: UK£49.6m (up 81% from 1H 2020). Net income: UK£1.69m (up 155% from 1H 2020). Profit margin: 3.4% (up from 2.4% in 1H 2020). The increase in margin was driven by higher revenue. Executive Departure • Aug 05
Non-Executive Chairman of Board Svetlana Coronado has left the company On the 1st of August, Svetlana Coronado's tenure as Non-Executive Chairman of Board ended after 1.2 years in the role. We don't have any record of a personal shareholding under Svetlana's name. Svetlana is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.25 years, which is considered inexperienced in the Simply Wall St Risk Model. Executive Departure • Aug 05
Non-Executive Chairman of Board Svetlana Coronado has left the company On the 1st of August, Svetlana Coronado's tenure as Non-Executive Chairman of Board ended after 1.2 years in the role. We don't have any record of a personal shareholding under Svetlana's name. Svetlana is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.25 years, which is considered inexperienced in the Simply Wall St Risk Model. Announcement • May 28
An unknown buyer agreed to acquire Parenta Group Ltd. from MBH Corporation PLC (DB:M8H). An unknown buyer agreed to acquire Parenta Group Ltd. from MBH Corporation PLC (DB:M8H) on May 26, 2021. The treasury shares of 10 million will be given back to MBH Corporation. The divestment of Parenta Group will not have a material impact on the financial results of MBH. The deal is subject to approval from regulatory board and approval from MBH Corporation PLC shareholders. Announcement • May 06
MBH Corporation PLC (DB:M8H) acquired Intercity Private Hire Limited for £4 million. MBH Corporation PLC (DB:M8H) acquired Intercity Private Hire Limited for £4 million on May 5, 2021. The consideration will be settled mostly by way of MBH Corporation PLC listed bond. Intercity Taxis will reside under Take Me (formerly ADT Taxis) within MBH Corporation PLC transport vertical.
MBH Corporation PLC (DB:M8H) completed the acquisition of Intercity Private Hire Limited on May 5, 2021. Announcement • May 01
MBH Corporation PLC Will Propose a Stable Dividend for the year 2020 The Board of Directors of MBH Corporation PLC will propose a stable dividend of 0.005 cents (2019: 0.005 cents) to the Annual General Meeting for the year 2020. Shareholders will be given the option of receiving the dividend in cash or in additional shares. Announcement • Feb 16
MBH Corporation PLC (DB:M8H) acquired GBS Partners, Inc. for $3.6 million. MBH Corporation PLC (DB:M8H) acquired GBS Partners, Inc. for $3.6 million on February 15, 2021. The total consideration for the acquisition of GBS Partners is approximately £2.1 million ($2.907300 million) to £2.6 million ($3.59952 million) which will be settled by way of a listed bond in accordance with the MBH bond programme with the following terms: 5-year maturity with principal payable at maturity; and 5% coupon rate per annum payable semi-annually. For the year ending December 31, 2020, Boulder Sausage unaudited sales were $4.8 million with an EBIT of $0.4 million. Unaudited net assets as at December 31, 2020 were $1.7 million This acquisition is another EPS accretive for MBH. This acquisition is another EPS accretive for MBH.
MBH Corporation PLC (DB:M8H) completed the acquisition of GBS Partners, Inc. on February 15, 2021. Announcement • Jan 28
MBH Corporation PLC (DB:M8H) acquired 3 K's Engineering Company Limited for approximately £3.3 million. MBH Corporation PLC (DB:M8H) acquired 3 K's Engineering Company Limited for approximately £3.3 million on January 26, 2021. The consideration will be paid partly in unlisted bonds in MBH Corporation plc and would convert to listed bonds upon completion of audited accounts as 5 year terms and principal payable on maturity and 5% interest per annum payable semi-annually. Convertible notes will be used to settle the remaining purchase consideration. At the date of conversion, the convertible note will convert into MBH shares at the lower of the 30 day volume weighted price preceding the conversion date12 months post completion date. Kevin and Karl Hanbury son of Ronald Hanbury, Founder of the business, will remain in the business post acquisition. MBH Corporation plc is establishing a new engineering vertical with the acquisition of 3Ks Engineering. For the year ending January 31, 2020, 3K generated revenue of £4 million. This acquisition is an EPS accretive acquisition.
MBH Corporation PLC (DB:M8H) completed the acquisition of 3 K's Engineering Company Limited on January 26, 2021. Announcement • Dec 16
MBH Corporation PLC (DB:M8H) acquired Victoria Gosden Travel Ltd for £2 million. MBH Corporation PLC (DB:M8H) acquired Victoria Gosden Travel Ltd for £2 million on December 14, 2020. The total consideration for the acquisition of VGT is approximately £1.3 million to £2 million of which majority will be settled by way of a listed bond in accordance with the MBH bond program with the following terms: 5-year maturity with principal payable at maturity and 5% coupon rate per annum payable semi-annually. For the financial year 2020 VGT audited EBIT was £0.3 million and it has assets of £1.18 million.
