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    ASETEK A S

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    ASETEK A S

  • 22 Jan 20
Q4 ahead of expectations, boosting cash and dividend

The FY update highlights a stronger Q4 than expected, with a rebound in US sales after a weak H1 and initial SkyScreed sales. This results in an uplift in revenue, profit, and cash guidance for the year, thereby also boosting the underlying and supplemental dividend. This results in an eye-catching current year yield of 7.3% and undemanding P/E of 9.4x. We maintain our 380p price target, which offers good upside potential.

Companies: Somero Enterprises
  • 23 Jan 20
Another good performance despite the macro backdrop

Since listing in Aug 2017, Strix has consistently highlighted the resilience of its business through its ability to hit forecasts despite the uncertainty of trade wars, Brexit and slower consumer confidence. Today’s pre-close states it will again meet consensus profit expectations which is in the range of ZC’s estimates of £31.1m operating profit and £29.7m PBT. The controls business maintained its leading market share globally and in all regions with the market growing at a solid c. 4.5%. The Water division had a slower year growing at 6% but, as expected, performance improved in H2. Net debt of £26.3m is better than forecast due to a combination lower capex and better working capital. The shares have not participated in the Q4 rally partly because of the strong performance during the year (c. 38%). However, the valuation still looks compelling at 12.5x current year forecasts for a such a resilient business. The yield of 4.1% remains attractive with the company confirming it will increase the FY19 dividend by 10% to 7.7p

Companies: Strix Group
  • 27 Jan 20
Cenkos: TP Group Plc -- A year of significant growth

A positive trading update from TP Group confirms that the group traded in line with market forecasts for FY19E, with significant year-on-year growth in revenue and Adj EBITDA, and an order book at an all-time high. The acquisition of Sapienza has provided the group with significantly enhanced space capabilities, as well as an expanded geographic presence. Trading on an ex-cash FY20E Adj P/E of c10.5x, we see considerable value in the shares. Buy.

Companies: TP Group
  • 22 Jan 20
Somero Enterprises

FY19 trading update – significant upgrades to 2019 from better than-expected H2

Companies: Somero Enterprises
  • 23 Jan 20
The Industrial Revelation

UK industrial trends improves in Jan, South Korean GDP rises at fastest pace since Q3 17, Japan's exports miss but chip-making bounces in Dec

Companies: HEAD HTG JHD OXIG RSW GHH

  • 28 Jan 20
Update confirms EBITDA growth

SimplyBiz has released a trading update, ahead of reporting its full year results on 10 March 2020, which confirms that trading is broadly in line with expectations: - 24% rise in Group revenues (1H19: £29.1m; 1H18: £24.2m); - 50% rise in adj EBITDA (1H19: £6.8m; 1H18: £5.2m); - Strong adjusted EBITDA margin of 27% (2018: 22%); Group net debt at end 2019 was £27.0m (30 June 2019: £30.1m).

Companies: Simplybiz
  • 27 Jan 20
WHI First Light: Jersey Oil & Gas, WEY Education and Journeo

Jersey Oil & Gas (JOG) – Corporate – Acquisition and Corporate Update Market Cap £30.2m Share Price 137.5p Jersey has this morning announced that it has agreed terms to acquire the 70% of Licence P2170 held by Equinor for a contingent consideration. As a result of the acquisition, subject to normal completion conditions, Jersey will hold 88% of the licence and become operator. The licence contains the company's Verbier discovery in addition to exploration prospectivity. The contingent consideration will consist of i) $3M upon OGA sanctioning a field development plan for Verbier ii) $5M upon first oil from Verbier and iii) royalty payments (ranging from 5% to 2% in respect of 70% of the oil produced from the acquired block) on the first 35 million barrels produced from the block. Wey Education (WEY) – Corporate – Appointment highlights heavy-weight strategy Market Cap £18.2m Share Price 14.85p Friday's announcement that Dr Sara de Freitas is to be appointed to WEY's executive team as Executive Director of Education highlights the company's long-standing commitment to educational quality and fostering engagement at a time when it has already flagged that it plans to grow and develop the management team. We read the appointment of a heavy-weight educationalist such as Ms de Freitas, with significant and long-term experience, as a further reflection of the strategy of growing the core business, with the Board keen to push forward from the company's position of strength. At the time of the final results in November, the company flagged new recruitment mechanisms which had already yielded important hires, and the announcement on January 24th appears well-aligned to the company's strategy and objectives. Journeo (JNEO) – Corporate – City of Edinburgh Bus Station order Market Cap £4.6m Share Price 56p Journeo is a specialist provider of both on and off-vehicle tailored solutions to the transport community. This morning, the company has released an RNS confirming receipt of its first tranche of work under the £4.8m City of Edinburgh Council bus station contract that was announced in December 2019.

Companies: JOG JNEO WEY

  • 23 Jan 20
Solid FY19 update, still attractively valued

Strix FY 19 trading update: ahead of FY 19 results due on 18th March, Strix has issued a very reassuring year-end update. ‘Strix has delivered a solid performance during 2019 despite continuing global volatility driven by Brexit and USA China trade tensions…and expect to report profit after tax in line with market expectations.’

Companies: Strix Group
  • 28 Jan 20
LIBERUM: Luceco* - Second successive guidance increase

Luceco's FY trading update this morning raises its year ahead earnings guidance for the second consecutive year. FY19 is expected to beat by 3% and FY20 is now guided to be 6-11% above current market estimates for adjusted op.

Companies: Luceco
  • 24 Jan 20
The Industrial Revelation

Japan manufacturing PMI rises, US construction confidence jumped in Nov, Union Pacific Q4 carload volumes misses expectations

Companies: HILS OXIG RSW RNO SCPA TRI ZTF SOM GHH

  • 27 Jan 20
The Industrial Revelation

UK & German manufacturing PMI rises in Jan ahead of expectations while US readings fall, missing estimates; Boeing may consider another cut to 787 Dreamliner

Companies: CGS HEAD HILS HTG JHD RNO SCPA TWD TRI ZTF SOM GHH

  • 21 Jan 20
The Industrial Revelation

Taiwan exports rise for first time since 2018, IMF cuts global growth forecasts, Boeing in talks to borrow $10bn

Companies: OXIG RSW RNO TWD ZTF GHH

  • 23 Jan 20
In-line trading update

Avingtrans has issued a trading update confirming that the group has continued to perform well in H1 FY2020E and is trading in-line with market expectations. The order and prospect pipeline are noted as being robust and the recent acquisitions of both Booth Industries and Energy Steel are integrating well and recovering from the distressed positions that they were in at the time of their purchase in June 2019. We make no changes to our estimates ahead of the interim results which will be published on 26th February.

Companies: Avingtrans
  • 24 Jan 20
RBG Holdings

Trading Update Inline – Signs of life in the market

Companies: Rosenblatt Group
  • 28 Jan 20
Anexo Group*

Good end to the year

Companies: Anexo