Solid State has issued a post-close trading update stating that FY21 performance is expected to be ahead of the consensus forecasts, which were upgraded in February to reflect positive trading up to that point. Broker consensus FY21e EPS has been raised by 8%. Consensus FY22 estimates, which were raised twice in March to reflect two separate acquisitions, have not been changed to reflect yesterday’s announcement.
Companies: Solid State plc
Solid State is a manufacturer of computing, power and communications products, and value added supplier of electronic components. This morning, the group has released a trading update pointing to the fact that profitability in the year to 31 March 2021 is now expected to be ahead of recently upwardly revised expectations. Principally, this has been driven by both pulled forward demand, partly as a result of increased customer stocking due to certain component shortages, as well as a strong contr
Companies: BYOT SOLI TRI JOG CORA
The group’s trading update points to a strong end to the year, exceeding recently upgraded forecasts. March saw some orders pulled forward as customers mitigated supply chain challenges evident (freight and logistics issues, semiconductor shortages). We therefore upgrade FY21 adjusted EPS by 7.6%, keeping FY22 unchanged. Our price target also increases, in line with the EPS upgrade from 950p to 1020p, offering good upside to the current FY22 P/E rating of 15.2x. This is an encouraging update, co
Solid State has acquired Willow Technologies, a manufacturer and value-added distributor of electromechanical products. The initial consideration payable is c £5.5m cash (net), financed from existing resources. Broker consensus FY22 EPS has been raised by 9% to reflect the earnings enhancement in the first full year.
Solid State is a manufacturer of computing, power and communications products, and a value added supplier of electronic components. This morning, and just two days on from its acquisition of Active Silicon, Solid State has announced the acquisition of Willow Technologies, including its US subsidiary American Electronic Components (AEC), a manufacturer and value added distributor of electro-mechanical products used in strategically important markets such as EV. The gross initial consideration pai
Companies: AGY SOLI ARB
The group has made its second acquisition this week, announcing the acquisition of the Willow Technologies Group for an initial effective consideration of £5.5m. It is a good strategic fit, offering a springboard into the US and enhancing the group’s existing product offering, with good exposure to growth markets. We maintain our FY21 forecasts, with a full contribution in FY22 enhancing EPS by 9.4% to 55.2p. We likewise raise our PT by 9.4% to 950p, pointing to a fair value of 17.2x, attractive
Proposed move to AIM from the main market (standard) by Emmerson (EML.L) to provide Emmerson with access to a market and environment which is more suited, in the Board's view, to the Company's current size and strategy ahead of pivotal period for the Company with the commencement of mine construction at the Khemisset Potash Project expected by end of 2021. Follows recent award of Mining Licence granting Emmerson exclusive right to develop and mine the potash deposit and £5.5m raise to fund ongoi
Companies: LND GDR GAMA SOLI SHED RLE CRU WRES SBI MNO
Solid State is a manufacturer of computing, power and communications products, and a value added supplier of electronic components. This morning, and one week on from its recent positive trading update, the group has announced the acquisition of Active Silicon, a specialist designer and manufacturer of circuit board level solutions for high-performance digital image capture, processing and transmission. The gross initial consideration stands at £6.3m; however, net of cash this falls to £2.7m, im
Solid State has acquired Active Silicon, which designs and manufactures imaging and embedded vision systems that support the capture, processing and transmission of image data in high performance and critical environments. The initial consideration payable is £2.7m cash (net), financed from existing resources. Broker consensus FY22 EPS has been raised by 5% to reflect the earnings enhancement in the first full year.
Companies: SOLI STX TRCS CORA
The group has announced the acquisition, of Active Silicon, a digital image processing and transmission business for an effective cost of £2.7m. It is complementary and additive to the group’s position in opto-electronics and embedded computing. The acquisition is EPS enhancing in its first year, with a 4% upgrade to 50.4p. We also raise our PT by 4% from 835p to 868p, offering decent upside to the current share price. This bolt-on acquisition should be taken well as a useful strategic enhanceme
Solid State’s trading update states that FY21 adjusted profits are likely to be ahead of consensus estimates and FY20, which was itself a record performance. Noting the potential impact of global semiconductor supply chain issues and continued customer uncertainty related to the coronavirus pandemic, management expects FY22 performance to be comparable with this year.