MBH Corporation PLC (DB:M8H) completed the acquisition of Victoria Gosden Travel Ltd on December 14, 2020. Announcement • Nov 27
MBH Corporation PLC (DB:M8H) acquired Academy One Group for £3 million. MBH Corporation PLC (DB:M8H) acquired Academy One Group for £3 million on November 26, 2020. The estimated total consideration for the acquisition is approximately £2 million to £3 million. The consideration will be finalized once the December 31, 2020 audit has been completed. The majority of the consideration will be paid fully in unlisted bonds in MBH Corporation plc and would convert to listed bonds upon completion of audited accounts. For the year ending March 31, 2020, Academy One Group generated revenues of £3.7 million.
MBH Corporation PLC (DB:M8H) completed the acquisition of Academy One Group on November 26, 2020. Is New 90 Day High Low • Nov 26
New 90-day low: €0.33 The company is down 22% from its price of €0.42 on 27 August 2020. The German market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Services industry, which is up 11% over the same period. Announcement • Nov 10
MBH Corporation PLC (DB:M8H) acquired NVQ Nail & Beauty Specialists Training Academy Ltd for approximately £0.6 million. MBH Corporation PLC (DB:M8H) acquired NVQ Nail & Beauty Specialists Training Academy Ltd for approximately £0.6 million on November 9, 2020. Under the terms of transaction, Convertible notes will be used to settle the purchase consideration. The consideration will be finalized once the 31 March 2020 audit has been completed. Within MBH's Education vertical, NVQ will reside under Acacia Training Limited as a tactical acquisition to help further boost their expansion plans. NVQ Nails & Beauty is now part of the MBH family. For the year ending 31 March 2020 NVQ generated revenues of £0.3 million.
MBH Corporation PLC (DB:M8H) completed the acquisition of NVQ Nail & Beauty Specialists Training Academy Ltd on November 9, 2020. Is New 90 Day High Low • Nov 02
New 90-day low: €0.36 The company is down 12% from its price of €0.41 on 04 August 2020. The German market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Services industry, which is up 16% over the same period. Announcement • Oct 31
MBH Corporation PLC (DB:M8H) acquired C&B Pty Ltd. for £8 million. MBH Corporation PLC (DB:M8H) acquired C&B Pty Ltd. for £8 million on October 30, 2020. The transaction consideration is approximately £5 million to £8 million which will be settled by way of a listed bond. C&B reported AN EBIT of £1.5 million (AUD 2.7 million) in the year ending on September 30, 2020. Pursuant to the transaction, Aaron King, a Certified Financial Analyst, will become Chairman of Cobul Construction. The estimated earnings per share growth as a result of this acquisition is approximately 18%.
MBH Corporation PLC (DB:M8H) completed the acquisition of C&B Pty Ltd. on October 30, 2020. Announcement • Oct 04
MBH Corporation PLC to Report First Half, 2020 Results on Sep 30, 2020 MBH Corporation PLC announced that they will report first half, 2020 results on Sep 30, 2020 Reported Earnings • Oct 01
First half earnings released Over the last 12 months the company has reported total profits of UK£3.61m, up 44% from the prior year. Total revenue was UK£57.2m over the last 12 months, up 66% from the prior year. Is New 90 Day High Low • Sep 23
New 90-day high: €0.47 The company is up 8.0% from its price of €0.43 on 25 June 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Consumer Services industry, which is up 19% over the same period. Announcement • Sep 03
MBH Corporation PLC (DB:M8H) agreed to acquire Meeting of the Minds Inc and Everyday Realty Services Inc from Melissa J. Shea for $3.5 million. MBH Corporation PLC (DB:M8H) agreed to acquire Meeting of the Minds Inc and Everyday Realty Services Inc from Melissa J. Shea for $3.5 million on September 2, 2020. The total consideration for Meeting of the Minds and Everyday Realty Services is between $2.9 million to $3.5 million. The majority of the consideration is to be paid in unlisted bonds in MBH Corporation plc and would convert to listed bonds upon completion of audited accounts. The terms of the listed and unlisted bonds are (i) 5 year terms and principal payable on maturity and (ii) 5% interest per annum payable semi-annually. For the year ended 31 December 2019, Meeting of the Minds and Everyday Realty Services generated unaudited consolidated revenues of $1.23 million and an EBIT of $ 0.63 million. The acquisition is 100% EPS accretive. Announcement • Aug 18
MBH Corporation PLC (DB:M8H) acquired Driven By Riide Ltd for approximately £3.4 million. MBH Corporation PLC (DB:M8H) acquired Driven By Riide Ltd for approximately £3.4 million on August 17, 2020. As part of the transaction, majority of consideration price is settled by way of a listed bond in accordance with the MBH bond programme with the following term 5-year maturity with principal payable at maturity and 5% coupon rate per annum payable semi-annually.
MBH Corporation PLC (DB:M8H) completed the acquisition of Driven By Riide Ltd on August 17, 2020. Announcement • Jul 30
MBH Corporation PLC (DB:M8H) acquired Logistica Training Limited for approximately £5.8 million. MBH Corporation PLC (DB:M8H) acquired Logistica Training Limited for approximately £5.8 million on June 9, 2020. A portion of €50 million (£44.5 million) Medium Term Bond Programme will be used for the acquisition of Logistica. The acquisition of Logistica will reside within MBH's education vertical alongside Acacia Training and the Parenta Group. Logistica Training Limited`s reported revenues of £1.9 million and an EBIT of £0.8 million in 2019. This acquisition is expected to be earnings per share accretive.
MBH Corporation PLC (DB:M8H) completed the acquisition of Logistica Training Limited on June 9, 2020. 
