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Reckitt
  • 31 Oct 23
In-line Q3 as Hygiene surprise offset Nutrition softness

Reckitt reported largely in-line Q3 23 numbers with revenue growth of 3.4%. Segment wise, the Hygiene recovery was a pleasant surprise making up for the continued ASEAN market drag on Nutrition. With the continued recovery in Hygiene and the strong underlying trends for the Health segment, the re-iterated FY23 top-line growth guidance (3-5%) comes across as conservative. Hence, we continue to anticipate a high probability of a FY23 beat.

Companies: Reckitt Benckiser Group plc

AlphaValue
  • 02 Aug 23
Q2 23: Multiple positives to take away

Reckitt reported Q2 2023 revenue of £3.53bn, up 4.1% on a LFL basis, driven by growth in Health and Hygiene. H1 revenue was £7.45bn, up 6% LFL. Adjusted operating profit was flat at £1.77bn, with margins at 23.8%, impacted by rising costs. The momentum in Hygiene was underpinned by Lysol’s return to growth, even as Nutrition held on to the 2022 gains. Health saw sustained momentum in OTC and intimate wellness products. We will marginally upgrade our estimates.

Companies: Reckitt Benckiser Group plc

AlphaValue
  • 10 May 23
Good Q1 23 underpinned by encouraging broad-based trends

Reckitt reported strong Q1 2023 results, with revenue up 7.9%/14.4% on a LFL/reported basis to £9.72bn (5.1% ahead of the consensus), driven by double-digit LFL growth in Health and Nutrition. The FY23 growth guidance was raised to 3%-5% including US nutrition headwinds, with the margin guidance reiterated. Kris Licht will replace Nicandro Durante as CEO. We do not expect significant changes to our estimates or target price, but consensus estimates may see a 2-3% upgrade.

Companies: Reckitt Benckiser Group plc

AlphaValue
  • 06 Mar 23
Light FY23 guidance overshadows decent Q4/FY 22 showing

Reckitt reported estimate-beating Q4/FY22 numbers. Q4/FY22 sales were up 6.2%/7.6% respectively, attributable to price/mix effects. The Hygiene business returned to growth in Q4 (+1.3%) while Health (+6.7%) and Nutrition (+19.4%) maintained their recent momentum. The FY 22 adjusted operating margin came in at 23.8% (+90bps YoY). FY23 growth is expected at mid-single-digits (below our expectations) with the margin at or above the 2022 levels. We will trim our estimates by low single-digits to

Companies: Reckitt Benckiser Group plc

AlphaValue
  • 31 Oct 22
Q3 22 beat fails to impress

Reckitt reported strong Q3 22 trading numbers (+7.4% LFL growth), beating estimates. However, the beat wasn’t enough to impress investors, who took note of the 4.6% volume drop and marked the stock price down by 4% during the session following the announcement. Although the FY22 growth outlook was upgraded to 6-8%, this implies a weak Q4, validating investors’ caution. We will upgrade our estimates marginally (1-3%), to reflect the strong Q3 performance.

Companies: Reckitt Benckiser Group plc

AlphaValue
  • 28 Jul 22
Solid Q2 22, Lysol normalization along expected lines

Reckitt reported estimate beating Q2/H1 22 numbers, with sales up 11.9%/8.6%, respectively, on a LFL basis, as strong momentum in Health and Nutrition was partially offset by a normalisation in Hygiene. The H1 adjusted operating margin expanded by 290bps, which is noteworthy within the context of an inflationary environment. Following the strong H1, Reckitt upgraded its FY22 guidance. We expect a mid-to-high single digit upgrade to our estimates.

Companies: Reckitt Benckiser Group plc

AlphaValue
  • 31 May 22
Abbott’s loss is Reckitt’s gain

Abbott, the leader in the US infant formula market, initiated a voluntary recall of its products in February 2022, following reports of serious bacterial infections in four infants. Abbott’s crisis added to the woes in a market already challenged by pandemic supply-chain issues. Though the situation is unfortunate, it does present Reckitt, the number two, with an opportunity to take market share in a highly profitable market. Importantly, this is a sticky market.

