02 June 2022
By Maynard Paton
Results summary for Mincon (MCON):
- A better-than-expected performance, bolstered by a record H2 and perhaps a cracking Q4 following less pandemic disruption.
- Positive progress was recorded at all three product divisions, with higher commodity prices pushing H2 mining sales up 30%.
- Encouraging development news included the long-awaited Greenhammer system delivering “outstanding” test results and potentially becoming available to purchase this year.
- Despite the long-term commitment to first-class product manufacturing, MCON’s financials sadly still lack signs of an obvious ‘moat’.
- The shares do not appear outrageously expensive, assuming H2 extrapolations and upbeat FY 2022 trading do indeed support a 15x P/E. I continue to hold.