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Resetting forecasts after the sale of Privilege TARGET CHANGE CHANGE IN EPS 2022 : € (0.78) vs 0.33 ns 2023 : € 0.21 vs 0.60 -64.8% We have rolled over our model and updated our estimates following the group's FY21/22 publication and the divestment of Privilege. Our estimates also take into account the half-year results of the group for this fiscal year, in which it cut its guidance for EBITDA and net income. Hence, our EPSs for both 2022 and 2023 have been slashed to reflect the upat
Companies: HanseYachts AG
AlphaValue
TARGET CHANGE CHANGE IN EPS 2021 : € (1.12) vs 0.13 ns 2022 : € 0.33 vs 0.33 We have cut our EPS forecasts following the revised guidance from the group, which now indicates much-lower profitability. Like other companies, the ongoing supply-chain issues and cost inflation have affected Hanseyachts. Additionally, employee hiring and costs are also proving to be a hurdle. However, we see the situation gradually improving as these pressures ease. CHANGE IN NAV € 8.53 vs 9.22 -7.45% O
Hanseyachts Q3 results were a mixed bag. Similar to previous quarters, revenues and orders registered significant growth yoy. However, EBITDA was hampered by higher costs arising from the ongoing price inflation and supply-chain hurdles. Personnel hiring and costs were also an area of concern. These issues hindered the delivery of yachts to customers. Consequently, the company revised downwards its EBITDA guidance. On the positive side, the demand has not abated and the company has been able to
Hanseyachts released a decent set of numbers for H1 FY22. The company saw sustained momentum in orders and recorded higher revenues over the previous year. The company, however, did face some pressure on costs due to input price inflation. The supply-chain issues seen in Q1 also persisted. Despite these factors, the company narrowed its loss yoy. With production facilities running at full capacity and, given that H2 is the stronger half, FY22 should finish on a strong note.
Hanseyachts not only finished FY21 with a record number of orders and a strong liquidity position, it continued to build on it in Q1 FY22. The company’s FY21 revenues came in slightly above our estimates but profitability was lower than expected. However, Q1 was better than anticipated on all fronts despite the ongoing supply chain restrictions. The outlook for FY22 is also exciting and Hanseyachts aims to reach €200m in revenues and an EBITDA margin of 10% in the medium term.
In this piece, we explore the recent steps taken by Beneteau to explore the waters by investing in rental companies and its potential implications for Hanseyachts.
Hanseyachts has concluded its year with a record number of orders in its history with more than 1,000 boats expected to be delivered in the next couple of years. However, supply chain issues continue to plague the delivery and may not abate immediately. On the positive side, the company is launching another brand related to motorboats and will expand its manufacturing in Poland to service the order book.
Hanseyachts’ Q3 results showed similar trends to those seen in Q2. Orders continued to be the standout with the company registering a record tally. However, this did not translate into revenue and profit growth as the aftereffects of the pandemic continued to hamper operations. Cash flow from operations, though, was positive and the liquidity position remained strong. In terms of outlook, the management has guided for both revenues and EBITDA to be lower than the previous year.
Hanseyachts continued to build up on its strong Q1 results with a good Q2, which improved the first-half performance. The order backlog touched new highs, even though revenues somewhat declined due to the effects of the pandemic. The most interesting development was a positive cash flow from operations compared to a negative one in the previous year. Liquidity, too, remained at an assuring level.
Hanseyachts reported better than expected figures for Q1 FY21, as both new orders and the order backlog registered record highs. Revenues and EBITDA were also better than expected compared to the previous year. Moreover, the outlook for the market appears to be improving and the group’s production capacity is already full when it comes to sailing & motor yachts as well as catamarans. The group’s liquidity position also remains solid should the need for it arise.
Companies: HanseYachts AG (0EN5:LON)HanseYachts AG (H9Y:ETR)
Hanseyacht’s 9M earnings have been affected by the acquisition of Privilège and the lockdown. This has resulted in lower productivity and slower production, which mechanically has increased the level of inventories with boats in progress to be finished and delivered. Due to the lack of visibility, management is now expecting a net loss for the group in FY19/20. We, however, remain positive on Hanseyachts which has a strong brand portfolio and should also benefit from its leaner structure of prod
Hanseyachts’ H1 earnings came into negative territory largely driven by the integration of Privilège, high marketing costs supporting the group’s strategy, and boat show expenses. Because all this was expected, we stick to our scenario based on a recovery in H2. We confirm our positive view on the stock.
