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MS INTERNATIONAL

MSI.L
53
Conglomerates · Industrials
Price
1,590.00 GBp
-5.00 (-0.31%)
Market Cap
£261.3M
Exchange
London Stock Exchange
Winston Score
53
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Apr 30, 2026
How the score breaks down
Quality
Good
Growth
Mixed
Cash Flow
Exceptional
Stability
Good
Valuation
Mixed
Dividends
Good

Winston Score History

The full picture

MS International is a small British industrial company that makes specialist defense and security products. Its main divisions produce naval gun systems, petrol station forecourt equipment, and forgings used in heavy industry. Its customers include military organizations, defense contractors, and energy companies, mainly in the UK and export markets.

The company earns revenue by selling hardware and providing related services across these three distinct business areas. It operates primarily from the UK but exports defense products to navies and armed forces around the world, which gives it an international revenue base despite its small size. Its defense division, which supplies deck-mounted gun systems for naval vessels, provides a degree of competitive protection because these are highly specialized products with a limited number of qualified suppliers. The main risk is that defense contracts can be lumpy and unpredictable, meaning revenue can vary significantly from one year to the next depending on when large orders are placed.

Share count broadly stable

+0.6% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 16.7M (2022) → 16.8M (2026)

Score breakdown

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Quality

Profit per sale
Gross Margin
32.3%
Modest — 32.3% gross margin
Profit after running costs
Operating Margin
10.4%
Modest — 10.4% operating margin
Return on the money invested
ROCE
21.7%
Exceptional — 21.7% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
-2.1%
Shrinking sales (-2.1% YoY)
Profit growth
EPS YoY
-23.0%
Earnings shrinking (-23.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
236%
Turns 236% of profit into real cash
Spare cash per sale
FCF Margin
20.3%
Converts sales into free cash efficiently (20.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
133.51x
Comfortably covers interest (133.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
23.7x
Growth-priced — P/E 23.7

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
1.67%
Small dividend — 1.67% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+42.0%
Dividend growing fast (42.0% YoY)

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