Updates

Michelmersh

January 2024

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Within a tough construction market, brick manufacturer Michelmersh continues to perform well with trading remaining resilient. According to broker Canaccord, pricing is still firm, input costs are stabilising and Michelmersh is operating at full capacity to deliver against its diverse forward order book. Thanks to it being the leading producer of UK premium clay bricks (a niche market), visibility of future work is still good. Based on Canaccord’s unchanged eps forecast for eps of 10.7p next year, the shares trade on a prospective PE of just 7.9 and dividend yield (dps: 4.5p) of 3.8%. The broker’s price target is 180p. I am a strong holder. ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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