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A solid NAV print with a jumbo dividend on top... ITM reported c6% NAV (ie EUR52.1/sh) growth vs Q3 levels, with most of the QoQ increase driven by the performance of the portfolio companies. Net cash at the holding level was EUR204m (not including EUR100m cash-in for AGN) and the BoD proposed EUR3.0 DPS (ie c9% yield), adding EUR2.2/sh of extraordinary dividend component to the ordinary dividend (of EUR0.8/sh vs BNPPe EUR0.73/sh). ...plus profitable asset rotation With the disposal of AGN (
Companies: Italmobiliare S.p.A. (ITM:MIL)Italmobiliare (ITM:BIT)
BNP Paribas Exane - Sponsored Research
LSD NAV growth in Q2 Italmobiliare posted its Q2 set of results, with NAV (i.e., 48.8/sh) up c2% (or c3% including dividend distribution) vs Q1 levels (or EUR 2,064m NAV vs EUR 2,029m in Q1). The QoQ performance was driven mainly by the increase in the valuation of both portfolio companies and PE/RE investments. ITM closed with EUR 161.6m net cash vs EUR 146.5m in Q1. Borbone and Santa Maria Novella in the spotlight, while Tecnica and Iseo started slowly In Q2 23, industrial revenues (ex-SIDI an
Stable NAV in Q1 23... Italmobiliare posted its Q1 results with stable NAV vs Q4 22 at EUR 2,029.6m. As a reminder, the assessment of the fair value of the portfolio companies (ie core unlisted assets - 67% of NAV) is run on a sixth-month basis. Changes in the NAV were minimal this quarter with positive results of the listed assets, stable RE and limited contraction of the PE investments. ...with a mixed trend across assets Overall, sales of the industrial portfolio companies (ie excluding Italm
A resilient portfolio in Q4 22... Italmobiliare posted its Q4 set of results with NAV/ps of EUR 48 being +3% vs Q3 levels (or EUR 2029m NAV vs EUR 1,963m in Q3). The quarterly growth in the NAV was mainly the result of the performance of the portfolio companies and the other equity investments vs the previous quarter. With the release, the holding proposed EUR 0.7 dividend per share almost in line with our figure. ...with strong performance of the ex-energy assets. Tecnica the bright spot of Q4
EBITDA (ex-energy) likely to accelerate in Q4 22 On March 8 ITM is due to unveil its FY22 numbers, giving granularity on the operating performance of its unlisted assets (i.e., portfolio companies). Excluding the energy sector (i.e., AGN and Italgen), we expect core (unlisted) industrial holdings to post a healthy 12% top-line growth (+18% with energy) in the quarter (vs c.22% in Q3). Most importantly, profitability (excluding energy) is likely to increase substantially, and we model for 40% EBI
A stable NAV in the quarter... In Q3 Italmobiliare posted an almost stable NAV QoQ (or EUR 1.962bn NAV vs EUR 1.975bn in Q2). Portfolio companies (i.e., core unlisted assets - representing c.65% of the NAV) were stable vs Q2 level. We would highlight that the valuation assessment for these assets is carried out on a six-month basis (i.e., at H1 and FY). The stable NAV (-1% vs Q2) was the result of the positive performance of the non-core equity investments (other equity investments) almost offse
Research Tree provides access to ongoing research coverage, media content and regulatory news on Italmobiliare. We currently have 7 research reports from 2 professional analysts.
Strix has reported FY23 results to 31 December 2023 with adjusted PAT of £20.1m, in line with our updated forecast and company guidance provided in January. Revenue grew 35.2% to £144.6m, benefitting from the full year inclusion of the Billi acquisition, albeit slightly below our forecast of £151.0m. Its core Kettle Controls division also performed robustly, growing 2.7%, ahead of the broader market and indicating market share gain. Recent acquisitions have noticeably improved the Group’s growth
Companies: Strix Group PLC
Zeus Capital
Companies: Yu Group PLC
Liberum
Companies: FOG PEB KBT EMR TIME GETB JNEO
Cavendish
Cohort announces that its subsidiary SEA (Systems Engineering and Assessment Ltd.) has been awarded a major contract by the UK’s Ministry of Defence to provide Electronic Warfare Counter Measures (Increment 1a) (EWCM 1a) to the Royal Navy with a total value of at least £135m. This includes provision and support of SEA’s Trainable Decoy Launcher System, Ancilia. At the FY 24 interim results Cohort had commented on an overall “increased tempo” of order intake. The Group reported a closing order b
Companies: Cohort plc
Equity Development
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
Companies: Luceco PLC
Positives emerged, particularly in H2, as the recovery commenced within the kettle controls market. Billi was the architect of the revenue improvement, with LAICA also delivering a double-digit increase in the top line. Margins improved, notwithstanding a change in the mix. Encouragingly, investor concerns on debt were allayed with the careful management of cash, and latterly as bankers raised the net debt/EBITDA covenant to 2.75x. With further emphasis on costs and cash conservation and a lik
Quadrise continues to advance towards commercial revenues for its innovative fuel and biofuel technologies, with each of its projects approaching key milestones in 2024. Preparatory steps for the MSC Shipmanagement (MSC) fuel trials are now complete and fuel supply agreements are nearing finalisation. Quadrise will achieve its first licensing revenues on the successful completion of Valkor’s project financing (timing uncertain). Quadrise also successfully concluded its Morocco trial, paving the
Companies: Quadrise PLC
Edison
Companies: FOG TND BVXP ACC HDD
Companies: Michelmersh Brick Holdings PLC
Canaccord Genuity
Companies: Flowtech Fluidpower plc
Judges Scientific is a group involved in the buy and build of scientific instrumentation businesses. Testament to the strength of its highly engineered offer and global diversified customer base, total revenue increased an impressive 20.2% to £136.1m (organic +15%), with adj. PBT +7.5% to £31.7m (FY2022: £28.3m), 3.1% ahead of our estimate of £30.5m. Fully diluted (FD) adjusted EPS increased a more muted 2.6% (impacted by anticipated tax headwinds) to 368.5p (basic adj EPS 374.5p), 3.4% ahead of
Companies: Judges Scientific plc
WHIreland
Companies: BILN IGP RBN SBTX
Gelion has reported in line H1 FY24 results that demonstrate continued strong cash management and steady progress in its pursuit of next generation lithium-sulphur battery technologies. Encouraging early test results justify last year’s IP acquisitions and validate Gelion’s Li-S battery technology plan, with additional progress expected to be reported in H2 alongside its pursuit of a strategic partner for its planned Advanced Commercial Prototyping Centre (ACPC) facility in Australia. There is a
Companies: Gelion PLC
Forterra’s FY23 (to 31 December) earnings were slightly higher than guidance, which was raised in January, with resilient pricing partly offsetting a steep fall in demand among its main end users, large housebuilders. Our estimates are broadly unchanged, other than reflecting a more conservative stance on the final dividend. Despite a cautious tone in the outlook statement, we believe the largest housebuilders may now rebound more strongly than smaller peers.
Companies: Forterra Plc
Progressive Equity Research
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