MS International – buying more of a good thing

PUBLISHED: 20 Jun 2019 @ 18:35 | Comments (0) |

I’ve bought some more shares in MS International (LSE:MSI), the engineering company, at 222p, for my Modified price earning ratio portfolio. I first bought MSI’s shares in July 2015 at 186p. Since then the company has grown much stronger in its marketplaces and paid some welcome dividends (totalling 26p, with another 6.5p to come this summer). Market capitalisation is £2.22 x 16.5m shares = £36.6m.

MS International has four businesses. The first manufactures naval guns and other military equipment for many countries. The second makes forks for fork-lift trucks with factories in the UK, USA and Brazil. The third is Europe’s leading petrol forecourt canopy designer and installer, and the fourth provides petrol station branding which has really taken off recently, already earning its purchase price (it was bought in 2015).

(Previous Newsletters on MS International: 8-15^th July 2015, 1^st Dec 2015, 23-24^th June 2016, 19^th July 2016, 14-16^th July 2017, 7-9^th Dec 2017, 3-5^th July 2018,

Cyclically adjusted price earnings ratio

	Earnings per share	Dividend	Profit after tax £m	Number of shares, m
2009	19.5p	4.5p	3.52	18.4
2010	13.3p	4.5p	2.39	18.4
2011	30.6p	6.5p	5.50	18.4
2012	34.8p	8p	6.31	18.2
2013	22.5p	8p	4.08	18.2
2014	14.6p	8p	2.57	17.6
2015	8.2p	8p	1.35	16.75
2016	9.6p	8p	1.58	16.5
2017	9.1p	8p	1.50	16.5
2018	20.5p	8.25p	3.39	16.5
2019	23.1p	8.25p	3.81	16.5

With the average EPS of 18

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