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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.
Research Tree provides access to ongoing research coverage, media content and regulatory news on HanseYachts AG. We currently have 7 research reports from 1 professional analysts.
AFC has made strong progress with products and its manufacturing strategy. Despite heavy investment, the cash position, at £27.4m, was slightly better than our estimate for £26.9m, demonstrating good discipline. The monthly cash burn rate (at c. £1.3m) is tracking in-line with our expectations. Generally, we maintain our estimates for significantly increased sales in FY24e and FY25e, with the cash position unchanged. Recent news on commercial progress has been positive. The 30kW H-Power Generato
Companies: AFC Energy plc
Zeus Capital
Spectra Systems (SPSY) has an excellent record in growing profits through its highly regarded technology and relationships with key clients, which include a prominent global central bank. Now, the company is ready for the next stage, and we see the acquisition of Cartor Security Printers as a game-changer in enhancing its ability to continue, and potentially accelerate, this momentum, even as it continues to benefit from a near-term, multi-million-dollar sensor refresh programme with a long-term
Companies: Spectra Systems Corporation
WHIreland
The group’s year-end update flags trading ahead of expectations, achieved by strong growth in its Systems division, with the earlier than expected delivery of a NATO contract just prior to the year-end that pulls forward profit into FY24 making it a record year. Components continue to see a normalisation of orders and slower demand as previously flagged. Order cover is strong and further opportunities in the defence/security sector are leading to investment in Integrated Systems capabilities. Re
Companies: Solid State plc
Cavendish
Today’s trading update confirms FY24E profitability above the top end of previously guided range, with positive trading momentum building into FY25.
Companies: Revolution Beauty Group plc
2023 was a challenging year for Tandem, with cost-of-living pressures impacting demand for many of the group’s products. This led us to downgrade our forecasts several times during the year (including in December), and today’s results are largely in line with those revised projections – revenue -17% YoY to £22.2m and an adj. LAT of -£1.0m (our forecast of -£0.9m). FY24E looks more positive, however: economic pressures are easing for consumers (inflation is falling, interest rate cuts are expecte
Companies: Tandem Group plc
Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. This morning, the group has provided a trading update for the year ended 31 March 2024, reporting the earlier than expected delivery of specific contracts within its Systems division and resulting in the group's FY 2024E revenue and PBT outturn anticipated ahead of our forecasts, with a commensurate decrease in our FY 2025E estimates. The delivery of these contr
Companies: FOG TND BVXP ACC HDD
Companies: LPA SOLI NANO QTX
Encouraging FY23 results from SPSY this morning show profits and cash a touch ahead of expectation and position the company well for a year of strong growth in FY24E. SPSY leads the market in machine-readable high speed banknote authentication, brand protection technologies and gaming security software. The company grew the business robustly in FY23 (PBTA +6%, EPS pared by increased tax payments, progressive DPS), building on a decade of double digit CAGR; and closed the year with the transfor
Liberum
Finals from the leader in machine-readable high-speed bank note authentication, brand protection technologies, security printing, and gaming software, in line. FY23’s stand-out feature was December’s acquisition of Cartor Holdings, the security printing business. As discussed at the time, this has moved Spectra’s Fusion polymer substrate proposition substantially forward, strengthens its competitive position and provides access to state of the art manufacturing facilities. Extending up the suppl
Allenby Capital
While revenue fell short of expectations due mainly to self-tan weakness, progress on margins, cost synergies and efficiency enabled BAR to deliver a reduction in H1 losses. While growth and profitability in other high margin brands has progressed, Skinny Tan trading is not expected to improve until next year. With synergy benefits having mostly annualised, lower sales forecasts impact the timing of the inflection to profit. We now assume losses both this and next year, albeit net cash is mostly
Companies: Brand Architekts Group plc
Singer Capital Markets
Companies: Portmeirion Group PLC
Shore Capital
Dowlais Group’s first set of results were ahead of our expectations, with positive cash generation a highlight despite restructuring and demerger costs. Softer automotive markets will limit margin progress in FY24 towards the double-digit target. Despite this, margins of c 6.5% are still ahead of automotive peers, although the shares trade at a significant discount to our implied generic peer-based valuation.
Companies: Dowlais Group PLC
Edison
Companies: IG Design Group plc
Canaccord Genuity
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