Panmure Morning Note 29-09-2016

PANMURE: While the music is playing

PANMURE: GENERAL INDUSTRIALS - FLASH - 16.03.2016

PANMURE: H1 Preview: Bowman Part II or Something New?

Panmure Research - Industrial Engineering 20-01-16

Panmure Morning Note 19-11-15

Panmure Morning Note 17-11-15

Panmure Research - Smiths Group Flash 23-09-15

Panmure Research - Industrial Engineering 18-09-15

Strix (KETL LN) - H1 trading reassuring, strong cash performance

Strix has released a trading update for the six months to June (H1 24) confirming that trading remains in line with expectations (Zeus FY24e PBT: £24.2m). Cash generation in the period has been strong and follows an exceptional performance in FY23, where management converted over 100% of EBITDA into operating cash flow. Net debt is now comfortably below 2.0x and Zeus forecast it to reach 1.7x by year end. Leverage risk has materially reduced in the last six to eight months and gearing could reac

AUCTUS ON FRIDAY - 26/07/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target of A$0.75 per share: Diversified and high impact newsflow over the balance of 2024 – ADX has confirmed a very busy programme of activity from September. The overall unrisked value of the programme is ~A$1.70 per share, which represents 17x the current share price. In early September, ADX will drill the Anshof-2A side track. The well is expected to intersect thick Eocene reservoirs similar to that encountere

Smiths News - Refinancing releases dividend shackles

Smith News’ H124 results highlighted the robustness of the underlying business, but also revealed the success that management is achieving in creating long-term shareholder value. For example, 74% of revenue is now contracted until 2029, the recent refinancing saves costs and removes the dividend restriction, and the organic growth initiatives are gaining significant momentum. Furthermore, the revised capital allocation policy raises the possibility that modest, self-funded M&A could add further

Hybridan Small Cap Feast - 25 July 24

* 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, or it is a rumour Dish of the day Admissions: None Delistings: None What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 8th July 2024: Rome Resources: The Canada-based early-stage resource exploration Company has announced its intention to IPO on AIM in order to continue to make

Early operational recovery and net debt cut

We are encouraged by the H1 trading update. The highlight was the news that the decline in indebtedness/key covenant ratio has triggered a lower interest rate on outstanding debt. The update stated that the net debt/EBITDA ratio had fallen comfortably below the 2x level. We envisage this falling to modestly below 1.7x by the year end and achieving the Group’s target of 1.5x during FY25. Good progress was seen within Kettle Controls and Billi during the period. Shipments of kettle controls are a

Activity building after period of strategic change

eEnergy’s H1 update confirms that trading remains in line with expectations with momentum building at the start H2’24. As previously reported, H1 started slowly as a result of weak market conditions and balance sheet constraints, which were resolved by the sale of the Energy Management (EM) division in Q1. Encouragingly, market conditions have improved and full year revenue guidance has been maintained at £25-26m. We make no changes to our underlying forecasts or fair value of 13p/ share. In o

Judges Scientific (JDG LN) - Subdued order intake to impact FY earnings

Judges Scientific is a group focused on acquiring and developing companies in the scientific instrument sector. As alluded to at the time of the AGM in May, subdued order intake, notably in China / Hong Kong, has persisted, with H1 organic order intake decreasing 4% in H1 (against H1-23 +14%). This, along with ‘some significant projects being delayed into H2 or 2025’, has translated to H1 organic revenue growth of -3%, the impact of which results in an estimated H1 YoY decrease in adjusted basic

PROGRESSIVE: Forterra: Housebuilding slowdown dampens demand

Forterra has indicated that recent industry-wide data showing declines in brick deliveries as a result of lower housebuilding volumes is likely to impact its expected FY23 volumes, leading the group to moderate current year guidance for revenue and PBT. Forterra has responded by outlining further steps to align production with demand, but notes that heightened political focus on increasing housing supply reinforces its long-term confidence.

PROGRESSIVE: SDI Group: Solid update reflects strong second half

SDI Group’s trading update for the year ended 30 April 2024 is in line with current guidance for FY24, with good momentum heading into FY25. This reflects the hands-on approach under the new CEO, addressing short-term issues that had led to underperformance in some businesses. The underlying portfolio performed well in terms of profitability and cash generation, with improved trading in a number of businesses. The increased cashflow in H2 and significant headroom within its banking facilities le

PROGRESSIVE: Forterra: Guidance maintained amid early signs of uplift

Today’s AGM statement reaffirms Forterra’s FY24E guidance despite a continuation of ‘challenging’ conditions, made worse by record rainfall. The group expects a greater H2 weighting than previously guided, but has seen improved demand for front-end housebuilding materials, including foundations products. This tallies with our belief that housebuilders have re-entered the land market and plan to increase production as early as Q2.

Judges Scientific+ (JDG, House Stock at 10,100p) - Geotek acquisition, synergistic

Judges Scientific+ (JDG, House Stock at 11,300p) - Challenging H1 trading update, forecasts reduced