SHORE CAPITAL - Initial Equity Trading Comments - 19 April 2022

Ford enters electric car race, Melrose sees good aerospace growth, Spectris reports lower LFL sales in North America & China

Melrose (MRO LN, £10.8bn) | Trifast (TRI LN, £201m) | Spectris (SXS LN, £3.0bn) | Elementis (ELM LN, £994m) | TT Electronics (TTG LN, £401m) | Renishaw (RSW LN, £2.8bn) | Oxford Instruments (OXIG LN, £904m) | Gooch & Housego (GHH LN, £295m) | Scapa (SCPA LN, £358m) | Trifast# (TRI LN, £201m) | Dialight (DIA LN, £88m)

N+1 Singer - Morning Song 03-08-2016

A G Barr (BAG LN) Struggling to grow the top-line | Devro (DVO LN) Interims a curate’s egg | GlobalData (DATA LN) – contains a video link Video overview

Forecasts reduced on slow start to 2016

Spectris has reported a slow start to 2016 with LFL sales down 4% and declines in each region apart from Asia Pacific. Despite this, management reiterated existing expectations, which were clarified as adjusted operating profit of c.£182-183m, reflecting a combination of its broad spread of end markets and self-help measures to improve profitability. We have reduced our estimates by 4% pa, to adjusted operating profit of c.£181m. With the share price almost in line with our 1765p target price an

Morning Song

Actual Experience (ACT LN) Poised for execution | Halfords Group (HFD LN) Accretive M&A barely alters capital return potential | Scapa Group (SCPA LN) Strong trading and accretive acquisition | Spectris (SXS LN) Forecasts reduced on slow start to 2016

Challenging start to the year

Spectris has issued a subdued AGM trading update for the first four months of the year, with LFL sales down 4% and underlying declines in all regions apart from Asia Pacific. Given this backdrop, the group remains focused on aligning costs to sales and improving efficiency. Management has reiterated guidance for 2016 based on its self-help measures to improve profitability and the diversified nature of its business, but notes that forward visibility is limited. With trading so far weaker than th

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Augean (AUG LN) Site purchase to support ANSS contract | Croda International (CRDA LN) Impressive FY results, 100p special dividend confirmed | Dotdigital Group (DOTD LN) Matching ambition with delivery | Genus (GNS LN) H1’s: strong PIC performance but ABS impacted by weak dairy trends | Oxford BioMedica (OXB LN) Proposed £8.1m placing provides cash resources into H2 2016 | Spectris (SXS LN) Bolt-on acquisition of CAS Clean Air Service

Bolt-on acquisition of CAS Clean Air Service

Spectris has acquired CAS Clean Air Service, a Swiss cleanroom services business, for an undisclosed amount. The business generates sales of approximately £7m, the majority of which from services. CAS will be integrated into Particle Measuring Systems (PMS) within the Materials Analysis division, but remain a distinct service brand. Management expects strong growth once CAS is able to leverage the expertise available within PMS. We do not expect the acquisition to have a material effect on our f

2015 results in line; outlook more positive

Spectris has reported 2015 adjusted operating profit of £181.1m in line with its Q3 guidance, which was for profit towards the bottom of the range at that time of £179-196m. This is in line with our forecast of £180.5m, but is materially above the bottom of the current market range, suggesting upgrades to consensus. Trading does not appear to have weakened since the Q3 trading update and the outlook appears more encouraging than when Spectris last reported, not least to the group’s own efforts t

Forecasts reduced, but move to Hold

Spectris’ Q3 update confirmed a LFL sales decline of 1% and worsening conditions through the four months to the end of October, in common with many other groups in the sector. Updated guidance is for 2015 adjusted operating profit towards the bottom of the range of c.£179-196m. We have reduced our 2015 operating profit forecast by 14% to £180.5m, with larger reductions for the following years, and our target price from 2070p to 1770p. However recent share price weakness means there is modest ups

