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Sandvik released very decent Q3 23 numbers. In particular, margins held up well and ended up flat both year-on-year and sequentially The momentum is, however, just slightly fading away on the order-side front. No big worries at this stage as the top-line growth is obviously bound to slow-down. We had already modelled this, thus the changes to our numbers are likely to be moderate.
Companies: Sandvik (SAND:STO)Sandvik AB (SAND:OME)
AlphaValue
Sandvik released a decent set of numbers for Q2/H1 23. Margins in particular held up well, in a context of still-favourable prices. The order intake suggests however a less positive demand context. Paradoxically, we will fine-tune our numbers upwards since they appear to us to be a bit too conservative.
The Q123 results came in somewhat under market expectations margin-wise. This was despite quite significant (although partly expected) currency headwinds. The order-intake was also a bit disappointing, even if it is sequentially. Although we had been at the low end of the market, our forecasts will be revised a tick downwards. The impact on valuation is likely to remain moderate however.
Sandvik released a very decent set of numbers for FY22, even if a few extraordinary items weighed on the reported profits. While if currency impacts helped, the group’s margins proved relatively resilient despite the current macro headwinds. The level of the order-book was also reassuring. We expect few changes to our numbers and price target after this release.
The group posted a very decent Q3 22 report. Despite some weakness at Rock Processing, the trends remain positive for all three divisions. The order-book increased quite significantly in Q3 despite the tougher market context. All in all, the group should reach our targets for the year. That said, our valuation may look a little optimistic.
The Q2 22 results were pretty decent given the context They still showed a decrease compared to Q1, mainly due to cost inflation We will revise down our estimates, mainly in terms of margin for the current year Our price target will go down, but our recommendation will remain unchanged at this level of valuation
Companies: Sandvik AB (0HC0:LON)Sandvik AB (SAND:OME)
Sandvik released a fairly solid set of numbers. The impact of acquisitions is relatively significant, as expected. SMT, to be distributed to shareholders, is now reported as discontinued operations. The short to mid-term macro outlook is getting more cloudy. We will fine-tune our numbers (exact impact of M&A and lower short-term organic growth).
The group released FY21 results which came out in line with forecasts The Mining and the Metals divisions will benefit from a rather strong order-intake Net debt is still low despite acquisitions The group looks set to reach its mid-term targets We will upgrade our forecasts and valuation after this release
The Q3 21 numbers came in slightly above expectations The order-book rose markedly while logistics issues weighed on revenue growth Margins proved rather resilient, even if a tick lower than in H1 Even if the group does not issue any guidance, we are reasonably comfortable for Q4
The performance in H1 21 came out in line with expectations The Q2 21 numbers were very similar to Q1’s at the top line and profit levels The group still mentions some potential bottlenecks in its operations We will not change our numbers much after this release
Q1 21 numbers came in line with expectations Margins are on the rise, after the weaker FY20 SMT is still under pressure Some bottlenecks may weigh on growth in the next quarters though No big change to our numbers at first glance, but we remain cautious on organic growth going into Q2/Q3
FY20 results were more or less in line with consensus* The Machining Solutions and Material Technology segments are still under pressure The Mining business is doing well, particularly in terms of orders received The balance sheet remains very healthy thus a SEK2.00 extraordinary dividend on top of the SEK4.50 ordinary one We do not expect any major change to our forecasts
Companies: Sandvik AB
Q3 shows an (expected) rebound vs Q2 In particular, Mining&Rock Technology did quite well in the quarter The other divisions are still suffering The recent share price performance leaves little room for a significant upside
Q2 was tough and the outlook not very inspiring The group’s exposure to Aeronautics and Automotive suggests there is still some way to go in terms of recovery In this context, the strength of the balance sheet is a clear asset We expect corporate action and asset rotation to continue to boost the group’s businesses
Q1 20 is of course down due to the COVID-19 crisis Despite the lack of guidance, Q2 is set to be worse, notably in SMS However, we like the margin resilience and ongoing cost-cutting programmes The clean balance sheet is a clear asset in these troubled times We will fine-tune our numbers, with little impact on the valuation in our view
Research Tree provides access to ongoing research coverage, media content and regulatory news on Sandvik AB. We currently have 175 research reports from 4 professional analysts.
Strix has reported FY23 results to 31 December 2023 with adjusted PAT of £20.1m, in line with our updated forecast and company guidance provided in January. Revenue grew 35.2% to £144.6m, benefitting from the full year inclusion of the Billi acquisition, albeit slightly below our forecast of £151.0m. Its core Kettle Controls division also performed robustly, growing 2.7%, ahead of the broader market and indicating market share gain. Recent acquisitions have noticeably improved the Group’s growth
Companies: Strix Group PLC
Zeus Capital
Companies: Yu Group PLC
Liberum
Companies: FOG PEB KBT EMR TIME GETB JNEO
Cavendish
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Cohort announces that its subsidiary SEA (Systems Engineering and Assessment Ltd.) has been awarded a major contract by the UK’s Ministry of Defence to provide Electronic Warfare Counter Measures (Increment 1a) (EWCM 1a) to the Royal Navy with a total value of at least £135m. This includes provision and support of SEA’s Trainable Decoy Launcher System, Ancilia. At the FY 24 interim results Cohort had commented on an overall “increased tempo” of order intake. The Group reported a closing order b
Companies: Cohort plc
Equity Development
Positives emerged, particularly in H2, as the recovery commenced within the kettle controls market. Billi was the architect of the revenue improvement, with LAICA also delivering a double-digit increase in the top line. Margins improved, notwithstanding a change in the mix. Encouragingly, investor concerns on debt were allayed with the careful management of cash, and latterly as bankers raised the net debt/EBITDA covenant to 2.75x. With further emphasis on costs and cash conservation and a lik
Companies: Luceco PLC
Companies: FOG TND BVXP ACC HDD
Quadrise continues to advance towards commercial revenues for its innovative fuel and biofuel technologies, with each of its projects approaching key milestones in 2024. Preparatory steps for the MSC Shipmanagement (MSC) fuel trials are now complete and fuel supply agreements are nearing finalisation. Quadrise will achieve its first licensing revenues on the successful completion of Valkor’s project financing (timing uncertain). Quadrise also successfully concluded its Morocco trial, paving the
Companies: Quadrise PLC
Edison
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Judges Scientific is a group involved in the buy and build of scientific instrumentation businesses. Testament to the strength of its highly engineered offer and global diversified customer base, total revenue increased an impressive 20.2% to £136.1m (organic +15%), with adj. PBT +7.5% to £31.7m (FY2022: £28.3m), 3.1% ahead of our estimate of £30.5m. Fully diluted (FD) adjusted EPS increased a more muted 2.6% (impacted by anticipated tax headwinds) to 368.5p (basic adj EPS 374.5p), 3.4% ahead of
Companies: Judges Scientific plc
WHIreland
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Canaccord Genuity
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Gelion has reported in line H1 FY24 results that demonstrate continued strong cash management and steady progress in its pursuit of next generation lithium-sulphur battery technologies. Encouraging early test results justify last year’s IP acquisitions and validate Gelion’s Li-S battery technology plan, with additional progress expected to be reported in H2 alongside its pursuit of a strategic partner for its planned Advanced Commercial Prototyping Centre (ACPC) facility in Australia. There is a
Companies: Gelion PLC
Forterra’s FY23 (to 31 December) earnings were slightly higher than guidance, which was raised in January, with resilient pricing partly offsetting a steep fall in demand among its main end users, large housebuilders. Our estimates are broadly unchanged, other than reflecting a more conservative stance on the final dividend. Despite a cautious tone in the outlook statement, we believe the largest housebuilders may now rebound more strongly than smaller peers.
Companies: Forterra Plc
Progressive Equity Research
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