Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on HARDIDE PLC. We currently have 15 research reports from 2 professional analysts.
|18Oct16 07:00||RNS||Pre-Close Trading Update|
|06Oct16 02:27||RNS||Holding(s) in Company|
|05Oct16 06:10||RNS||Holding(s) in Company|
|29Sep16 01:59||RNS||Completion of further fundraise|
|25Aug16 10:27||RNS||Holding(s) in Company|
|19Aug16 09:01||RNS||Holding(s) in Company|
|17Aug16 09:54||RNS||Holding(s) in Company|
Frequency of research reports
Research reports on
18 Oct 16
Accsys (AXS): Acorn aiming to be a mighty oak (BUY) | Utilitywise* (UTW): Risks discounted leaving significant upside (CORP) | dotDigital* (DOTD): Strong prelims demonstrate strategic execution (CORP) | Hardide* (HDD): Year-end trading update (CORP) | Shanta Gold (SHG): Q3 operating results (BUY) | Hurricane Energy (HUR): Horizontal well interim result (BUY)
18 Jul 16
Topic of the quarter: Could Brexit be a positive for the UK Industrials sector? While the EU and UK are important to each other in terms of trade, the level of that importance is asymmetric: 44% of UK exports go to the EU and a further 10% go to countries with free trade agreements with the EU; only 15% of EU exports go to the UK. As a result, we feel that UK bargaining power is relatively weak and we need to accept the possibility that the UK drops out of the single market and trades under WTO terms with Europe. The extent to which this is a positive or negative for UK Industrials depends entirely on the value of Sterling versus the Euro or US Dollar. We analyse this and conclude that with a 7% (or greater) depreciation of Sterling (versus pre-Brexit levels), all the costs associated with WTO trade are more than compensated for. Big exporters become strategic winners and big foreign FX earners become financial winners. Largely domestic players are at risk. Export or die!
06 Jun 16
The group’s half-year results illustrate the continuing difficult market conditions in oil & gas – its largest end-market. Significant progress with new customer programmes has been seen in the precision engineering and aerospace sectors. Airbus has received its first delivery of coated components for life testing, with several other aerospace components in development or testing. The new US facility is now operational and currently undergoing customer approval. We make no changes to our forecasts, but it is clear that difficult market conditions will continue to suppress trading for at least the next 18 months. Due to new orders recently received, management expect revenues to increase in H2.
06 Jun 16
Avingtrans^: Cash proceeds offer huge opportunities (BUY) | Somero Enterprises*: Encouraging trading update (CORP) | Support Group: Analyst interview | Premaitha Health*: Analyst interview (CORP) | Amino Technologies*: Robust trading update (CORP) | Hardide*: Interim results (CORP)
Innovate, specialise, integrate, globalise
01 Dec 16
Carclo has refocused investment in its established businesses (Technical Plastics and LED Technologies), where a differentiated offer and long-term relationships with customers provide good earnings visibility and more certainty of a return. This strategy delivered strong revenue and profits growth during H117. This growth appears set to continue, underpinned by long-term relationships with blue-chip customers. We leave our estimates and indicative valuation broadly unchanged and introduce our estimates for FY19.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
N+1 Singer - Morning Song 06-12-2016
06 Dec 16
With FY16 volume and revenue already disclosed in the pre-close, the focus in today’s prelims is on PBT (£100.3m versus our £101m) and EPS (96.8p versus our 95.4p). No special dividend triggered this year (none forecast) and DPS is held at 46.8p (N1SE: 48.0p). On end markets, recent commentary is reiterated – the core business is growing, whilst consumer electronics will be subdued in the current year (competitive capacity from Solvay). On currency, there will be a material benefit in the current year (a little more than the £14m to £15m previously indicated), and a further tailwind next year if current rates are maintained (quantum TBC). There is also an investment of £10m today in a minority interest in Magma Global, Victrex’ oil and gas mega programme partner. Although the share price is now close to our TP of 1730p, we feel that there is enough in today’s announcement to retain a positive stance on medium term opportunities with strong cashflow and a special dividend potentially to look forward to in the current year.
VSA Agri Monthly
28 Jul 16
VSA Agri Thought for the Month Leading Brexiteer Andrea Leadsom was appointed Secretary of State for the Department of Environment, Food and Rural Affairs (DEFRA) this month. Perhaps one of the most unenviable jobs in the new UK government, given the importance of EU subsidies to the country’s farming sector. Agra Europe estimated last year that up to 90% of UK farms would not survive without them. Given that the EU Common Agricultural Policy has long been criticised by environmentalists and free-market proponents alike, leaving the scheme is likely to be viewed positively by many. But what comes next? We believe we are likely to see some sort of reduction of subsidies (particularly for the largest farms and most uneconomic activities) as well as greater exposure to foreign imports through additional free trade agreements. We feel a focus on technology and a push for “efficiency” will also be high on the agenda, which could provide a boost to AgTech companies developing products in this area.
N+1 Singer - Carclo - Trading in line; all divisions performing well
15 Nov 16
Trading remains positive with momentum strong in Plastics and LED. For those willing to look past the pension and dividend issues discussed previously (or for those who think bond yields will now start to help the situation), we feel that there is an attractive investment case at these levels (P/E of c.10x March 17). We remain at Buy.