Event in Progress:
Discover the latest content that has just been published on Research Tree
The group’s comparable growth slowed compared to the previous quarters on the back of the weaker Larger Industries and Electronics. Our numbers now look a tad optimistic for the full year and we will most likely revise them down, with a small impact on the valuation. We feel comfortable with our recommendation and target price at this stage.
Companies: Air Liquide (AI:EPA)Air Liquide SA (AI:PAR)
AlphaValue
As expected Air Liquide released a very decent set of results for Q123. The slowdown in growth in Q2 is not alarming given its magnitude and the comparison basis. It will still have to be monitored in the light of slower global GDP growth. Little change to our numbers much after this release.
The group issued decent (top-line) numbers for Q1 23 with comparable growth at +6.2%. This was supported by all segments apart from Large Industries which is still under pressure (albeit improving). The investment backlog is stable and should free up growth in the quarters to come. No big change to be expected in our numbers, which may still go a bit higher in terms of FY23 revenues.
The group posted in line results for FY22. There was some slight weakness in the Q4 at the top-line level however. The progressive recovery of Large Industries should support the FY23 results. The group issued the “same old outlook”. We will not change our numbers materially after this release.
The group’s comparable growth accelerated in Q3. This was largely attributable to Industrial Merchant and Electronics. The group looks set to reach its target for the full year.
Air Liquide posted a decent set of numbers for Q2 22 Margins excluding the impact of energy prices held up well The group seems on track to reach its yearly targets Obviously, (gas) disruptions could change the situation
The Q1 22 revenues came in above market expectations. This mainly stemmed from America and Industrial Merchant, even if all segments did pretty well. The impact of Ukraine and a potential slowdown in world economies is not yet being felt. We will marginally upgrade our forecasts.
Air Liquide set decent targets for FY25 at its capital markets day They include an improvement in top-line growth, margins and ROCE The group also emphasised what it considers it key markets going forward It also focused on its main ESG taregts
FY21 results are in line with both consensus and our numbers (even slightly higher). By segment, the group’s top line was driven by all segments and geographies after a weaker FY20. The trends in Q4 are very similar to what was witnessed in Q3. The outlook is similar to what it has been “for years”, so no surprise on that front either. Expect only marginal changes to our numbers. Our recommendation will stay the same (Add).
The group’s Q321 trading statement shows a rebound for the industrial activities The momentum in the Electronics and Healthcare businesses remains strong By region, the top line was driven by the Americas and the Middle East We will fine-tune our numbers upwards after this release
Air Liquide saw a rebound of the industrial activities in Q2, while Electronics and Healthcare remained at a high level Geographically, all regions benefited Efficiencies (understand cost-cutting) reached €206m in the half year (target over €400m for FY21) In this context, the comparable operating margin is up 100bp, a decent number given the top line “Investment opportunities” for the next 12 months amount to €3.1bn We will upgrade a tick forecasts and valuation
Q1 21 revenues came in widely in line with expectations Growth has been pushed by a favourable comparison basis, most of all in Asia The cost-cutting impact was in line with historical performance We will not materially change our numbers after this release
FY20 results came out well in line with expectations The rebound witnessed in Q3 was confirmed in Q4 Costs were well under control (partly helped by travel restrictions) The “same old” outlook, which is ok No major changes to be expected in our numbers
Research Tree provides access to ongoing research coverage, media content and regulatory news on Air Liquide. We currently have 43 research reports from 3 professional analysts.
Companies: FOG PHC FEN BBSN ELIX
Cavendish
Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price
Companies: Supreme PLC
Zeus Capital
Shore Capital
Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-
Companies: Headlam Group plc
Edison
Companies: James Latham Plc
SP Angel
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Companies: CLA STM GLN FXPO KAV GWMO CEY BHP THX EEE
Companies: Ilika plc
Liberum
Companies: Severfield Plc
Companies: Gattaca plc
Quadrise (QED LN) has provided an update on its Utah project with Valkor. Valkor’s partner (Heavy Sweet Oil LLC) has received funding and approval to commence drilling enabling production of 20-40bopd of heavy sweet oil providing QED with samples for production of test scale quantities of MSAR and bioMSAR; the company’s key fuel decarbonising emulsion fuel products. This should derisk the commercial scale ramp up. QED management has highlighted that Valkor has not yet raised the minimum of US$
Companies: Quadrise PLC
VSA Capital
22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARV CTL AFRN FEN HUW TENG BBSN EAAS VAL
Hybridan
In a Trading Update for the twelve months to 31 March 2024 Supreme expects to report revenue of c.£225m, and (adj.) EBITDA of at least £38.0m, in line with market expectations, which had been revised upwards during the course of the year and represents almost double the FY23 level. The Group closed the year debt free. Our outlook highlights the extent to which Supreme has expanded, through both acquisition and organic growth during the period. From 2020 to 2024E the Group will have grown sales
Equity Development
AUCTUS PUBLICATIONS ________________________________________ Tethys Oil (TETY SS)C; target price of SEK100 per share: Increasing further the size of the prize/Considering Algeria – The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate. Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Te
Companies: OKEA WDS GALP RHC RHC ENW EOG UJO TRIN I3E SCIR ZPHR SDX CRCL UOG TETY CEG IOX 0EVE CNE VAR TETY VLE GALP OKEA
Auctus Advisors
Share: