VW hosted its “Power Day”, drawing clear inspiration from Tesla’s Battery Day, at which it unveiled its plans to secure the supply of batteries, crucial for the execution of its ambitious electrification targets, as well as upping its involvement in the key component of the EV value chain by advancing vertical integration, much like its Californian peer. A change of narrative appears to be taking place, as once sceptical investors are starting to take seriously VW’s game-changer electrification push.
Companies: Volkswagen AG Pref
Having already pre-released all the key FY20 group figures and 2021 outlook, VW’s full annual release brings few new surprises as the stronger than anticipated profitability and cash generation have mostly been assimilated by the market. What is now driving sentiment is a telling change in investors ‘perception on VW’s ambitious electrification efforts. The FY21 picture remains a complicated one, with semiconductor and raw material price headwinds, but VW seems to have finally got its big EV break.
VW Group’s 2020 deliveries fell in line with the COVID-19-driven global market decline of c.15%. The Q4 sales volumes fell by 3.2% to 998k vehicles, with North America and Western Europe standing out as the best performing regions. Brand-wise, mass-market nameplates were the hardest hit by the pandemic, while the group’s luxury brands proved resilient. VW’s first ‘EV offensive’ was met with success, as sales of electrified vehicles surged in Europe, a trend that we see extending into 2021.
QuantumScape, a recently-listed California-based company focusing on the development of solid state lithium-metal batteries, has been caught up by the EV-and-anything-related fever with its market capitalisation swelling to $23bn in a matter of weeks. As the largest individual investor, VW, has been quietly sitting on a what is now a $23bn story.
The announcements made following the 14 December’s VW Group board meeting indicate that the frictions (brought to attention by several media reports) have been finally soothed.
VW joined the list of automakers that have confidently beaten market expectations, led by a stronger-than-anticipated demand recovery in Europe and the continued positive dynamic in China, VW’s largest single market. Diligent cost management and a reversal of WC requirements led to a solid €6.2bn of FCF in Q3, fully reversing the H1 cash burn. In spite of the Q3 outperformance, VW has stuck to its cautious FY outlook, as virus and lockdown fears once again take hold.
H1 was very tough, as expected. Still, VW reported revenues in line with estimates and managed to surprise on a narrower than anticipated operating loss and lower cash burn. With July’s global deliveries expected to come in ‘only’ <10% below the 2019 levels, VW appears to have a more positive tone on H2 and on achieving a positive operating result in FY20. Nonetheless, the dividend cut suggests VW is still erring on the cautious side.
In a market hard-hit by the Coronavirus crisis, VW fared better than many of its foreign peers in spite of a significant decrease in sales volumes. Nonetheless, the EBIT contraction in Q1 has been dramatic (-81.4%), and the impact on Q2 results is set to be even greater. The gradual recovery in China could help lift some of the pressure of the dire Q2 scenario.
As 2019 numbers are of no importance anymore, we will focus on management’s guidance for 2020. Including epidemics and geopolitical tensions and conflicts, it sees economic momentum being similar to that in 2019. The strongest growth rates are expected in Asia’s emerging markets.
VW achieved the envisaged revenue and profit increase last year. However, we had expected higher operating and net earnings, whereas our dividend projection was slightly lower. Management proposes a dividend for preferred shares of €6.56, whereas our number was €5.96. Based on the last closing price of €148.60 (28 February 2020), this translates into a yield of 4.4%.
China has started to be a drain on VW’s vehicle deliveries in the last month and the current month is expected to be much worse. From a product point of view, van and truck deliveries fell disproportionately strongly. All passenger car brands combined saw their delivery volume falling by 4.4% to 791k.
Via its truck holding Traton, VW offers to buy all of Navistar’s shares for $35 which values that company’s common stock at $3.6bn. Traton currently owns 16.8% of the US truck and bus producer which, based on yesterday’s closing price, is worth $374m.
The VW Group’s European registration numbers have been strong in the last month (based on currently available numbers for Germany, France, and Italy). These enormous growth rates were now underpinned by delivery numbers. Worldwide deliveries of cars and trucks increased by 13% to 1.03m in the last month which brought the ytd number to 10.97m, an increase of 1.3%. According to management, 140k EVs were delivered which represent about 1.3% of worldwide deliveries.
While the ytd number continues to be in negative territory (-0.2% to 8.96m), deliveries reached 950k in the last month. This very good growth rate was achieved in Europe (+26% to 371k), whereas the growth rates were more moderate in other regions (Nafta: +0.9% to 80k, LatAm: -1.2% to 54k, APAC: +5.6% to 389k). Excluding China, deliveries fell by 9.4% to 24k in all other Asian countries, i.e. the group is hardly present in all the other Asian countries.
The Court of Braunschweig, where the Dieselgate class action decision is pending, is suggesting that the two parties should find a mutual agreement soon. If not, the judge made it clear, he will press ahead to find a final verdict in 2020. First reactions from VW’s lawyers suggest that the company seems to be willing to start serious negotiations with the hundreds of thousand plaintiffs.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Volkswagen AG Pref. We currently have 1 research reports from 1 professional analysts.
Sosandar is a fast growing fashion e-tailer, and brand awareness is surging. New product development and range expansion has led to positive reviews, celebrity endorsements and exciting 3P marketplace agreements. Crucially, it is now realising economies of scale and, after growth and margin strengthened in Q4, profitability is around the corner. We forecast an inflection to positive EBITDA within 12 months (FY23E £1.2m, 3.5% margin). This should be well received given previous downgrades. Our fair value estimate of 32p could prove conservative, particularly if scale/profitability build quicker than forecast.
Companies: Sosandar Plc
Wickes to demerge from Travis Perkins and list on the Main Market. Expected 28 April. Advance Energy to complete an RTO on AIM indirectly acquiring up to 50% of Carnarvon Petroleum Timor which holds a 100 per cent. working interest and is the contractor under the Buffalo PSC, offshore Timor-Leste. Carnarvon Petroleum Timor is a subsidiary of ASX listed company, Carnarvon Petroleum Limited. The net proceeds of the Placing of approximately £20.01m (approximately US$27.51mm) will be used to fund the Acquisition. Due 19 April. NFT Investments plc is an investment company that specialises in non-fungible tokens (NFT). Has applied for admission to the Access segment of the AQSE Growth Market. No funds being raised. Due 16 April. Thor Explorations (TSXV:THX) seeking a secondary listing on AIM. The Company is targeting Admission during Q2 2021. Segun Lawson, President & CEO, stated: “Thor Explorations has advanced significantly, in both project development and capitalisation since the acquisition of Segilola in 2016. This year, the Company is well positioned to achieve two major milestones with the commencement of gold production at Segilola in Nigeria and a maiden resource at Douta in Senegal, as well as continuing to progress our highly prospective Nigerian exploration portfolio on the Ilesha Schist belt.” MAST Energy Developments (MED) is to IPO on the Standard List on 14th April 2021 under the ticker MAST. The company has raised £5m giving a market capitalisation on listing of c. £23m. MED is currently a 100% subsidiary company of AIM quoted, Kibo Energy*. MED was established to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator in the rapidly growing Reserve Power market. PensionBee has confirmed its intention to float on the High Growth Segment of the Main Market of LSE. The online pension provider had approximately 130,000 Active Customers and £1.5bn of assets under administration, in each case as at 28 February 2021. The Offer will comprise new Shares raising gross proceeds of approximately £55m and existing Shares to be sold by certain existing small minority shareholders of up to £5m. None of the founders, directors or members of senior management of PensionBee are selling any existing Shares. Expected in April. Imperial X (AQSE:IMPP) to join the Main Market (standard). It is also proposed that on Admission to the Official List, the Company will change its name to Cloudbreak Discovery Plc. With effect from Admission, Imperial X will hold equity positions and royalties in a variety of projects in the natural resources sector across multiple jurisdictions, primarily in the Americas and Africa. The Company is proposing to raise up to £1.5m by way of placing of new Ordinary Shares to support further prospect acquisitions. Current Mkt cap £4.7m Expected April 2021. Proposed move to AIM from the main market (standard) by Emmerson (EML.L) to provide Emmerson with access to a market and environment which is more suited, in the Board's view, to the Company's current size and strategy ahead of pivotal period for the Company with the commencement of mine construction at the Khemisset Potash Project expected by end of 2021. Follows recent award of Mining Licence granting Emmerson exclusive right to develop and mine the potash deposit and £5.5m raise to fund ongoing project development work. NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment Company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a £300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company's target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March 2021. Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021. Fix Price announces its intention to float on the Main Market of the London Stock Exchange. Fix Price is one of the leading variety value retailers globally and the largest in Russia, with more than 4,200 stores. Fix Price has revenues of RUB 190.1bn, RUB 142.9bn and RUB 108.7bn for 2020, 2019 and 2018, respectively. Adjusted EBITDA for the same years was RUB 36.8bn, RUB 27.2bn and RUB 14.2bn, respectively. The Offer would consist of an offering of GDRs by certain existing shareholders of the Company. Great Point Entertainment Income Trust PLC announced its prospectus has been approved by the FCA. Great Point Entertainment Income Trust PLC is a newly established, externally managed closed-ended investment company. The Company will provide project finance to content makers and commissioners in the global television and film production industry via senior loans secured against pre-sold intellectual property (IP) rights. GPEIT's investment objective is to provide Shareholders with dividend income and modest capital growth through exposure to media content finance.
