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Except for the organic growth, SGS’ H1 results were broadly in line with consensus expectations. Organic growth was higher than expected due to a better than expected recovery in China and solid demand across Natural Resources and Knowledge. However, currency headwinds muted the yoy growth. Profitability was flat yoy and impacted by margin weakness across the two divisions. CFO and FCF followed their customary seasonal pattern. For 2023, SGS raised its organic growth target but we see limited up
Companies: SGS SA
AlphaValue
SGS’ 2022 results were below consensus and our expectations on revenues, organic growth and profitability. Organic growth was weaker than expected in the H2 and stronger currency headwinds weighed on the yoy revenue growth. Profitability was dragged down due to Covid-related disruption in China and higher inflationary pressures in the H2. Consequently, CFO and FCF were down yoy. The group maintained its dividend at CHF80. In 2023, the group will undergo restructuring and we deem the announced ou
SGS’s first half revenues were in line with consensus but profitability was slightly below. Our estimates were marginally higher than the consensus. The main drag on profitability in this half came from the lockdowns in China. Organic growth in revenues was 5.8%. CFO and FCF were lower yoy due to higher working capital investments. The group maintained its guidance for 2022 with mid-single organic growth in revenues and margins similar to that of the prior year. A lot hinges on H2.
SGS delivered full-year results that were narrowly above consensus but better than our estimates, particularly on profitability. The group showed that it is able to generate better margins under its new structure and could improve them going forward. M&A is expected to be an important driver in adding additional capabilities. FCF generation, however, was weaker than expected. Regarding FY22, the group expects decent organic growth with improved margins and better cash conversion. The proposed di
The group’s H1 21 results were pretty much at par with expectations. Revenues and operating profit were largely in line with consensus. However, compared to AV’s expectations, operating profits were lower. FCF was also lower than expected due to higher working capital requirement in comparison to the period before. In terms of guidance for the full year, the group reiterated its qualitative stance given at its investors day. Comparatively, we believe, H2 will be stronger.
SGS’s FY20 results were not too much off expectations. 2020 was a tale of two halves where H1 was plagued by the pandemic and H2 saw business recovery to help the group post a decent result. SGS also completed various acquisitions and one disposal during this time. Going forward, the group will report through a simplified structure. The group proposed a dividend of CHF80 per share, similar to that for FY19.
SGS posted mixed H1 results with weaker than expected sales, while FCF was strong. Unsurprisingly, the company scrapped its full-year guidance due to the pandemic.
SGS’s FY19 results came in broadly in line with consensus at the top line, while it beats expectations on the net profit and FCF. The group’s cost measures seem to bear fruit, and improved profitability, combined with a higher return to shareholders with a 2.5% increase in dividend to CHF80. SGS is a must-have stock as it is a leading TIC company, with a good diversification in its business lines and a healthy balance sheet.
As part of its Capital Markets Day, SGS reaffirmed its 2020 EBITA margin to be above 17%, while for this year organic growth should be lower than expected, due to the challenging macro environment. Management also presented Asia as being a very interresting area for its long-term growth, driven by production shifts with new business in certification.
SGS’s H1 results came in marginally below expectations on organic revenue growth. Despite a +20bp IFRS16 positive effect, postponed payments in GIS impacted the margin development in H1. Thus, the second half should benefit from the collection of these payments. Management remains confident and continues to see robust divisional developments going forward. The downside in our view is related to the M&A strategy which is not aggressive enough to meet the 2020 commitments, especially on the 17% ma
At first glance, SGS delivered a solid performance in 2018, but we are not convinced. Since the start of the 2020 Plan, SGS has acquired CHF300m of revenue, which is far from the billion CHF target over 2016-20. Even though the group expects to accelerate its M&A activities, there still remains much to be done.
SGS delivered H1 results broadly in line with expectations, showing a better-than-expected organic growth (+5.6% vs +4.9% cons), but a touch light on margins (14.6% at cc vs 14.8% cons). The bottom line is mainly affected by exceptional items (c. CHF50m restructuring charge in IND and provisions for cumulative overstated revenues reported in prior periods in Brazil). Key highlights: Revenue growth of +8.5% to CHF3.31bn (+5.6% org, +0.9% acq, +2.0% FX) Increase in adjusted operating income o
Revenue and earnings growth continued in 2017. Dividend per share increased by 7.1% from CHF70 to CHF75. The operating performance is expected to improve further in the current year. M&A activities will be accelerated.