Subdued trading in line with the sector

Spectris’s Q3 trading update has confirmed a LFL decline in sales of 1% and deteriorating conditions through the four months, in line with the subdued trading reported by many other groups in the sector. Management has updated guidance and now expects full year adjusted operating profit to be towards the bottom of the range. This appears to imply a downgrade to consensus of c.5% and we expect to reduce our forecasts accordingly. However it seems likely that this level of downgrade was already re

Morning Song

AVON RUBBER (AVON LN) Strong FY15 results and prospects remain positive | CARADOR INCOME FUND PLC (CIFU LN) October NAV | SPECTRIS (SXS LN) Subdued trading in line with the sector

Morning Song

Bodycote (BOY LN) H1 decline | Centaur Media (CAU LN) Interims – profit better than expected | Findel (FDL LN) Reassuring AGM statement | Instem (INS LN) Trading in line | Minds + Machines Group (MMX LN) Domain sales growing, cash position strong | Skyepharma (SKP LN) Supportive GSK Q2 2015 results | Spectris (SXS LN) Downgrade to expectations

Downgrade to expectations

Spectris has reported challenging trading in H1, and is guiding to FY profit at the low end of market expectations, including cost reduction measures and before FX. Taking these together we could see a downgrade to our forecasts of perhaps c.7%.

Record next-generation award

Invinity Energy Systems - Mistral Funded For 84 MWh

Invinity has followed the first sale of its Mistral flow battery with the news that the US Department of Energy will make funding available for 84 MWh of these larger units at six sites. This is major potential business in its own right but will also create a portfolio of reference sites, effectively seeding the US market for Invinity. The move gives us confidence in our long-term forecasts. We have factored in a gross margin gain for FY 24 and FY 25 as Mistral gains relative to the older VS3 pr

LIBERUM: Yü Group: Share price fails to reflect the growth

Strix (KETL LN) - Interim results & CMD

Strix has announced interim results for the six months to June showing revenue up 28.6% to £65.2m. The strong top line growth, driven by its 2022 acquisition of Billi, has resulted in gross profits rising 22.6% to £23.9m. Excluding Billi, revenue was down c. 14% yoy. Following updated guidance in today’s announcement, along with its Capital Markets Day, we adjust our forecasts to reflect the slower than anticipated economic recovery along with the impact rising interest rates have had on profita

LIBERUM: Yü Group: More upgrades - again

Focussing on light duty

LIBERUM: Yü Group: More upgrades - again

SP Angel Spec Sits: (YUG) H1 2023: Revised EBITDA Target of £33m+

YUG announced its finacial results for H1 2023 with revised Adj. EBITDA expectations for the year of over £33m, from ~£19m currently.

Invinity Energy Systems - More Progress In Taiwan

Invinity’s 1.1MWh sale to NARLabs adds to existing progress in Taiwan and by providing a verification facility augments the company’s development in a country moving fast to support a large renewable energy roll out.

Interims and earnings update

LIBERUM: ATOME Energy : Poised for a re-rating

Ultimate Products+ (UPGS, House Stock at 117p) - European showroom opens in Paris

ATOME Energy - Progress on Projects

ATOME’s interims reflect the company making rapid progress in developing its green fertilizer projects in Paraguay with Phase I Villeta hoping to reach FID before the year end. The expansion of secured electricity now sees the company with power purchase agreements supporting 445MW of capacity in country.

Hybridan Small Cap Feast - 26 Sep 23

26th September 2023 @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 ob

Robust results, forecasts updated for acquisitions

Avingtrans has reported a robust set of FY23 results with EBITDA growth of 10.6%, marginally ahead of expectations. The Group entered the current year with good momentum and a strengthened order book that now provides over 90% visibility for FY24 and over 45% for FY25. Post year-end the Group acquired the assets of Slack & Parr, a specialist pump manufacturer, and also recently completed the acquisition of Adaptix, a manufacturer of compact 3D X-ray machines, as well as investing further in Magn