Judges Scientific+ (JDG, House Stock at 11,300p) - Challenging H1 trading update, forecasts reduced

Invinity Energy Systems - Inaugural Capital Markets Day

Invinity hosted their inaugural capital markets day at their manufacturing facilities in Scotland. The day marked the official opening of the company’s new 26,000 sq. ft assembly facility in Motherwell and included a tour of their current Bathgate facility near Edinburgh, consisting of a deep dive into their technology, manufacturing and R&D focus areas. Our key takeaway from the event is that Invinity are well placed to take advantage of accelerating demand for long duration electricity storage

PANMURE: Insurance : Fat Tail Friday: What we learnt from Q1 Earnings Season

Activity building after period of strategic change

eEnergy’s H1 update confirms that trading remains in line with expectations with momentum building at the start H2’24. As previously reported, H1 started slowly as a result of weak market conditions and balance sheet constraints, which were resolved by the sale of the Energy Management (EM) division in Q1. Encouragingly, market conditions have improved and full year revenue guidance has been maintained at £25-26m. We make no changes to our underlying forecasts or fair value of 13p/ share. In o

Morning Note – 25 July 2024

discoverIE Group - FY25 earnings expectations maintained

discoverIE’s Q125 trading update confirmed that underlying earnings expectations for FY25 are unchanged. While the Q125 revenue decline reflects the lower bookings environment in previous quarters, book-to-bill was above one and bookings increased organically year-on-year despite ongoing destocking by customers in the industrial market. Robust gross margins and a well-controlled cost base support the company’s 13.5% target operating margin for FY25 and we maintain our forecasts.

Judges Scientific+ (JDG, House Stock at 10,100p) - Geotek acquisition, synergistic

AUCTUS ON FRIDAY - 26/07/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target of A$0.75 per share: Diversified and high impact newsflow over the balance of 2024 – ADX has confirmed a very busy programme of activity from September. The overall unrisked value of the programme is ~A$1.70 per share, which represents 17x the current share price. In early September, ADX will drill the Anshof-2A side track. The well is expected to intersect thick Eocene reservoirs similar to that encountere

PANMURE LIBERUM: FirstGroup: Trading in line, further reduction in Greyhound liabilities

SigmaRoc (SRC LN) - Initiation: Major player in a key market

SigmaRoc now holds the number one or two position in a duopoly market structure within the European lime and limestone market. This makes it the only UK listed peer with this level of exposure to a fundamentally important sector exhibiting significant organic growth opportunities and strong pricing power. SigmaRoc is now capable of generating revenue in excess of £1bn with EBITDA margins towards 25%, backed by a high-quality asset base and long-term contracts with OEMs. Investors have been patie

Strix (KETL LN) - H1 trading reassuring, strong cash performance

Strix has released a trading update for the six months to June (H1 24) confirming that trading remains in line with expectations (Zeus FY24e PBT: £24.2m). Cash generation in the period has been strong and follows an exceptional performance in FY23, where management converted over 100% of EBITDA into operating cash flow. Net debt is now comfortably below 2.0x and Zeus forecast it to reach 1.7x by year end. Leverage risk has materially reduced in the last six to eight months and gearing could reac

Judges Scientific (JDG LN) - Subdued order intake to impact FY earnings

Judges Scientific is a group focused on acquiring and developing companies in the scientific instrument sector. As alluded to at the time of the AGM in May, subdued order intake, notably in China / Hong Kong, has persisted, with H1 organic order intake decreasing 4% in H1 (against H1-23 +14%). This, along with ‘some significant projects being delayed into H2 or 2025’, has translated to H1 organic revenue growth of -3%, the impact of which results in an estimated H1 YoY decrease in adjusted basic

PROGRESSIVE: Van Elle: First in line for housing and infrastructure boost

We initiate coverage of Van Elle, the UK’s largest ground engineering and foundations specialist. Van Elle is at the ‘front end’ of the construction process and, in our view, will be among the first companies to benefit from national priorities of housebuilding and investment in creaking water and energy transmission sectors, all of which Van Elle has targeted for growth. These sectors should be supported by the Labour government, which has pledged 1.5 million new homes and aims to speed up plan

Judges Scientific+ (JDG, House Stock at 9,500p) - Developing the portfolio

Judges Scientific+ (JDG, House Stock at 10,350p) - Refinancing to 2028