MXM
MXM
GBX
Ords
1p Ords
Maxima Holdings PLC
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POUND STERLING
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Maxima Holdings Plc (MXM)
ISR viewAfter two years of consolidation and restructuring, Maxima now looks to be returning to a growth path. Futhermore, the efforts to refine the customer proposition have also served to enhance Maxima's Cloud positioning.
Share prices shown are the latest closing price. Data supplied by Morningstar © 2009 Morningstar. All Rights Reserved.
Calm down dear!
Maxima Holdings Plc | Download | Published on 09/08/2011
Maxima has released its full year results this morning the clear message from which is that the market has overdone fears of a liquidity issue at the company. The results, however, do make difficult reading with a sharp decline in revenue and profits, although they are actually slightly better than our estimates. Importantly, cash flow was positive and the year end balance sheet position is much stronger than we had expected. Maxima generated £1.3m of net cash in the year; £1.1m of which was in the second half and has renegotiated its banking facilities to reset covenants to the lower levels of profit.
We continue to believe that fair value for the shares remains at around 50p (5x current year EV/EBITDA) but the market is unlikely to ascribe this level to the shares until it is more confident that the downgrade cycle is complete.
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