Companies: Reckitt Benckiser Group plc

AlphaValue
  • 29 Apr 22
Q1 22: Very healthy and nutritious start to 2022

Reckitt reported estimate-beating Q1 22 sales, with the 5.6% growth largely attributable to price increases in response to inflation. Health (+20.6%) and Nutrition (+20.4%) more than offset the larger than expected decline in Hygiene (-9%). Not surprisingly, FY 22 top-line growth is now expected to be at the high end of the previous 1-4% range. We will upgrade our estimates marginally to reflect the strong Q1 and upgraded outlook.

Companies: Reckitt Benckiser Group plc

AlphaValue
  • 18 Feb 22
FY 21: looking beyond the short-term troubles

Reckitt reported mixed Q4/FY 21 earnings, beating top-line estimates but missing on the operating profit (met AV’s estimates on both). Q4/FY 21 revenue was up 3.3%/3.5% while the FY 21 adjusted operating profit margin came in at 22.9% (ex-IFCN China). However, the stock reacted positively (+5%), as the impact of the soft 2022 guidance was overshadowed by the positive mid-term outlook. We will trim our near-term estimates, which will be more than offset by increases in our mid-term forecasts.

Companies: Reckitt Benckiser Group plc

AlphaValue
  • 27 Oct 21
Surprising FY 21 guidance following solid Q3 21

Reckitt reported estimate-beating Q3 21 sales, registering growth of 3.3% on a lfl basis (vs -0.3% consensus). The nutrition segment was finally back to growth following the disposal of IFCN China (completed on 9 September). Importantly, e-commerce sales (+23%) built on the momentum seen in 2020, with 2-year growth at 86% (vs 2019). The firm now expects FY21 growth of 1-3% (vs 0-2% earlier). We will upgrade our estimates to factor in the strong Q3 as well as upgraded outlook.

Companies: Reckitt Benckiser Group plc

AlphaValue
  • 27 Jul 21
Q2/H1 21: a worrisome miss

Reckitt Q2/H1 21 numbers missed estimates. Q2 sales declined 1%, hurt by slowing Hygiene growth (+7.8%) and weaknesses in Health (-5.6%) and Nutrition (-9.7%). H1 sales were up 1.5%, driven by Hygiene (+18.1%). The adjusted operating profit margin (-290bp to 21.6%) was hurt by steep rise in input prices. FY 21 guidance (0-2% growth, 40-90bp margin contraction) was re-iterated (ex-IFCN China incremental margin offset by cost inflation). We will cut our estimates to factor in the soft growth/marg

Companies: Reckitt Benckiser Group plc

AlphaValue
  • 28 Apr 21
Hygiene charged Q1 showing; unchanged guidance is surprising

Reckitt reported strong Q1 21 revenue, trumping estimates by 1.6%. Q1 revenue was up 4.1% on a lfl basis, to £3.51bn, attributable to 28.5% growth in Hygiene, which offset the weakness in Health (-13%) and Nutrition (-7.4%). E-commerce maintained momentum with 24% growth. FY21 outlook was unchanged: 0-2% top-line growth with 40-90bp margin contraction yoy. We will raise our estimates to factor in the strong Q1 showing and re-iterate our positive stance on the stock.

Companies: Reckitt Benckiser Group plc

AlphaValue
  • 01 Mar 21
Hygiene momentum will continue into 2021

Reckitt reported largely in line Q4/FY 20 results. Q4 revenue was up by 10.2%, driven by Hygiene (+25.7%). The FY adjusted EBIT came in at £3.3bn with the margin at 23.6%. The final dividend remained unchanged at 101.6p. E-commerce sales were up by over 56% (~12% of revenue). The firm confirmed M&A developments which realign its portfolio towards faster-growing markets. FY21 growth is expected at 0-2% with a 40-90bp margin contraction. We do not expect any major change to our estimates.

