Mpac – FREYR Progress

In my previous article I detailed my research into Mpac’s battery cell manufacturing prospects, referring in my conclusion to “interim developments that could be announced at any time“.

On Wednesday (29/6/2022) FREYR announced that they had sanctioned construction of their first gigafactory. This will now be called “Giga Arctic”, a vast improvement on the old name of “Combined Gigafactories 1&2”.

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Mpac – Battery cell manufacture

In my previous article I looked at Mpac from the perspective of information published by them, including a run down of all the things that could go wrong with their contract with FREYR. Here I reveal the fruits of further research into that contract.

Sources of information

The other parties to the contract are FREYR, but also indirectly 24M from whom FREYR licence their technology. And it appears that 24M were instrumental in Mpac getting the contract – from the original announcement:

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Mpac – Catch up

The purpose of this article is to provide a catch-up of what has been happening at packaging machinery supplier Mpac. You can find all my past articles on it here, although I haven’t written about it for a while, for reasons explained here.

I’m going to concentrate on four updates as illustrative of what is going on at Mpac, and which may also cast some light on my investment process with read-across to other companies. You will find links to the announcements in the headings. Since writing this article I have done further research on the FREYR battery contract and this will be the subject of another piece to be published imminently.

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First cut – IMMO, LOOP, ESP, ACRL, MPAC

Note: While the 7:59 cut format was popular, most didn’t read it until after 9am, and while it was fun predicting the share price reaction just ahead of the open, I could have easily “cheated” by getting pre-market quotes. Therefore I’m going to publish when I’ve covered everything I want to rather than at a particular time. “First cut” will remain less detailed, less edited, but more timely than my full articles.

IMMO – Fund raising

Immotion have virtual reality experiences installed in aquariums and other entertainment attractions. They say:

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7:59 cut – SHOE, MPAC

Shoe Zone (SHOE) – FY Results

Shoe Zone was hit by a mild profits warning in August which chimed with the general investment perception of doom and gloom on the high street leading to large initial share-price falls and subsequent drifting. However the trading update in October suggested trading had stabilised and I chose this moment to buy back in. Post-period there was concern over the impact of political uncertainty but some optimism following Next’s January update.

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Quick notes – MPAC

The following missed this morning’s 7:59 cut but for completeness I would like to comment on them.

Mpac (MPAC) – H1 Results

Clearly this is an impressive outcome. H1 underlying EPS of 21.3p compares with previous forecasts of 22.1p for the whole year and so it is hardly surprising that the full year is expected to be “significantly above current market expectations”.

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