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16th February 2024 @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 obj
Companies: MSMN SLP DIA AAZ POS CASP XTR KWG BOOM
Hybridan
Melrose (MRO LN, £10.8bn) | Trifast (TRI LN, £201m) | Spectris (SXS LN, £3.0bn) | Elementis (ELM LN, £994m) | TT Electronics (TTG LN, £401m) | Renishaw (RSW LN, £2.8bn) | Oxford Instruments (OXIG LN, £904m) | Gooch & Housego (GHH LN, £295m) | Scapa (SCPA LN, £358m) | Trifast# (TRI LN, £201m) | Dialight (DIA LN, £88m)
Companies: GHH ELM SXS OXIG RSW TTG TRI DIA MRO
Arden Partners
Litigation Capital Management—provider of litigation financing and ancillary services, moving from ASX (ASX:LCA) to AIM. Offer TBC. Due 18 Dec. Mkt Cap A$64m. Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is investigating the possibility of AIM admission. The Company is proposing to raise up to £2.25 million before the end of December, conditional on Admission. Manolete Partners—leading UK insolvency litig
Companies: DIA GHT CWR BOO BOKU VELA BBB QIL CTAI
Dialight (DIA LN) Contract manufacturing abandoned and another profit warning | Grainger (GRI LN) Solid trading update: rental growth, development on track
Companies: Dialight plc (DIA:LON)Grainger plc (GRI:LON)
Singer Capital Markets
Dialight (DIA LN) Emerging from the outsourcing shadow | SDL (SDL LN) Stabilised H1, positive outlook for H2
Companies: Dialight plc (DIA:LON)RWS Holdings plc (RWS:LON)
While Dialight is emerging from its self-inflicted production setback last year, risks to forecasts remain until we get confirmation that production has successfully ramped to meet Q4 lighting demand. The shares have seen an initial move to reflect a probable turning point, but from here the upside and downside risks remain significant and appear balanced. We doubt the market will move much further to discount the longer-term upside until the 2018 out-turn is clear, which suggests a two-way pull
Companies: Dialight plc
Clipper Logistics (CLG LN) Retail headwinds prompt downgrades despite strong pipeline | Dialight (DIA LN) H1: Getting to grips with manufacturing issues | GlobalData (DATA LN) Ahead on revenue, profit and cash | River and Mercantile Group (RIV LN) AuM +3% in Q4, plenty of positives | RM Secured Direct Lending (RMDL LN) Critical mass achieved | Springfield Properties (SPR LN) Significant land agreement increases GDV by 17%
Companies: DIA DATA SPR RMII
Actual Experience (ACT LN) Large-scale deployment and reseller agreement validates opportunity | Dialight (DIA LN) AGM trading update – some progress on operational issues | Findel (FDL LN) PBT growth at upper end of expectations for FY18 | Gresham Technologies (GHT LN) Clareti contract win provides further evidence of positive momentum | Harwood Wealth (HW LN) Refining the board structure, FD stepping back | Lookers (LOOK LN) Vauxhall network changes could be helpful for partners long term
Companies: Dialight plc (DIA:LON)Harwood Wealth Management (HW.:LON)
Considering the detailed commentary of the ongoing productions issues at Dialight, we are significantly reducing our estimate for 2018 (27% off PBT, 13% of EPS in view of US tax reform). In anticipation (or hope?) of near-complete recovery we have held our lower-end 2019 PBT estimate, with a significant EPS upgrade, again on US tax. In view of continuing risks we have reduced our TP from 630p to 560p based on a 10% discount to sub-sector 2019 EV/EBITDA. While we continue to rate the company’s pr
Dechra Pharmaceuticals (DPH LN) Interims contain no surprises, AST/Le Vet acq now complete | Dialight (DIA LN) Are we nearly there yet? | Eckoh (ECK LN) US secure payments win and new US partnership | GlobalData (DATA LN) Results driven by strong trading | Photo-Me International (PHTM LN) Appointment of CFO | Senior (SNR LN) Solid results and outlook | Sigma Capital Group (SGM LN) REIT placing complete, 140p+/share intrinsic value
Companies: DIA ECK DATA MEGP SNR