The growth in motorboats is intact. 2019 was a very good year for all boating companies and 2020 remains promising, with motorboats remaining the growth driver. Therefore, we remain confident on Hanseyachts, which is well positioned in this segment and prepared to capture the future growth thanks to its in-house development department with a connected mould-milling facility.
Hanseyachts reported its Q1 results. Figures were overall well-oriented and the company provided a positive outlook for the year, despite the low single-digit one-off losses related to the integration of Privilège. Buy rating confirmed.
Hanseyachts reported a very robust set of FY18/19 results, with a strong performance in all KPIs. The average selling price also improved to a record level of €250k per boat, benefiting from a better mix in motor boats, but not only. We start to see the benefits related to efficiency measures implemented last year, resulting in lower production costs. Therefore, we believe the company is now well oriented and prepared for the coming years. Buy rating confirmed.
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Sanderson Design Group (SDG) has announced its FY24 full-year results, which are in line with the headline figures from its February trading update. A record year for Licensing and a strong performance in the key North America market helped to offset a challenging consumer environment in other geographies, most notably the UK. While this backdrop is set to persist in FY25E, the group will continue to focus on its strategic growth drivers, notably North America and Licensing, to deliver sharehold
Companies: Sanderson Design Group PLC
Progressive Equity Research
We are reiterating our Buy rating and $22.50 price target for Betterware after the company reported an impressive 1Q, with better than expected top line results. Further, management reiterated 2024 revenue and EBITDA guidance. There was also material progress at Betterware, which enjoyed double-digit increases in average ticket and revenue and is nearing the shift to positive growth in Associates. JAFRA Mexico also registered another strong quarter, as the acquisition has remained a key winner.
Companies: NUS MED NUS BWMX MED DDMX
Small Cap Consumer Research LLC
Companies: N Brown Group plc
Shore Capital
Ceres Power Holdings’ innovative technology uses electrolysis to produce green hydrogen and solid oxide fuel cells to generate power. In a year where it moved to the Main Market of the London Stock Exchange, it recorded revenue growth of 13% and gross margin expansion to 61% (the highest in the sector, according to management), but is yet to record an operating profit (FY23 operating loss of £59.4m versus £54.0m in FY22). Ceres continued its strategy to drive innovation and technology across sol
Companies: Ceres Power Holdings plc
Edison
We are reiterating our Buy rating and $0.25 price target for Starco Brands, leaving our 2024 projections basically unchanged and rolling out another year of double-digit top and EBITDA growth after the company reported inline 4Q23 results and left 2024 guidance unchanged. We believe, with multiple potential expansion opportunities in category adjacencies and new relationships, continued innovation and vertical integration and the potential for further accretive acquisitions (which are not in our
Companies: ELF EL STCB EPC COTY IPAR DGE IPAR EL UNILEVER EPC STCB ELF COTY
Companies: CT Automotive Group Plc
Liberum
Wise experiences a noteworthy growth in active customers, with a 30% YoY increase to 7.5mn, consistent with our projections, in the quarter ended 31 December 2023 (9M24). Active personal customers surged by 30%YoY to 7.1mn, while business customers saw a 23% YoY growth to 392k. The robust financial performance of Wise was largely driven by the rising adoption of multi-feature usage by both personal and business customers. Approximately 46% of personal customers and 60% of business customers no
Companies: WTC WWG WISE 002253 WIHN WIST WISE 065370 273060 9918 IBS WISE 5245 8932 2481
Hypothesis Research
Companies: BBY BYG FOUR SRP CTEC IDS SUPR DOM BOO
McBride has witnessed improving momentum in its business during H123, with the company returning to positive adjusted operating profit during the last two months of the period. This trajectory has continued into the start of H2 and is coupled with some early signs of stabilisation in certain input costs and higher volumes from new business wins. The current retail environment is favourable as cost-conscious consumers turn to private-label products, and McBride has gained share of this segment. T
Companies: McBride plc
On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div
Companies: PTAL GHH IGP MSLH PINE NXQ EQLS NXR AXL
Zeus Capital
IG Design Group delivered a 27% increase in adjusted PBT to $34.8m for H1 FY24 (to 30 September) with a significant reduction in net debt to $15.1m, as signposted in last month’s trading update. The adjusted operating profit margin was some 270bps higher at 8.6% (vs 5.9% in H1 FY23), the highest achieved since H1 FY20 ahead of the CSS acquisition. Management has provided more details on the key attributes and initiatives for its new growth-focused strategy. The group is on track to return to pre
Companies: IG Design Group plc
Canaccord Genuity
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