Middlefield Banc Corp T.MBCN

Primary Symbol: MBCN

Financial Services

Middlefield Banc Corp. is a bank holding company. The Company's subsidiaries include The Middlefield Banking Company (MBC) (the Bank) and EMORECO Inc. MBC is engaged in the general commercial banking business in northeastern, central, and western Ohio. MBC offers customers a range of banking services, including checking, savings, negotiable order of withdrawal (NOW) accounts, money market accounts, time deposits, commercial loans, real estate loans, a variety of consumer loans, safe deposit facilities, and travelers’ checks. MBC offers online banking and bill payment services to individuals and online cash management services to business customers through its website at www.middlefieldbank.bank. The Bank operates approximately 21 full-service banking centers and a financial brokerage office serving Ada, Beachwood, Bellefontaine, Chardon, Cortland, Dublin, Garrettsville, Kenton, Mantua, Marysville, Middlefield, and others. MBC also operates a loan production office in Mentor, Ohio.

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Middlefield Banc Corp

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Post by retiredcfon Sep 14, 2021 3:04pm

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Post# 33856050

TD Report

This is a flash report so there is some potential for them to raise their current $7.50 target. GLTA

MindBeacon Holdings Inc.

(MBCN-T) C$3.29

New Service Agreement with Ontario Health Confirmed

Event

Ontario government contract has been signed

Impact: POSITIVE

During market hours on September 10, MindBeacon announced that a new service agreement with Ontario Health has indeed been signed (following a multi-week period to work through contract specifics). Although we do not interpret this update as 'new' news, it is encouraging, in our view, to get official confirmation from MindBeacon. To remind, on August 11, 2021, we put out a note highlighting commentary from the Lifeworks Q2/21 conference call that indicated that both Lifeworks and MindBeacon had renewed their contracts with the Ontario government (see note here). At that time, MindBeacon's share price responded positively (+34% over two days to $4.06/share). Since then, the shares have faded back down to $3.29 as of September 10. We believe that MindBeacon's shares should respond positively to this recent announcement.

The new service agreement with Ontario Health is 'in addition' to the existing agreement. The new service agreement provides funding for iCBT services to Ontario residents from September 2021 to March 2022. Our understanding is that the funding under the previous agreement, signed in March 2021, has largely been consumed and this new contract will provide funding going forward.
We remind investors that this Ontario contract represents material revenue concentration for MindBeacon. 60% of Q2/21 revenue was derived from the Ontario Health mandate. Management is focused on new wins in the domestic government and corporate channels, as well as pushing into the much larger U.S. market. We believe that execution on pushing into the U.S. market (new corporate wins and the rollout of the BOX SaaS product) will be a key potential catalyst for the shares over the near-to-medium term.

Valuation remains very attractive, in our view. MindBeacon is trading at just 1.0x 2021E revenue (EV/revenue) and 0.7x 2022E. These compare with Canadian digital-health names at 7.8x/4.7x, respectively, and U.S. digital-health names at 10.4x/7.7x, respectively. For mental-health comparables, in particular, we would point to Canadian comparables Lifespeak (16.6x/8.4x) and Dialogue (7.7x/5.1x; has a combination of telehealth, EAP, and mental health), and U.S.- based Talkspace (4.2x/2.7x).