MP1 fell 5.6% on Wednesday, managing to outperform only DroneShield and Catapult. This $2.2bn global Network-as-a-Service provider delivered $227.1mn in revenue in FY25 and is forecast to increase this to $283mn in FY26. The stock has been weak of late, having raised $200mn at $14.30 to assist the acquisition of infrastructure platform Latitude for $150mn. We actually like this expansion into another high-growth area, which should give MP1 exposure to the computer-as-a-service market, generating cross-selling opportunities.
For now, though, MP1 earnings are a bit ‘all over the shop’, and while recent weakness saw Jefferies move to a buy on valuation grounds, we don’t think MP1 is deep value (yet), and there is plenty of uncertainty in what their earnings will be in the future.
MM has MP1 in the too hard basket ~$13
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