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Mixed results in Q2, slightly ahead of our estimates in terms of EBITDA Iren has unveiled its Q2 results, which were a tad higher than our estimates in terms of EBITDA: EBITDA +19% YoY, EBIT -34% (mainly due to higher DandA related to capex performed and MandA, as well as provisions related to the Italian government clawback decree on renewable prices), net income -45% (please note that Q2 2022 results included a nearly EUR 7m negative impact related to the ''extra-profit'' tax). Net debt reache
Companies: Iren (IRE:BIT)Iren S.p.A. (IRE:MIL)
BNP Paribas Exane - Sponsored Research
In a context of improving utilities performance, we argue Iren is very well positioned given its sound growth perspective fuelled by an all-time-high investment plan, also funded via disposals. Sector views confirmed, Iren fits perfectly In a recent sector report, our Utilities team reiterated their positive view on the sector on the basis of its growth perspectives and favourable earnings momentum. In our view, Iren perfectly fits these premises considering the considerable development program
Mixed Q1 results, bang in line with our estimates Iren has unveiled its Q1 results, which were bang in line with our expectations: EBITDA +1.6% YoY, EBIT -6.5%, net income +14.6% (please note that Q1 2022 results included a nearly EUR24m negative impact related to the ''extra-profit'' tax). Net debt reached ca. EUR3.72bn (BNPPE EUR3.65bn), up vs EUR3.35bn posted as at the end of 2022. The increase is mainly due to roughly EUR475m of NWC absorption, out of which ca. EUR350m due to be released. Co
Increasing results in Q4, a tad below our estimates, positive surprise on the debt side Iren has unveiled its Q4 results, which were a tad below our expectations: EBITDA +4.6% YoY, EBIT +18.6%, net income +44.3%. Net debt reached ca. EUR 3.35bn (BNPPE EUR 3.73bn), down vs. EUR 3.86bn posted as at the end of Q3 2022. This was the main surprise of this release. Iren is distributing EUR 0.11 per share as a dividend on 2022 results. The implied yield is roughly 6.5%. 2030 business plan update: strat
Q3 results bang in line, debt a touch higher Iren has unveiled its Q3 2022 results, which were substantially in line with our estimates: EBITDA -9.3% and EBIT -51.8% YoY. The net debt reached ca. EUR 3.86bn, up vs. ca. EUR 3.4bn posted as at the end of H1 2022, mainly due to gas storage activity. The main EBITDA drivers were higher electricity prices and demand, the capacity market kick-off, the increase in RAB values, higher efficiencies and higher photovoltaic production. These positives were
Against a backdrop that remains tough for the utilities, the risk is pricing in only the negatives and not considering the opportunities. We argue Iren can take advantage of some of them. The inverse correlation with interest rates is back Utilities have been historically very much linked to interest rate movements and Iren is no exception. We expect rates to go up until Q1 2023 and then stabilise. We do not see major risks for Iren in terms of refinancing, liquidity, inflation, or contractio
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
Research Tree provides access to ongoing research coverage, media content and regulatory news on Iren. We currently have 7 research reports from 1 professional analysts.
The FY24 year-end update is very upbeat signalling trading being materially ahead of expectations, with a better-than-expected profit out turn and stronger cash generation. It continues to strengthen margins through efficiencies and investment in modern equipment. The order book remains close to record levels providing a robust view of future forecasts. In FY24E we upgrade EPS by 11% and in FY25E a significant upgrade of 27.6%. It looks capable of declaring a dividend in FY25 as well as manageme
Companies: Renold plc
Cavendish
Companies: BILN ELCO NXQ CUSN ATG
Another Good Year of Diversified Growth with More to Come in 2024 CCapital have released their Q1 operating results. Overall, revenue has come in slightly lower than expected at $80.2m vs TamE of $85.9m but is largely tracking in line with our FY24 annual estimate and we note the company has maintained guidance. Drilling revenue for this quarter was impacted by a fall in utilisaztion rates as well as general remobilisation geographically but we expect a strong recovery throughout the year as k
Companies: Capital Limited
Tamesis Partners
FY23 results show very strong growth over FY22, driven by strong Structural Steel activity, with results slightly ahead of upgraded profit expectations, while stronger than expected cash flow resulted in an unexpectedly generous dividend of 33p (offering a FY23 yield of 7.0%). The group now has net cash of £22.1m and is debt free and is therefore in a strong position for potential M&A activity. Following the recent £90m of new orders to increase the order book to record levels we conservatively
Companies: Billington Holdings Plc
Plant Health Care announced it has signed a distribution agreement with AMVAC, an American Vanguard Company, to support commercialisation of novel fertiliser products incorporating Plant Health Care's Harpinαβ in China starting in 2024. The novel product combines Harpinαβ technology with an AMVAC fertiliser and is expected to help growers improve crop quality and yield as part of an integrated and environmentally responsible crop production programme. AMVAC continues to evaluate Plant Health Car
Companies: Plant Health Care PLC
Companies: 88E RNO TRIN KRM EXR BOOM
discoverIE’s March year-end update confirms a strong operational performance in challenging markets. Following two years when sales increased by +48%, FY 2024 Group sales were +1% ahead of 2023 at CER (reported -3%) driven by a +2% contribution from acquisitions and organic -1%. As expected, organic growth returned in the later part of the year (Q4 +2%, +11% sequentially) and the order book has reverted to normalised levels of c.4.5 months’ sales, which – combined with a continuing strong pipeli
Companies: discoverIE Group PLC
Severfield’s trading update indicates that FY23 results are expected to slightly exceed market expectations and the company ends the year with a record UK and Europe order book. Furthermore, with a positive trading outlook and net debt coming in lower than expected, Severfield has announced a £10m share buyback, highlighting the cash-generative nature of the company and management’s confidence in its position. The stock trades on an FY25 P/E of less than 6x and yields 7%, which we believe appear
Companies: Severfield Plc
Edison
Companies: Iofina plc
Canaccord Genuity
Companies: PLL TLG HZM SAV KAV KP2 SVML
SP Angel
Acquisitions have been an important element of Severfield management’s growth strategy, with the aim of adding new products, sectors and regions to what we have identified as exciting long-term organic opportunities. In this Spotlight report, we focus on the group’s targeted M&A approach, highlighting three significant deals.
Progressive Equity Research
Liberum
Invinity’s update on discussions with strategic investors reveals interest from multiple parties. While this has slightly delayed finalising an agreement it increases the potential for a better outcome. Although details are unknown at this stage, we think there is enough in the statement to be comfortable that any agreements will be consistent with the company’s strategy of growing market share in core markets and using a licencing and royalty model in other markets.
Companies: Invinity Energy Systems PLC
Longspur Clean Energy
Severfield’s full-year results to March will be ‘slightly above’ the Board’s expectations, according to today’s trading update, with net debt significantly better. We maintain our PBT estimates for both forecast years, which are ahead of consensus, but reduce our net debt for FY24E. Record orders were boosted by the steel specialist’s European operations, after last year’s Voortman acquisition, while the Indian JV has seen ‘another step up in profitability’. The group has also launched its first
Companies: ATOME PLC
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