Its a a very different business to 2011, they have had to reinvent as the existing businesses were under serious pressure. I agree to an extent with Ocker's implied criticism of management, however the past is the past. Investing is very much about looking to the future and the reality is MCP has:
1. been significantly derisked from a Balance Sheet perspective
2. under performing/marginal businesses have been sold or closed. Although I would like to have seen Multix also disposed.
3. MCP is now positioned in brands and businesses which are delivering solid growth, with interesting optionality should the Asian strategy be executed.
4. consistantly produced improved EBITDA margins and ROE for the last 4 halves, suggesting these new strategies are working.
MCP is not without some warts (is this ever absent from investing) but there are some real positives in this company, but the stock is trading on a FY17F PE of 6.5x, 14% FCF yield, 5.4x EV/EBITDA & 9.5% div yield. Cheap on any metric.
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