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Q2e: Adj. EBITDA NOK 127m vs. cons. NOK 123m. Acquisition volume likely to pick up in H2'24e. '24e EV/EBITDA of 9x, '25e P/E 12x – BUY.
Companies: ECIT AS
ABG Sundal Collier
Q1: Growth better, weaker profitability. '24e org. growth estimates up ~5pp. '24e EV/EBITDA of 8x, '25e P/E 11x – BUY.
NOK 40m cost-savings program initiated. Organic growth likely to recover in H2'24. '24e EV/EBITDA of 8x – BUY, TP of NOK 11.
ECIT reported Q3 headline figures in line with expectations, but the growth mix was weak.
Revenue of NOK 877m corresponded to 24.5% growth y-o-y, of which 6% was organic. This was below our expectation and mainly explained by lower inorganic growth.
Research Tree provides access to ongoing research coverage, media content and regulatory news on ECIT AS. We currently have 27 research reports from 2 professional analysts.
Companies: CNC FOUR TIME BGEO NMT ADF
Cavendish
Companies: LIT SRT CRDL
The past month has been busy with US Elections, the UK Budget and multiple Central Bank rate decisions. This unsettled the industrial sector in the UK and elsewhere. The UK manufacturing PMI slowed to 49.9 in October; the first reading below the neutral 50 mark since April. The UK budget introduced higher employer costs which will need to be absorbed or passed on in higher prices. In better news, UK inflation fell below the BoE target and the base rate was reduced by a further 25bps to 4.75%, re
Companies: TAND AVON BMTO CGS GHH PEN RCDO SOLI TRI SYM IGE JDG PEG CSSG ABDP PODP KETL LIFS SPSY
Zeus Capital
Areas of market softness in the UK and Germany continue to hold back the enlarged Group’s full potential in the short term. However, with a new government in the UK committed to infrastructure spend and the Bundesbank forecasting a return to German economic growth after two years of weakness, the future looks brighter. We make no changes to our FY24 numbers which forecast adjusted EBITDA growth of 19% and adjusted PBT growth of 13%. While there is a growing pipeline of required maintenance work
Companies: Franchise Brands plc
Allenby Capital
Litigation Capital Management (LCM) is one of the world’s most established litigation funders, providing capital for legal actions in return for a share of the settlement. The company has consistently delivered 3x returns on every A$1 invested over the past 13 years, frequently exceeding 10x, illustrating a robust investment process. These private equity-like returns are achieved in typically half the time of a PE fund (leading to 60-70% IRRs), uncorrelated to the broader economy and achieved wi
Companies: Litigation Capital Management Ltd
Despite short term cyclical headwinds to certain elements of the business, we very much believe this to be a company capable of strong structural growth.
Dowgate Capital
Companies: JDW MAB MARS WTB FSTA YNGA BOWL CPG SSPG LGRS OTB HSW TMO GYM MEX
Panmure Liberum
Companies: Regional REIT Ltd.
* A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: None Delistings: None What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 31 October 2024: Winking Studios: the AAA Art Outsourcing and Game De
Companies: Z29 CNC FPO GDP ZOO TIME CBOX WPHO CRS
Hybridan
Biome’s Q3 trading update highlighted a delay in the shipping of one of the three major RF orders that were scheduled for delivery in H2 FY24. The slippage of this contract into FY25, coupled with delays to the expected ramp-up at one of Bioplastics’ end customers has led us to reduce expectations for FY24. While the former issue will result in higher FY25 revenues in RF, the latter encourages us to add some more caution into our FY25 forecasts for Bioplastics. Overall, Group adjusted LBT for FY
Companies: Biome Technologies PLC
Sareum Holdings’ FY24 results summarised an active period for lead asset SDC-1801, a dual TYK2/JAK1 inhibitor, which successfully completed Phase I trials in Australia and is now undergoing preparatory work to commence Phase II studies, likely in psoriasis patients. The recently reported unblinded data noted robust pharmacokinetic (PK)/pharmacodynamic (PD) properties and reiterated the drug’s desirable safety profile. While Sareum had previously proposed a smaller Phase Ib study, the plan has pi
Companies: Sareum Holdings plc
Edison
Companies: Merit Group PLC
Canaccord Genuity
Companies: ALBA KEFI KP2 RRR 1SN LAAC PAAS EST NMT CCZ TECK KGC
SP Angel
* A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: None Delistings: Live Company Group (LVCG.L) has delisted from the AIM market What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 31 October 20
Companies: SEE VARE SNX SNT AEO THX KIST
Time has released positive FY24A annual results which showed a continuation of the growth story as the gross book hit £200m and PBT increased over 40% to £5.9m, 3% ahead of the recently upgraded forecasts at the trading update. The momentum has continued into FY25E, and it remains on track to hit or exceed current expectations. We have released FY26E forecasts which show another year of double-digit earnings growth and PBT increasing 16% to £8.1m as the easing of interest rates will likely furth
Companies: Time Finance plc