Companies: GOOD FIH SRT NFC RFX ARCM ACRL EQLS ORPH VRS
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are familiar. The belief that the roll-out of the vaccine and some relaxation of lockdown limitations will lead to a significant economic recovery, compared to the collapse seen in the first half of 2020, due to lockdowns. Indeed, the recent economic picture is becoming more optimistic than previous expectations. According to the ONS, the economy grew a little more than initially estimated in Q4 last year. This means GDP for 2020 as a whole contracted by 9.8%, revised up marginally but still the worst contraction on record. Markets, in general, have focused upon the potential scope and extent of the recovery. The sectors and stocks that have outperformed have been seen as ‘recovery’ plays with a rotation from stocks seen as ‘lockdown’ winners into those set to benefit from the ‘unlocking of society’ and/or exposed to the consumer. We expect 2021 will continue to be a “stock-picker’s” market. The sharp increase in the household savings ratio in Q4 highlights the scope for a recovery driven by expenditure. As further lockdown limitations are lifted, evidence of this growth will help to underpin the more optimistic outlook for Q2 and beyond.
Companies: AMYT ARBB BPC BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
SCE has reported FY results for the year ended December 2020. Results are much as we would expect while operational developments are most encouraging. FY2020 saw an acceleration in engagement with new and potential customers, albeit there is a slight shift in Aston Martin Valkyrie start of production. Forecasts are only changed slightly and the future remains bright.
Companies: Surface Transforms plc
In the past few weeks, all the listed multi-national pharmaceutical companies have reported results for 2020, which has given us the opportunity to update our industry statistics and drug database. This report provides the first, snapshot publication of global and US rankings of the top 20 drug companies for 2020. Comparisons are made with historical data to show how different company strategies have evolved. In addition, summary analysis has been provided for the sales evolution of therapeutic biopharmaceutical drugs, which saw sales rise 5.6% to $245bn, representing 26% of the market, driven by antibody-derived drugs.
Companies: AVO ARIX BBGI CLIG DNL FLTA ICGT OCI PCA PIN PXC RECI STX SCE TRX VTA YEW
Surface signalled 2020a headline results during its recent successful fundraising roadshow; these are confirmed in the full statement today. Our forecasts include minor changes: a delay to the Aston Martin Valkyrie programme which shifts £600k of revenue from 2021e to 2022e, and a new £1m loan. The Group is now well capitalised. Management is focused on developing OEM Production Cell Two and the business generally to fulfil new and anticipated orders. 2021e will see more build-out. OEM orders start to flow properly in H2. The Group should turn profitable in 2022e, with a further ramp-up in 2023e. With Cell Two up-and-running, revenue capacity will rise to £35m from £20m currently (vs. multi-year orders of £43m). We assume a sustainable net margin of 25%-30%, or implied profit up to £10.5m and a PE of c.14x. A fully fitted-out five-cell factory could generate up to £22.5m of net profit each year. Surface must deliver but is well positioned for the medium-term.
Residential for rent developer and manager Watkin Jones has signalled “maintained momentum” during H1 in today’s trading statement, which showed new forward sales and further additions to the development pipeline, highlighting the continuing demand from institutional investors for build-to-rent (BTR) and purpose-built student accommodation (PBSA) assets. Fresh property management sales were resilient, despite disruption in higher education, while the reconfigured residential unit delivered robust sales revenues. We maintain our estimates for FY 2021E and FY2022E.
Companies: Watkin Jones Plc
Accrol has announced the acquisition of wet wipes manufacture John Dale, providing an established and scalable platform on which to enter this high growth and complementary segment of the tissue market.