Companies: Reckitt Benckiser Group plc

AlphaValue
  • 22 Oct 20
Q3 20: no sign of stockpiling headwinds…

Reckitt reported stronger than expected Q3 20 revenue growth of 13.3%, on an lfl basis, to £3.5bn, driven by strong growth in Health (+12.6%) and Hygiene (+19.5%). Factoring in FX headwinds of 6.4pp, reported growth came in at 6.9%. Management upgraded FY20 top-line growth expectations to low double-digit (vs high single-digit earlier) while keeping EBITDA guidance unchanged (350bp margin contraction vs FY 19). Following the strong Q3 performance, we will raise our estimates as well as the targ

Companies: RBN RKT RB 3RB RBGPF

AlphaValue
  • 05 Aug 20
Hygiene worries drive a strong H1 20 showing

Reckitt reported strong H1 20 results, beating consensus as well as our estimates. Sales were up 11.9%, driven by Hygiene (+16.1%) and other health (+22.7%). The top-line growth was mainly attributable to volumes (+11%), which largely contributed to a 90bp expansion in operating margin (24.5%). Following the strong H1, management now expects high single-digit growth in FY20 (vs higher than 0.8% previously) with margin expectations unchanged (-350bp vs FY19). We will be raising our estimates.

Companies: Reckitt Benckiser Group plc

AlphaValue

Reckitt Benckiser Group plc

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  • 23 Apr 24
PROGRESSIVE: Watkin Jones: H1 in-line amid reviving investor appetite

Watkin Jones’s guidance for FY24E is unchanged in its trading update for the first half to 31 March. We maintain our forecasts for the full year and introduce half-year estimates, in line with reiterated guidance that performance will be significantly H2 weighted. The group confirms a continuing gradual recovery in appetite among institutional investors to forward fund its build-to-rent (BTR) and student developments. We believe this should gather pace as the direction of interest rates becomes

Companies: Watkin Jones Plc

Progressive Equity Research
  • 22 Apr 24
Ceres Power Holdings - Strategic partnerships powering growth

Ceres Power Holdings’ innovative technology uses electrolysis to produce green hydrogen and solid oxide fuel cells to generate power. In a year where it moved to the Main Market of the London Stock Exchange, it recorded revenue growth of 13% and gross margin expansion to 61% (the highest in the sector, according to management), but is yet to record an operating profit (FY23 operating loss of £59.4m versus £54.0m in FY22). Ceres continued its strategy to drive innovation and technology across sol

Companies: Ceres Power Holdings plc

Edison
  • 14 Mar 24
Hybridan Small Cap Feast - 14 Mar 2024

Banquet Buffet*** Abingdon Health 9.25p £11.3m (ABDX.L) The lateral flow contract development and manufacturing organisation announces its unaudited interim results for the six months ended 31 December 2023. Revenue increased 117% to £2.4m (H1 2023: £1.1m). The Adjusted EBITDA loss decreased 47% to £1.2m (H1 2023: £2.2m). Furthermore, reduction in operating loss of 50% to £1.2m (H1 2023: £2.4m). The Board therefore expects that H2 2024 revenue will be significantly improved compared with H1 2024

Companies: CPX SLP FA/ FIPP ECR ETP ORCA

Hybridan
  • 04 Dec 23
AFC Energy (AFC LN) - First modular ammonia cracker system

AFC has unveiled a groundbreaking modular ammonia cracker system demonstrating viable and scaleable production of hydrogen in the UK using this method. The cracker system is designed to deliver 140 tonnes of fuel cell grade hydrogen each year. Hydrogen from the plant will initially be targeted for sale into AFC’s UK H-Power Generator deployments, including those with Speedy Hydrogen Solutions. Along with the recent purchase of the mobile storage and distribution assets of Octopus Hydrogen, AFC c

Companies: AFC Energy plc

Zeus Capital
  • 05 Apr 24
Gooch & Housego (GHH LN) - A chink of light

Gooch has issued a positive update for H1. Trading has started to recover with stocking levels normalising at industrial and medical devices customers. The outlook is positive with growth returning, and management has confirmed our full year estimates (adjusted for the disposal of EM4). The order book and order flow appear healthy, and net debt is comfortable. Gooch clearly still has plenty to do to lift operating margins from a lacklustre 8.1%, but the transformation plan appears to be back on