Dialight’s CEO has paid the price for the disruption to the business from the transition of production to the manufacturing partner, Sanmena, which has not gone according to plan. Mike Sutsko’s replacement is Marty Rapp, a current NED with relevant manufacturing senior management experience, having previously been CEO of Laird Technologies and an executive director of Laird plc. Dialight has also given further detail on expected 2017 results, with underlying EBIT at £9.7m (previously not less th
Research Tree provides access to ongoing research coverage, media content and regulatory news on Dialight plc. We currently have 0 research reports from 6 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: BMET GGP AAL BOD HUM CNR KOD CUSN BHP PXC SQM
SP Angel
Epwin’s AGM statement confirms it is continuing to trade in line with expectations despite the volatile operating environment. Competitors, as well as other building products peers, have warned recently that trading in the first months of 2024 has been below expectations, putting pressure on estimates. The fact Epwin has not warned is testament to how well the business has been managed. It came out of the pandemic in a strong commercial position providing flexibility to manage the business in th
Companies: Epwin Group PLC
Zeus Capital
In an Update for the year to 30 April 2024 Cohort reports overall performance slightly ahead of market expectations. We note that the Group reports very strong order intake of c.£387m (compared to £218m in FY23) resulting in a closing order book which stood at c.£518m (FY23: £329.1m), inclusive of the March SEA Royal Navy £135m Ancilia contract. The group notes strong H2 performance, with overall growth in the Sensors & Effectors division, notably Chess and SEA, outpacing the Communications & I
Companies: Cohort plc
Equity Development
Oxford Metrics held a capital markets day on 18 April at its recently opened office in Oxford. The event was well attended by investors who saw demonstrations of Vicon’s markerless technology within a 3D virtual reality entertainment environment and within an industrial environment in conjunction with Industrial Vision Systems (IVS), acquired in late 2023. The potential of markerless technologies, smart manufacturing inspection and the ongoing application of the £52m funds from Yotta’s disposal
Companies: Oxford Metrics PLC
Companies: Mpac Group PLC
Shore Capital
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
Galliford Try hosted its Capital Markets Event (CME) yesterday at which it introduced its new targets through FY30 based on executing the unchanged Sustainable Growth Strategy which has proven so successful. The key new targets are a divisional operating margin of 4.0% and revenue in excess of £2.2bn which implies compound revenue growth of 7% pa from FY23, more than doubling at the divisional operating profit level which would be on track to hit c£90m in FY30. That in turn is expected to drive
Companies: Galliford Try Holdings PLC
Capital Access Group
Companies: Judges Scientific plc
Plant Health Care has released a trading update noting that in the four months of 2024, revenue was approximately $4.3m, up 72% versus 2023 (2023: $2.5m). This is a record start to a year, with it substantially outperforming the wider agritech sector where larger peers are reporting Q1 revenue declines of 5-32%. We attribute this outperformance to the differentiated and highly attractive attributes of its biological solutions, which provide proven results to distributors and farmers. This start
Companies: Plant Health Care PLC
Cavendish
Companies: EQR ATYM RIO TYM ROCK PREM LEM
Van Elle’s FY24 profit (April y/e) is expected to be in line with market expectations, confirming a resilient performance during tough market conditions. Aligning to the figures in today’s statement, we increase FY24 revenue by 1% to £140m and net cash (ex. leases) by 27% to £5.5m, with underlying PBT unchanged at £5.0m. We continue to believe Van Elle has substantial growth opportunities in sectors such as energy, water and rail (including internationally), as well as being well positioned to b
Companies: Van Elle Holdings Plc
Companies: James Cropper plc
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