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9M 22 results came in line In 9M 22, LU-VE posted a set of results in line with our estimates. Sales increased by c.28% YoY at constant perimeter. We estimate a DD increase in volumes and almost 20% contribution from prices. It is worth highlighting the strong performance of the Air Conditioning application (with heat pumps up by 150%), while the US business doubled. Looking at profitability, the reported EBITDA of c.EUR 60m was substantially in line with our estimate, despite EUR 2m of incremen
Companies: LUVE (LUVE:BIT)LU-VE SpA (LUVE:MIL)
BNP Paribas Exane - Sponsored Research
Megatrends feed long-term growth prospects... Yesterday LU-VE hosted an Investor Day, shedding light on the megatrends that are likely to support the group''s growth ambitions. We discussed these dynamics in our latest in depth note (LU-VE: Cold Rush). Growth and increasing sustainability in cold chain and heating electrification are the main factors supporting LU-VE''s organic development in the near future. By region, the EU remains at the core as it is benefitting from the increasing penetra
Elections confirm polls, with the right-wing coalition winning a majority of seats The Italian elections resulted in the right-wing coalition led by Giorgia Meloni of the Brothers of Italy winning a majority of seats in both lower and upper chambers, though far from the 2/3 needed to change the constitution. The new government will officially start in the week of Oct 10th, and after an initial phase of selecting ministers, it can begin effectively governing from early November. Thus, we may ne
Companies: SAB LUVE FNM IRE MN SES HER AIW IF TIP FNM IRE GHC CEM IGD WIIT COM SAB IF UNIR SCF CEM ILTY MN LUVE IGD TIP HER SES ORS
H1 22 results showed strong profitability In H1 22 sales grew by +39.9% YoY with organic figure of c.36% (BNPPe) which was the result of c.25% increase of the price list, while the rest came from volume/mix. Profitability was well ahead of our number. LU-VE posted 13.2% EBITDA margin (vs BNPPe of 12%), implying EUR 42.1m of EBITDA (+c.59% YoY) which was 12% above our estimate. Pricing power continues to protect profitability with the positive impact of the price hikes and volumes, more than offs
Research Tree provides access to ongoing research coverage, media content and regulatory news on LUVE. We currently have 4 research reports from 1 professional analysts.
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Canaccord Genuity
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The update reflects some slight customer supply chain constraints, with the resultant FY revenue and EBITDA slightly down on previous guidance. Underlying market demand remains positive with expected backlogs. Strong growth was again recorded by Europe (+20%) and Australia (+40%). We reduce our revenue for FY22 by 3.5% with a 3.7% reduction in Adj EPS. Lower net cash of $34.0m is also reflected in dividends, which we reduce by 22% to 37.5ȼ. The growth story remains strong with international grow
Companies: Somero Enterprises, Inc.
finnCap
Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month
Companies: GWW GWW TOWN API RLE LMP CAPC WHR CSH ASLI PCA EBOX RGLZ ESP PHP SHED SRE MLI RGL CRC CBA DELMUR
QuotedData Professional
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Kemeny Capital
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Liberum
Companies: Yu Group PLC
Strix have issued a full year trading update indicating profit after tax will be c. £23.0m, in line with updated guidance provided in the 30 November 2022 trading update following completion of the Billi acquisition. Year-end net debt came in at £87.0m, slightly ahead of Zeus forecasts, leaving the company well placed to bring net debt / EBITDA materially below 2.0x during FY23. Profitability being in line provides confidence that the Zeus FY22 revenue forecast of £110.0m will be achieved, imply
Companies: Strix Group PLC
Zeus Capital
Capital Limited (LSE: CAPD) this morning provided its Q4 & FY2022 trading update. The Company has continued to perform strongly in 2022 with Q4 revenue 8.2% higher QoQ and 18.9% higher YoY. The full year of revenue has once again exceeded the revised guidance (albeit marginally) and our estimates.
Companies: Capital Limited
Tamesis Partners
ITM’s new CEO has outlined a major reset for the company focused on transforming it into a volume manufacturer of market leading electrolyser technology. Getting there will involve a lot of work and cost and today’s revised guidance shows a near doubling of EBITDA loss against the original consensus for FY23. FY 24 should start to see the benefit of cost cutting and the company has also announced two new 100MW contracts announced today with Linde. Importantly, ITM has the cash reserves to suppor
Companies: ITM Power PLC
Longspur Research
As set out in its preliminary release ITM’s H1 results and FY23 outlook were below expectations. Revenues were lower, as sales related to the Leuna project were deferred to FY24. On the cost side, gross loss expanded due to inventory losses, and increased contract and warranty provisions. ITM also announced the signing of two 100MW projects to Linde Engineering, a strategic review of Motive Fuels, and a new 12-month strategic plan to reorient the company towards manufacturing and delivery.
AlphaValue
ITM has released its H1 results to the end of October 2022, alongside providing an update on the company’s strategy under its new CEO. The statement is something of a curate’s egg, showing an expectation of poor FY 2023 financial performance (as previously flagged), but also a new strategy focused on manufacturing scale-up, and signature of two new 100MW contracts.
25 January 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 object
Companies: FNX GHE HVO HVO KWS WJG OTMP CRCL EPWN 2018
Hybridan
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Shore Capital
17 January 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 object
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