20 March 2019
By Maynard Paton
Results verdict on Mincon (MCON):
- Acceptable double-digit growth supported by encouraging organic sales and the purchase of Driconeq.
- New ‘Greenhammer’ product appears to offer attractive possibilities through “disruptive technology”.
- Year ahead to focus on consolidating operations after bumper orders created production constraints during 2017 and 2018. Recent trading not buoyant.
- Accounts offer scope for improvement as hefty stock build-up unwinds, capital expenditure falls and cost savings are found.
- The underlying P/E of 19 is not an obvious bargain. I continue to hold.