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AVAX’s FY23 results highlight the group’s progress domestically as the market improved, more than offsetting the weaker international performance at the top-line and EBITDA level. We have downgraded our 2024 EPS estimates to reflect guidance on continued construction project delays. However, our forecasts incorporate a substantial y-o-y increase in profits, with both PBT and net income more than doubling, bolstered by a record order book of €3.3bn. Our fair value stands at €3.0/share (€3.2/share
Companies: J&P-AVAX (AVAX:)Avax S.A. (AVAX:ATH)
Edison
AVAX’s FY23 results highlight the group’s progress domestically as the market improved, more than offsetting the weaker international performance at the top-line and EBITDA level. Group revenue and reported, continuing PBT exceeded our forecasts by 13% and 28% at €453.5m and €16.7m, respectively (FY22 revenue and PBT of €402.7m and €18.5m). This is largely attributable to a much stronger than anticipated performance from the construction segment, achieving revenue of €427.8m (Edison forecast: €3
In FY24 we expect a large proportion of AVAX’s recently secured construction projects to commence and consequent substantial revenue to be recognised. We therefore forecast FY24 revenue and adjusted EBITDA increases of 112% and 76% y-o-y to €851m and €90m, respectively. As Greek infrastructure investment improves and AVAX executes on its backlog, it could secure an improved rating. It is currently trading on an FY24e P/E of 5.3x, a 60% discount to peers. With our valuation of AVAX’s concessions
AVAX has announced the sale of its 100% subsidiary, Volterra, which fulfils the company’s strategic decision at the end of FY21 to divest from all energy sector operations. This follows the sale of Volterra’s portfolio of renewable energy source (RES) projects in FY22. The total transaction price for the retail segment may reach up to €24m, which may generate a small book profit. The deal enables the company to fully focus on its core activities of construction, concessions and real estate. Its
AVAX has been awarded a major €674m contract by Mass Group Holding (MGH) for the engineering, construction and commissioning of a 1,750MW combined-cycle power plant in Romania. The construction phase is anticipated to be 38 months. The project further cements AVAX’s standing in the international industrial energy market and is the third consecutive project awarded by MGH, validating AVAX’s trusted partnership credentials. AVAX’s burgeoning work-in-hand portfolio now stands at a record level of €
AVAX is a leader in Greek construction, operating critical assets with long-term and visible cashflow streams, particularly in concessions. Greek economic growth should be stimulated to 2026 by the National Recovery Plan, worth over €30bn. It should help unplug the infrastructure investment deficit, a key area of focus for AVAX. FY22 results highlight the group’s progress domestically as the market improved. This more than offset the weaker international performance and group operating profit ro
Research Tree provides access to ongoing research coverage, media content and regulatory news on Avax S.A.. We currently have 0 research reports from 1 professional analysts.
SDI Group’s trading update for the year ended 30 April 2024 is in line with current guidance for FY24, with good momentum heading into FY25. This reflects the hands-on approach under the new CEO, addressing short-term issues that had led to underperformance in some businesses. The underlying portfolio performed well in terms of profitability and cash generation, with improved trading in a number of businesses. The increased cashflow in H2 and significant headroom within its banking facilities le
Companies: SDI Group plc
Progressive Equity Research
Companies: SDI BBB HAYD IUG NEXN
Cavendish
Likewise has reported another year of progress materially outperforming the market, against a tough backdrop, as management continue to invest in the business and execute on its strategy. Revenue for the year was up 12.9% to £139.5m and adjusted operating profit increased c. 6% to £3.5m, both in line with Zeus forecasts. We believe current profitability understates the performance of the business as it continues to invest in capacity and logistics. Likewise has also seen continued strength into
Companies: Likewise Group Plc
Zeus Capital
Smith News’ H124 results highlighted the robustness of the underlying business, but also revealed the success that management is achieving in creating long-term shareholder value. For example, 74% of revenue is now contracted until 2029, the recent refinancing saves costs and removes the dividend restriction, and the organic growth initiatives are gaining significant momentum. Furthermore, the revised capital allocation policy raises the possibility that modest, self-funded M&A could add further
Companies: Smiths News PLC
Re-issued to correct for typographical errors.Invinity’s major equity fundraising is targeting a minimum of £56m with £25m already committed by the UK Infrastructure Bank (UKIB). A second strategic investment of £3m has been committed by Korean Investment Partners. The raise will see Invinity to net cash generation, with over £30m of the raise supporting the company’s scale up ahead of this year’s launch of the next generation Mistral flow battery. The raise will boost the balance sheet, reduci
Companies: Invinity Energy Systems PLC
Longspur Clean Energy
Economic and industrial data has started the second quarter on slightly weaker grounds than Q1 as Manufacturing PMI in the UK, Eurozone and US all reported April indexes below March levels. Cracks seem to be appearing as recent drops in new orders and rising input costs are quickly dampening confidence. Inflation did, however, fall MoM across the board with the exception of the US, where volatile energy prices caused a modest MoM increase in the inflation rate.
Companies: TAND AVON RCDO TRI SYM ABDP KETL
Likewise is a fast-growing distributor of residential and commercial floor coverings in the UK. This morning, the group has reported full year results for the year ended 31 December 2023, which illustrate a year of further progress on its path towards building a distribution business of significant scale. Revenue increased 12.9% YoY to £139.5m, a strong outturn considering the current industry backdrop, and reflecting market share gains for the group. With the impact of higher utilisation of the
WHIreland
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
17th May 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: Scirocco Energy (SCIR.L) has left AIM. UK Commercial Property REIT (UKCM.L) has left the Premium Segment of the Main Market. What’s baking in the oven? ** Potential**** Initial Public Offerings: 7th May: Time To ACT plc, an engineering business focused on tech
Companies: PIP RNO ORCP HUM CNR UKOG ENET
Hybridan
OPG Power has released a positive trading update for the year ended 31 March 2024, and now expects to exceed previous market expectations at the EBITDA and revenue level. The company continued to benefit from a stronger revenue run-rate during H2/24 compared with FY23, reflecting greater availability of profitable supply contracts, which in turn have enabled OPG to run at higher levels of plant utilisation. We are raising our revenue forecast for FY24 by 22% to £162m, and our EBITDA by 34% to £1
Companies: OPG Power Ventures Plc
Companies: Michelmersh Brick Holdings PLC
Canaccord Genuity
Epwin’s FY23 results show a strong performance in both absolute and relative terms with operating profit increasing 19% yoy to £25.5m (FY22: £21.5m) as the margin expanded 140bps yoy to 7.4%.
Companies: Epwin Group PLC
Water Intelligence has reported a positive Q1 update which firmly underpins our FY24 estimates and we edge up our forecasts by +1% following the recent franchise reacquisition.
Companies: Water Intelligence plc
Dowgate Capital
SDI released interim results showing mixed trading in challenging markets. As anticipated, the completion of the exceptional Covid-related camera orders resulted in a reduction at Digital Imaging, offset by Sensors & Controls revenue growth of 40%. Some customer destocking is being seen as well as softer markets in China and Germany. As a result, the outlook points to FY24E adj PBT of between £7.9m-8.4m. This leads us to downgrade our Adj PBT by 18% to £7.9m, with a reduction in adj EPS of 19% t
SDI has indicated that a slowdown in the life science / biotech market, and some resultant destocking, is likely to impact its expected FY24 revenue, leading the group to moderate current year guidance for both revenue and adjusted EBITDA. SDI notes that FY24 represents a short-term phenomenon, due to the over-ordering of the past three years caused by inflated Covid demand. However, we remain confident for the long term, given the strength of SDI’s ‘buy and build’ business model, with a number
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