The company reported half year results (no quarterly reporting available). In the first half year, revenues increased 5% to CHF3.05bn (estimate +3.1%). EBIT improved 4.1% (estimate 5.9%) to CHF394m and the EBIT margin declined marginally from 13.6% to 13.5%. EBITDA also increased by 4.4% to CHF570m and the EBITDA margin declined from 13.6% to 13.5%. Net income improved 7% to CHF276m. Management confirmed guidance for the current year.
SGS reported final 2016 results. Revenues increased 4.8% to CHF5.99bn and 6% on a constant currency basis. Acquisitions contributed around 3.5% to revenue growth and 2.5% was organic growth. The operating performance of the company, however, was not really exciting. EBITDA increased 0.7% to CHF1.15bn and real EBIT declined marginally by 0.7% to CHF816m. The EBITDA margin dropped from 20% to 19.2% and the EBIT margin from 14.4% to 13.6%. The adjusted operating margin also declined from 16.1% to 1
Research Tree provides access to ongoing research coverage, media content and regulatory news on SGS SA. We currently have 39 research reports from 4 professional analysts.
Bioventix has published its H1 2024 results to end December 2023, delivering a strong set of interims with continued growth in profitability and free cash flow generation. Revenues grew by 13% to £6.7m with the company’s continued healthy operating margins translating into adjusted EBITDA (ex. share-based payments) growth of 12% to £5.3m. In line with management’s policy of maintaining c.£5m cash on the balance sheet, an interim dividend of 68p was declared (+10%), with net cash at period end of
Companies: Bioventix Plc
Cavendish
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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
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Hardman & Co
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Companies: Inspired PLC
Liberum
Fintel’s 2023 results confirm the group is trading in line with its February update and reveal details of underlying growth, which is meeting management’s growth and profitability targets (see page 2).
Companies: Fintel PLC
Zeus Capital
26th March 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object
Companies: BIRD MBH CHRT INSE KMK FNTL HDD JNEO CCS
Hybridan
The shares retreated 23% in response to an expected dip in full year revenue, but the medium-term outlook remains robust. Client decisions to move a number of planned events pushed back c. £2m of projected revenue into H2/FY25. We believe that the investment case remains attractive. AEO is on track to deliver near record H2 revenue and expects to report at least £19m of sales, £0.4m of PTP for FY24. It has completed the first three quarters of FY24, but typically generates c. 50% of annual sales
Companies: Aeorema Communications plc
Allenby Capital
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SP Angel
Braemar’s FY24 trading update was in line with expectations, with revenues of c £150m and underlying operating profit of c £18m. Underlying operations continue to expand and diversify and the company remains well-positioned to drive its future growth strategy. The trading outlook is promising and Braemar should be able to leverage its strong balance sheet in pursuit of strategic growth. We have maintained our underlying estimates for FY24 and FY25, but edge down the valuation based on the lower
Companies: Braemar PLC
Edison
US Solar Fund (USF) is the only North American focussed solar closed-ended investment fund listed on the LSE. USF is a renewables fund which acquires, develops, and operates a portfolio of utility-scale solar power plants that generate electricity, which is sold to high, creditworthy offtakers under long-term power purchase agreements in the US. USF has a diversified portfolio with a total operational capacity of 443MWdc (329MWdc) comprised of 41 solar assets across four states (Utah, North Caro
Companies: US Solar Fund Plc
25th March 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object
Companies: JSE RTC GCM GDP ORR AEO I3E
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (
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A 66% y-o-y increase in FY23 (June) revenue is built on recent strategic investment in capacity and profile in key global markets. Aeorema Communications plc (AEO.L) now has strong back-end operations, accounts and strategic growth teams, and initial critical mass in the US. This provides a strong platform for growth, a key component of its overarching strategy for future success. Momentum is building on the back of consistently high retention rates and demand from new clients. The full impact o
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