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Vallourec released a very encouraging set of results for Q323. All the lights are green with improving profitability, lower-than-expected net debt and a sound outlook. The group upgraded its guidance for Q4. Although these good Q3 results had been expected (albeit to a lesser extent), this is good news and shows that the investment case is still valid.
Companies: Vallourec (VK:EPA)Vallourec SA (VK:PAR)
AlphaValue
There was no major surprise in the group’s presentation, which is no wonder in a CMD. The group reiterated its FY23 guidance and gave slightly more detail to its longer-term targets. We remain confident in the ability of the group to catch-up, at least partly, with peer Tenaris. The current momentum is positive and new energy markets will help further in the near future.
Vallourec released a sound (albeit expected) set of results for Q2/H1 23. Supported by high prices, the group posted its best operating margin since 2008. Net debt has declined more than expected, obviously another piece of good news. Momentum is slowing down though (in particular in the US), which explains the cap on the share price, even if management expects a bottoming out of the US market after Q3. We will not change our numbers much after this release.
The Q123 results were in line with expectations. The positive free cash was obviously good and will help the group reach its target of lower net debt by the 2023 year-end. The management did not mention a significant slowdown in its markets while the resumption of the mine production in Brazil will further support the results. We do not expect to change our numbers materially.
The FY22 results showed a significant improvement, something which had been widely expected given the health of the group’s markets in terms of volume and (even more) prices. The group is also doing the job in terms of restructuring with its “New Vallourec” plan to boost profitability. Considering what peer Tenaris can achieve, there is room for Vallourec to catch up (at least partly) and further grow margins. Given the encouraging OCTG market environment we remain positive and will fine-tune ou
Vallourec released a decent set of results despite the soft market reaction. The group benefited from the healthy US market, although it is less exposed to the latter than peer Tenaris. The tone is quite positive going forward, in particular on the price front. A further recovery in EAMEA markets (and the ramp-up of the Brazilian mine) would definitely support the group’s results. Management confirmed its guidance for FY22. We don’t expect to change our forecasts/target price that much.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Vallourec. We currently have 43 research reports from 2 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
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
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
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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