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The Q1 22 results were very sound. All segments contributed to the performance. The Q2 and yearly targets were raised EPS-wise. We will increase our forecasts and target price.
Companies: Linde plc (0M2B:LON)Linde plc (LIN:NAS)
AlphaValue
The group’s numbers for FY21 came in slightly above consensus. All geographies performed well in the past year. The outlook released by the group is rather supportive. We will fine-tune our estimates (to the upside) after this release.
Linde’s Q3 21 numbers were solid. Margins were significantly up yoy, marginally down sequentially. All end-user segments currently benefit from a positive trend. The group revised upwards its EPS guidance for Q4/FY21. We will fine-tune our numbers after this release.
Linde released a rather solid set of numbers for H1 21 The improvement in the top line and margins is witnessed across the board The rebound of cyclical end-segments has further helped We will revise upwards our numbers on the release
The Q1 21 results came in above consensus All segments contributed to the performance The yearly target is raised We will increase our forecasts and target price
FY20 slightly above expectations The outlook for FY21 is rather supportive We will fine-tune our estimates upwards after this release
Companies: Linde plc
The discrepancy between H1 US-GAAP and IFRS accounts was not dramatic, but we continue to use European accounting standards as our universe is based on these and as Linde’s historic numbers are also based on these. Nevertheless, a glance at US-GAAP is worthwhile.
ITM Power produces polymer electrolyte membrane (PEM) electrolysers for the electro-chemical splitting of water into hydrogen and oxygen. However, up to now, it has delivered only small quantities, i.e. the company is still in a start-up phase.
The Q1 numbers are the first numbers to include the remains of both Praxair and Linde for the entire period, i.e. the forced disposals are excluded and the accounts do not include merger-related costs and PPA costs on a pro forma basis. The IFRS statements will be released later this month.
Linde plc had announced a $1.0bn share buy-back in mid-December and has now announced a $6.0bn buy-back. Based on the current share price, this represents almost 7% of Linde’s current outstanding number of shares. The transaction will start on 1 May 2019 (or earlier if the previous share buy-back has been finalised before this date) and last until 1 February 2021. Management has decided to pass a large chunk of the proceeds received from forced disposals to shareholders.
Linde’s Board of Directors has decided that the Q4 18 dividend of $0.825 (c. €0.72) will be paid on 27 December. Although Linde plc is not allowed to finalise the merger between Linde AG and Praxair before it has disposed of all activities that were requested by anti-trust authorities, all 551m shares are entitled to this dividend. In addition, the Board decided to authorise a share buy-back programme of up to $1.0bn (c. €880m). The limitations for this are a maximum amount of 5% of the group’s
‘Old’ Linde AG has released sales and operating profit numbers for 9M18 but nothing else. Revenue fell by 1.7% to just above €13bn (+4.8% organic) while operating profit increased by 4.2% to €3.30bn. Linde’s number is close to EBITDA, but it includes one-offs which we do not include in operating earnings. We had expected a sales number of €12.8bn and EBITDA of €3.15bn.
New ‘Linde plc’ has been listed since 29 October and the company is believed to have a total of 558m shares. However, the merger will be effective in early 2019 only, i.e. the group’s 2018 accounts will be Linde numbers and not include Praxair although the number of shares is higher. As a result, some of the valuation metrics change significantly.
Linde has to sell nearly all of its US bulk business as well as certain carbon monoxide, hydrogen and steam methane reforming businesses. Under the condition that these divestments are completed by 29 January 2019, the FTC approves the deal. The European approval has been received as Japanese Taiyo Nippon Sanso today approved its acquisition of the majority of Praxair’s European business. Consequently, the new Linde plc shares will be listed in Frankfurt and New York starting on 1 November 2018,
Linde and Praxair had agreed that they would sell activities around the world with turnover of up to €3.7bn and EBITDA of €1.1bn if cartel authorities forced them to. Up to now, the two have sold revenue of €2.7bn and EBITDA of €0.7bn in Europe and the Americas. Linde has now admitted that the US Federal Trade Commission and other anti-trust authorities require more disposals before they will accept the merger. In fact, these requirements are likely to surpass the threshold Linde and Praxair ha
Research Tree provides access to ongoing research coverage, media content and regulatory news on Linde plc. We currently have 0 research reports from 6 professional analysts.
Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price
Companies: Supreme PLC
Zeus Capital
Companies: FOG PHC FEN BBSN ELIX
Cavendish
Companies: MPE TRI VNET BVXP HVO
Shore Capital
Vianet has published a positive trading update for FY24 with turnover up 7.6% to £15.18m, a 3.5 percentage point increase in gross margin YoY, and adjusted EBITA ahead of market expectations. Net debt continues to fall and closed FY24 at £1.52m (£2.1m at 30 September 2023), demonstrating strong free cash flow generation, even without the benefit of the £0.9m tax receipt received in 1H24, which augers well for a final dividend. The company reported a new contract with Wilcomatic Wash Systems, the
Companies: Vianet Group plc
Capital Access Group
Renewi’s FY24 trading update was in line with management’s expectations and its improved cash generation is reassuring for investors. Attention is now likely to turn the strategic review of the UK Municipals with management stating that they remain on track to update markets by the end of June. This could lead to an exit of key liabilities and leave Renewi as an attractive circular economy investment with strong market positions and organic growth plans, which should assist in generating value,
Companies: Renewi Plc
Edison
Vianet’s FY24 trading update shows FY24 revenue +1% ahead of our previous forecast, adjusted EBITA +2% ahead, EFCF and net debt +£0.6m ahead, and a strategic new customer win with prominent forecourt operator Wilcomatic. A robust FY25 pipeline and outlook leads us to reiterate our FY25E forecasts at this point, with the update highlighting: strong progress renewing and winning new customers on 3-5 year contracts as they migrate from 3G to Vianet’s advanced 4G LTE solutions; the successful integr
Companies: James Latham Plc
SP Angel
Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-
Companies: Headlam Group plc
Norcros has announced the sale of its Johnson Tiles UK business to the current management team for a consideration of £1.0m, with a further modest earnout based on the equity value of the business, both payable in April 2028.
Companies: Norcros plc
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
Companies: CLA STM GLN FXPO KAV GWMO CEY BHP THX EEE
Norcros’s disposal of Johnson Tiles is the latest strategic activity taken by management to better allocate capital to fit with priorities. Last year it closed its UK adhesives operation. Norcros has a compelling investment case, where its new product development initiatives, market positioning and self-help initiatives allow it to take market share in both the UK and South Africa. Its rating is low at 6.0x FY24e P/E, which is attractive, especially when compared to its yield of 5.4% on its well
24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: FTC AGL SRT SOU G4M AOM SUP
Hybridan
Companies: Ilika plc
Liberum
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