Companies: Accrol Group Holdings plc
Tern plc* (TERN.L, 8.85p/£29.2m) | Mobile Tornado plc* (MBT.L, 4.45p/£16.9m)
Companies: Tern PLC (TERN:LON)Mobile Tornado Group Plc (MBT:LON)
In line with Accrol’s strategy to diversify from tissues into personal hygiene and household products categories, Accrol has acquired Flint, North Wales based wet wipes and facial tissue manufacturer John Dale Limited for £3.9m in cash, valuing the business at a 6.5x EV/EBITDA multiple. With significant available slack capacity in the acquired business, Accrol can exploit opportunities to cross sell the products to the Group’s customers, and build scale without the need for substantial capex. The acquisition provides Accrol with an entry into the attractive wet wipes segment, with a clear desire to use it as a platform to build a sizeable wet wipes business and undertake further M&A.
MAST Energy Developments (MED) is to IPO on the Standard List on 14th April 2021 under the ticker MAST. The company has raised £5m giving a market capitalisation on listing of c. £23m. MED is currently a 100% subsidiary company of AIM quoted, Kibo Energy*. MED was established to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator in the rapidly growing Reserve Power market. PensionBee has confirmed its intention to float on the High Growth Segment of the Main Market of LSE. The online pension provider had approximately 130,000 Active Customers and £1.5bn of assets under administration, in each case as at 28 February 2021. The Offer will comprise new Shares raising gross proceeds of approximately £55m and existing Shares to be sold by certain existing small minority shareholders of up to £5m. None of the founders, directors or members of senior management of PensionBee are selling any existing Shares. Expected in April. Cornerstone FS to join AIM, an SME focused, cloud-based provider of international payment, currency risk management and electronic account services focused on removing the complexity of international payments for customers. Raising £2.2m. Mkt Cap £12.3m. Due 6 April. Imperial X (AQSE:IMPP) to join the Main Market (standard). It is also proposed that on Admission to the Official List, the Company will change its name to Cloudbreak Discovery Plc. With effect from Admission, Imperial X will hold equity positions and royalties in a variety of projects in the natural resources sector across multiple jurisdictions, primarily in the Americas and Africa. The Company is proposing to raise up to £1.5m by way of placing of new Ordinary Shares to support further prospect acquisitions. Current Mkt cap £4.7m Expected April 2021. Parsley Box, the direct to consumer provider of ready meals to the 60+ demographic, recently announced its AIM IPO plans. Parsley Box provides ready meals, which are not required to be stored in a fridge or freezer, have a shelf life of up to six months and are cooked in minutes. The company reported revenue of £24.4m for the financial year ended 31 December 2020 (unaudited). Deal details TBC and admission is expected to occur late March/ early April 2021. Proposed move to AIM from the main market (standard) by Emmerson (EML.L) to provide Emmerson with access to a market and environment which is more suited, in the Board's view, to the Company's current size and strategy ahead of pivotal period for the Company with the commencement of mine construction at the Khemisset Potash Project expected by end of 2021. Follows recent award of Mining Licence granting Emmerson exclusive right to develop and mine the potash deposit and £5.5m raise to fund ongoing project development work. NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment Company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a £300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company's target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March 2021. Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021. Fix Price announces its intention to float on the Main Market of the London Stock Exchange. Fix Price is one of the leading variety value retailers globally and the largest in Russia, with more than 4,200 stores. Fix Price has revenues of RUB 190.1bn, RUB 142.9bn and RUB 108.7bn for 2020, 2019 and 2018, respectively. Adjusted EBITDA for the same years was RUB 36.8bn, RUB 27.2bn and RUB 14.2bn, respectively. The Offer would consist of an offering of GDRs by certain existing shareholders of the Company. Great Point Entertainment Income Trust PLC announced its prospectus has been approved by the FCA. Great Point Entertainment Income Trust PLC is a newly established, externally managed closed-ended investment company. The Company will provide project finance to content makers and commissioners in the global television and film production industry via senior loans secured against pre-sold intellectual property (IP) rights. GPEIT's investment objective is to provide Shareholders with dividend income and modest capital growth through exposure to media content finance. Deliveroo has applied for admission of the Company's Shares to the standard listing segment of the Official List of the FCA and to trading on the main market of the London Stock Exchange. Deliveroo works with over 115,000 best loved restaurants, takeaways and grocery stores globally and provide work to over 100,000 riders across 800 locations in 12 markets, serving 6m customers globally. The price range for the Offer has been set at £3.90 to £4.60 per Share, implying an estimated market capitalization at Admission of between £7.6bn and £8.8bn. Raising c. £1bn. Due 7 April
Companies: SYM CGNR EKF KBT GGP VLS TMO ECK B90 MDZ
The FY20 results confirm the much improved 2H flagged in the YE updates. The global casino industry has been reopening and a backlog of orders boosted 2H Gaming sales, while Densitron’s trading has been robust throughout the pandemic. Overall, group sales are down by a third, with Gaming revenue almost halved. However, 2H gaming sales improved 55% HoH while the swiftly imposed cost reductions took effect and this recovery saw QXT profitable and cash generative across FY20, an excellent outcome from the scenarios it laid out this time last year. There are still caveats: a potential return of COVID restrictions and a global component squeeze, but management is working hard to mitigate them. The orderbook is healthy and in the long term, the pandemic will drive increased outsourcing in the gaming industry and assist the new strategy of a broadened outsource hardware and software offering while developing a leasing model. With plenty of cash and having retained its excellent industry reputation and position, we are very confident of a full recovery for QXT. We maintain our unguided FY21 growth forecasts and introduce conservative FY22 expectations.