Solid State is a manufacturer of computing, power and communications products, and value added supplier of electronic components. This morning, the group has released a short trading update, pointing to the fact that profitability in the year to 31 March 2021 is now expected to be ahead of market consensus estimates and above the previous financial year, itself a record performance. This has been principally driven by a stronger mix of revenue for higher value-added products, services and soluti
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CAP-XX is a world leading developer and retailer of supercapacitors, an important electrical energy storage technology, that delivers high power densities not possible with batteries. The company, its technology and strong IP position are well proven with more than 62 million CAP-XX supercapacitors sold to-date by CAP-XX and its four licensees. As well as reaching EBITDA positive on an underlying basis for its H1/FY21, it has recently concluded a transformational deal which has seen it acquire t
Companies: CAP-XX Limited
boohoo Group has announced results for the 12 months ended 28 February 2021, reporting a strong finish to the year, with performance ahead of ZC’s forecasts, driven by strong momentum in both the UK and USA in the final months of the year. Profit generation has been robust, despite significant cost headwinds resulting from COVID and the impact of a number of dilutive acquisitions made over the year. The shares have traded sideways in recent months, despite the Group’s continued strong trading pe
Companies: boohoo group Plc
SiS has extended its partnership with the British professional cycling team, serving as a reminder of the group’s market-leading brand, product and innovation agenda, which continues to fuel an exciting pipeline of new products. Management has a clear strategic plan to more than double sales over the next 4-5 years, delivering a double-digit EBITDA margin and 50%+ EBITDA CAGR. With a strong balance sheet, now self-funding, and increasing momentum, we raise our TP to 100p (from 80p), noting that
Companies: Science In Sport Plc
Trading momentum has remained very strong since the group last reported in January, with own Ecomm sales +50% y/y, stores trading ahead of FY19’s levels since re-opening and Friends of Joules and Garden Trading both growing strongly. This drives material PBT upgrades of c.35%-60% over our forecast horizon reflecting the higher sales base and the increasing leverage benefits from the group’s well-invested infrastructure and strong drop through as Friends of Joules and Garden Trading scale. We rai
Companies: Joules Group Plc
Tern plc* (TERN.L, 14.9p/£49m) Portfolio update: Good commercial progress on multiple fronts (04.05.21) | CAP-XX Ltd* (CPX.L, 8.7p/£38.5m) Contract win: Windscreen damage detection application (04.05.21) | Mirada plc* (MIRA.L, 82.5p/£7.3m) FY pre-close: In line and growth in H2 (05.05.21)
Companies: TERN CPX MIRA
Whilst today’s interims reflect the ongoing impact of the pandemic, order intake has been on an improving trend since January, prompting a full year revenue upgrade (from £8m to £10m) within this note. The cost base has been well managed and the Group is well placed to return to profitability as trading patterns normalise post COVID. Following the Tender Offer towards the end of the period, the net cash balance remains a strong £7.8m.
Companies: Zytronic plc
Today's news & views, plus announcements from SGE, CRST, AVAP, WRKS, ASTO,ETX, MBOX
Companies: Avation PLC (AVAP:LON)Crest Nicholson Holdings Plc (CRST:LON)
Following the interims last week, the outlook for earnings appears somewhat mixed. Recovery has been stronger in the Lab Testing & Simulation unit, but Track Testing continues to lag due to COVID restrictions. H2 FY21e and FY22e will benefit from recently acquired Vadotech. However, Group gross margins are likely to be lower with this new activity. Combined with higher overheads, profits are forecast to be squeezed for the rest of this calendar year before reaching pre-COVID levels by end FY22e
Companies: AB Dynamics plc
Burberry has released its FY 20/21 figures (ended in March), above consensus and our expectations.
The rapid full-price sales rebound and margin progression in the second half of FY20/21 have confirmed the improved attractiveness of the brand; in particular, the strong demand in China, Korea and the US has continued to be the firepower.
However, the updated cautious guidance is indicating some weakness in terms of profitability for the near term.
Companies: Burberry Group plc
US & German manufacturing PMI hits lowest readings since 2009, UK manufacturing PMI heads below 50, BorgWarner expects material financial impact from customer production halts
Companies: AVON CGS HAYD HEAD HILS JHD RNO SCPA TWD TRI ZTF SOM GHH
As hinted at in the brief trading update on 20th January, Galliford Try has coped well with COVID restrictions and has delivered a return to profitability, a return of the dividend (1.2p interim), and an improved cash profile. This hasn't come easily, and is the result of a root and branch overhaul of risk processes, the costs base, and internal monitoring and attitudes. In this period it has also been helped by supportive end markets.
Companies: Galliford Try Holdings PLC
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
Companies: AMYT ARBB BPC BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
VW closed a solid Q1, comfortably outperforming market expectations on the back of strong sales in China and a product mix pulled by the higher-end, lifting margins to pre-pandemic levels. The EV offensive continues to gain speed with the group already earning the top spot on European BEV sales. Although the current semiconductor shortage casts a shadow on the Q2 performance, the upgraded margin guidance is a sign of a brighter FY outlook.
Companies: Volkswagen AG Pref
A number of REITs have the ability to thrive in current market conditions and thereafter. Not only do they hold assets that will remain in strong demand, but they have focus and transparency. The leases and underlying rents are structured in a manner to provide long visibility, growth and security. Hardman & Co defined an investment universe of REITs that we considered provided security and “safer harbours”. We introduced this universe with our report published in March 2019: “Secure income” REI
Companies: AGY ARBB ARIX BUR CMH CLIG DNL HAYD NSF PCA PIN PXC PHP RE/ RECI SCE SHED VTA
Residential for rent developer and manager Watkin Jones has signalled “maintained momentum” during H1 in today’s trading statement, which showed new forward sales and further additions to the development pipeline, highlighting the continuing demand from institutional investors for build-to-rent (BTR) and purpose-built student accommodation (PBSA) assets. Fresh property management sales were resilient, despite disruption in higher education, while the reconfigured residential unit delivered robus
Companies: Watkin Jones Plc