Companies: Gooch & Housego PLC

Zeus Capital
  • 27 Apr 23
PROGRESSIVE: Sanderson Design Group: Delivering to strategy against an unhelpful global backdrop

Sanderson Design Group (SDG) continues to deliver on its key strategic initiatives and growth drivers despite a challenging global backdrop. The group’s FY23 performance showed flat revenue, with adjusted underlying PBT rising £0.1m to £12.6m. Net cash dropped back to £15.4m, with the total dividend maintained at 3.5p. The star performers were Licensing (reported revenue +25%), the Morris & Co brand (+16%) and the US market (+20%). Our forecast revisions assume more modest sales progression, wit

Companies: Sanderson Design Group PLC

Progressive Equity Research
  • 17 Apr 24
Surface Transforms - New guidance – forecasts under review

Surface Transforms has issued new revenue guidance for FY24, with the company now expecting revenues in the range £17.5-22m. We are withdrawing our previous forecasts for FY24 and withdrawing our price target while we review the impact of the new guidance.

Companies: Surface Transforms PLC

Cavendish
  • 02 Apr 24
Solid State - Anticipating record adjusted PBT in FY24

Solid State’s trading update affirms the sustained strength in demand throughout H224, resulting in record FY24 revenue and adjusted PBT ahead of prior consensus of £155m and £12.5m, respectively. This is attributable to the earlier-than-expected delivery of a NATO contract. As a result, consensus FY24 revenue and adjusted PBT estimates have been raised by c 6% and c 20%, with respective FY25 estimates declining commensurately.

Companies: Solid State plc

Edison
  • 17 Apr 24
Hybridan Small Cap Feast - 17 April 24

17th 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: ARS TIDE SCE SNX ECK CNS TST SPEC SSTY

Hybridan
  • 26 Mar 24
AFC Energy (AFC LN) - FY23a and outlook: good progress

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
  • 17 Apr 24
Surface Transforms plc (SCE LN) - Forecasts and valuation withdrawn

We note the regulatory announcement this morning from Surface Transforms and withdraw our estimates and valuation, pending conversations with management.

Companies: Surface Transforms PLC

Zeus Capital
  • 28 Sep 22
Surface Transforms - Fund raise for the profitable growth phase

SCE is raising £16m through a placing (and up to a further £3m through open offer) to fund substantial expansion and additional working capital. This will enable the Group to grow to £75m revenue capacity in the near term, commence the build and equipping of a new factory and then (with internally generated free cash flow) scale to £150m revenue capacity and beyond. With a contracted order book of £190m and a prospective pipeline of £400m, this is clearly the time to seize the opportunity. The e

Companies: Surface Transforms PLC

Cavendish
  • 08 Jan 24
Zeus Top Picks for 2024 - 2023 review and outlook for 2024

On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div

Companies: PTAL GHH IGP MSLH PINE NXQ EQLS NXR AXL

Zeus Capital
  • 11 Oct 23
PROGRESSIVE: Sanderson Design Group: Interim profits rise – reflecting strength in strategic growth pillars

Sanderson Design Group (SDG) has reported an 8% increase in interim adjusted PBT, to £6.8m. This was achieved despite a weak backdrop in the home UK market and a 2% decrease in overall group revenue. Increased profitability was driven by strong performances in two of its key and higher-margin strategic growth pillars – Licensing and North America – which grew by 82% and 10%, respectively, on a reported basis. New product launches, including Disney Home x Sanderson, have seen sampling running at

Companies: Sanderson Design Group PLC

Progressive Equity Research
  • 08 Feb 24
PROGRESSIVE: Sanderson Design Group: Strategic growth pillars bolster results

Sanderson Design Group has delivered its full-year trading update to 31 January 2024. Group revenue has eased back 3.1% to £108.5m on a reported basis, following the 2% decline in H1. The strongest performances were delivered by the strategic growth cornerstones of Licensing and North America, offset by challenging market conditions in the UK, Europe and the Rest of the World. A strong balance sheet saw year-end cash rise to £16.2m, compared with £15.4m at year-end FY23. Having traded in line wi

Companies: Sanderson Design Group PLC

Progressive Equity Research