Companies: Quixant Plc
AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7 million by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard) this Spring. Target valuation £20m raising c. £8m “to finalise the development and launch of a range of the Company's premium-quality consumer products based on biosynthetic cannabinoids, which is fully compliant under UK law.” Kanabo Group (RTO by Spinnaker Opportunities SOP.L) on the main market (standard). Raising £6m, enlarged mkt cap £23.4m. Kanabo focuses on the distribution of Cannabis-derived products for medical patients, and non-THC products for CBD consumers . Due 16 Feb. NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a £300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company's target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March 2021. Auction Technology Group is considering an IPO on the Main Market. The Group operates six world-leading online Marketplaces and proprietary global auction platform technology for curated online auctions . In FY20 the Group delivered pro forma revenue of £52.3 million, supported by notable underlying year-on-year growth from both Standalone ATG Group and Standalone Proxibid Group (12.4 per cent. and 40.4 per cent., respectively). For the same period, the Group delivered a strong profitability performance of £22.3 million pro forma Adjusted EBITDA representing a pro forma Adjusted EBITDA margin of 42.6 per cent. Expected March 2021. Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021. Cordiant Digital Infrastructure to admit its shares on the Specialist Fund Segment of the Main Market of the London Stock Exchange . Targeting a £300m raise. Cordiant invests in global infrastructure and real assets, running infrastructure private equity and infrastructure private credit strategies through limited partnership funds and managed accounts. Due 16 Feb. 4basebio UK Societas is a specialist life sciences group focused on therapeutic DNA for gene therapies and DNA vaccines and providing solutions for effective and safe delivery of these DNA based products to patients. The Company has been divested from 4basebio AG , a German company listed on the Prime Standard segment of the Frankfurt Stock Exchange . No capital to be raised on Admission. Anticipated market capitalisation on AIM Admission: £14.53m. Due 17 Feb Cornish Metals (TSX-V: CUSN) intends to list on AIM. The Company is proposing to raise £5m by way of private placement of new Common Shares to advance the United Downs copper-tin project. The Company expects that Admission will become effective 16 February 2021. The Company's Common Shares will continue to be listed and trade on the TSX-V in Canada. Raising £8.2m. £18.7m mkt cap.
Companies: FRP BZT NAR FFWD SRB GRL RRR JET2 FARN INFA
Red Dwarf, the very British sci-fi comedy franchise, ran for 11 seasons – most recently in 2017; and The Promised Land is a feature-length TV movie – out this year. Yes, the programme is an acquired taste. Strangely, too, many episodes are impacted by a virus or three (physiological, not main-frame).
Companies: WJG BKG CSP CRST INL BDEV RDW GLE SPR TW/ PSN VTY GLV CRN ABBY BWY
Trackwise has announced a placing and open offer, potentially raising up to £12.0m (gross). This is to fund a new manufacturing facility that is expected to quadruple IHT production capacity. The additional capacity is required to support the up to £38m electric vehicle (EV) contract announced in September and potential volume orders from electro-surgical catheter manufacturers and aerospace OEMs and suppliers.
Companies: Trackwise Designs Plc
