Can't disagree with what they're saying. Personally I think fair value for Mission would be in the range 55 to 65p, but I thought that when I bought in last year and the sp hasn't budged much. Plainly the market doesn't care diddly squat about what I think !
The mission continues to trade in a range of 38-47p, representing a substantial discount to other quoted marketing/comms businesses. The current price puts it on an FY17e EV/EBITDA of 4.4x, compared to the sector at 7.8x, a 44% discount. The size of this discount is difficult to justify given the earnings and dividend growth and the substantial improvement in the state of the balance sheet. Dated 23Mar17
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