Market Cap T/O Net Income Enterprise Value Fwd PE StockRank
MTRO 2971m 352 8.4x 22 135x 1227 34.7 19
VM. 1756m 674 2.6x 195 9x 909 11.1 84
BGEO 923m 296 3.1x 131 7x 1401 6.2 39
CYBG 2933 m 1042 2.8x 76 38.6x 1496 12.1 42

MTRO is very expensive and continues to issues shares – some 8.8m a few days ago – to help open more branches when the trend is to close. Fully understand they need a foot print in highstreets but this comes at a cost which could see shareholders further diluted. I am not convinced a branch net work is the way forward, especially one that is not self-funded. The price to obtain the network seems too high - even with recently declared six months profit of 24.1m at 67.7x market cap is way off its peers.

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