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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 44 research reports from 3 professional analysts.
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
Companies: FOG PHC FEN BBSN ELIX
Cavendish
Shore Capital
Companies: MPE TRI VNET BVXP HVO
Vianet has published a positive trading update for FY24 with turnover up 7.6% to £15.18m, a 3.5 percentage point increase in gross margin YoY, and adjusted EBITA ahead of market expectations. Net debt continues to fall and closed FY24 at £1.52m (£2.1m at 30 September 2023), demonstrating strong free cash flow generation, even without the benefit of the £0.9m tax receipt received in 1H24, which augers well for a final dividend. The company reported a new contract with Wilcomatic Wash Systems, the
Companies: Vianet Group plc
Capital Access Group
Companies: James Latham Plc
SP Angel
Vianet’s FY24 trading update shows FY24 revenue +1% ahead of our previous forecast, adjusted EBITA +2% ahead, EFCF and net debt +£0.6m ahead, and a strategic new customer win with prominent forecourt operator Wilcomatic. A robust FY25 pipeline and outlook leads us to reiterate our FY25E forecasts at this point, with the update highlighting: strong progress renewing and winning new customers on 3-5 year contracts as they migrate from 3G to Vianet’s advanced 4G LTE solutions; the successful integr
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
Norcros has announced the sale of its Johnson Tiles UK business to the current management team for a consideration of £1.0m, with a further modest earnout based on the equity value of the business, both payable in April 2028.
Companies: Norcros plc
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
Renewi’s FY24 trading update was in line with management’s expectations and its improved cash generation is reassuring for investors. Attention is now likely to turn the strategic review of the UK Municipals with management stating that they remain on track to update markets by the end of June. This could lead to an exit of key liabilities and leave Renewi as an attractive circular economy investment with strong market positions and organic growth plans, which should assist in generating value,
Companies: Renewi Plc
Companies: CLA STM GLN FXPO KAV GWMO CEY BHP THX EEE
24th 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: FTC AGL SRT SOU G4M AOM SUP
Hybridan
Companies: Ilika plc
Liberum
Companies: Gattaca plc
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