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Liberum
02 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv
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Hybridan
Dish of the day Joiners: No joiners today. Leavers: Vivo Energy Plc has left the main market of the London Stock Exchange. What’s cooking in the IPO kitchen?** Inteliqo Limited, intends to join the Aquis Growth Market. Inteliqo Limited provides sales, marketing and distribution services to technology product owners under long-term distribution agreements. The Company has agreed its first such agreement in respect of the Ipedia iQ product range. The iQ product is a smart translation earphone (ear
Companies: AAU TYMN DOTD DELT FRAN DNL DEST SHOE
Edison Investment Research is terminating coverage on Brooge Energy (BROG), Tyman (TYMN), SymBio Pharmaceuticals (4582), Aspire Global (0EAZ), CiiTECH and Marshall Motor Holdings (MMH). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.
Companies: Tyman Plc
Edison
Tyman’s business model stood up well to some unprecedented FY21 supply chain challenges and earnings were slightly above our estimates, despite some lag in recovering higher input costs. Our existing earnings estimates are similarly robust and the group has financial capacity for a more active M&A phase, subject to opportunities arising.
Residential markets remain firm and Tyman’s International division has been the star performer so far in H2. At the same time, supply chain challenges have constrained progress more in the other two divisions. We have modestly lowered our FY21 PBT expectations and nudged up FY22, supported by robust markets and normalising margins.
Banquet Buffet Alumasc Group 242.5p £87.6m (ALU.L) The Alumasc Group plc, the manufacturer and supplier of sustainable building products, systems and solutions, has received London Stock Exchange's Green Economy Mark. The Alumasc Group plc provides high-quality, low carbon, sustainable building products, systems and solutions which help manage the scarce resources of energy and water in the built environment and improve quality of life for the owner/occupier. Paul Hooper, CEO of The Alumasc G
Companies: ALU CAM FPO TYMN CNS CHAR KWG
Canaccord Genuity
A strong end to FY20 has fed into good momentum at the beginning of FY21 and all three divisions performed ahead of management’s expectations in the first four months of the year. Moreover, Tyman is more optimistic now about the outlook for the remainder of the year. We have raised our earnings estimates by c 10% following similar upgrades with the FY20 results at the beginning of March.
Tyman successfully navigated a major trading shock from COVID-19 across multiple geographies in FY20, ultimately delivering only a modest earnings reduction. A stronger balance sheet and good trading momentum in the early part of FY21 are positives for investors and our estimates are modestly increased after allowing for FX headwinds. Tyman entered FY21 in a position of strength and, as market pandemic effects recede, strategy and underlying business performance should come more to the fore.
Tyman’s latest update indicates that trading has remained solid with full-year revenues and EBIT likely to be slightly above consensus. Like-for-like group revenue in the first two months of Q4 was +1% (following on from +3% in Q3). This brings the year-to-date equivalent up to -8%, which is slightly better than half of the rate of decline seen at the interim stage (including the main COVID-19 impact in Q2). Our estimates are modestly increased for this year and unchanged subsequently on an unde
After COVID-19 affected Q2/H1 trading, recovering market conditions in Q3 led to Tyman achieving +3% like-for-like revenue growth in the quarter (and flat in reported terms). In addition, net debt continues to track down. With improved momentum going into Q4, we have reintroduced earnings estimates, which show a c 13% y-o-y reduction in FY20 EPS followed by a 9% rebound in FY21. We have factored in dividends resuming next year, although management is to consider a modest FY20 final payout depend
Market conditions have affected Tyman’s regional operations in different ways; with revenues recovering now and a settled funding outlook, the COVID-19 challenges appear to have been navigated well so far. The company typically has a seasonal H2 trading bias; the extent to which the recovery to date can be sustained in this important period will be a key determinant of the full year outturn. Other actions taken should also aid the recovery phase. Our estimates remain suspended at this time.
Trading uncertainties arising from the coronavirus pandemic are currently overshadowing some positive aspects seen in Tyman’s H219 performance. Steps are being taken to reduce costs and control cash outflows (including cancelling the FY19 final dividend) to manage business liquidity within existing funding facilities and sustain operational agility to respond to normalising conditions when they occur. For now forward guidance has been withdrawn, as have our estimates.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Tyman Plc. We currently have 0 research reports from 9 professional analysts.
We note the regulatory announcement this morning from Surface Transforms and withdraw our estimates and valuation, pending conversations with management.
Companies: Surface Transforms PLC
Zeus Capital
Surface Transforms has issued new revenue guidance for FY24, with the company now expecting revenues in the range £17.5-22m. We are withdrawing our previous forecasts for FY24 and withdrawing our price target while we review the impact of the new guidance.
Cavendish
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Companies: Nexteq PLC
Surface has issued a brief Q1 update. Production will ramp-up this year as final new equipment is installed, and manufacturing teething problems recede.
Companies: UTL ASC DNLM BWNG MONY DFS BOO
Shore Capital
16th 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: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for
Companies: IP BILN SAR GATC ASTO PHE SHOE CCS IP CUSN
Dowlais Group’s first set of results were ahead of our expectations, with positive cash generation a highlight despite restructuring and demerger costs. Softer automotive markets will limit margin progress in FY24 towards the double-digit target. Despite this, margins of c 6.5% are still ahead of automotive peers, although the shares trade at a significant discount to our implied generic peer-based valuation.
Companies: Dowlais Group PLC
Companies: SCE HVO VLG
On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div
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17th 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: ARS TIDE SCE SNX ECK CNS TST SPEC SSTY
Gooch has issued a positive update for H1. Trading has started to recover with stocking levels normalising at industrial and medical devices customers. The outlook is positive with growth returning, and management has confirmed our full year estimates (adjusted for the disposal of EM4). The order book and order flow appear healthy, and net debt is comfortable. Gooch clearly still has plenty to do to lift operating margins from a lacklustre 8.1%, but the transformation plan appears to be back on
Companies: Gooch & Housego PLC
Nexteq’s FY23 results show adjusted EBITDA +4% ahead of the +6% upgrade at the January trading update, record FY23 EFCF of $17.4m, and a confident outlook that leads us to reiterate our FY24E revenue and upgrade FY24E gross profit, adj EBITDA, and EFCF by +1-10%. The strategic focus on higher-margin products and customers reducing elevated inventory levels led FY23 group revenue -5% yoy to $114.3m, with Quixant 6% lower at $69.3m and Densitron 2% lower at $45.1m. Effective supply-chain managemen
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