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Research Tree offers HARDIDE PLC research coverage from 2 professional analysts, and we have 15 reports on our platform.
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|18/10/2016 07:00:07||London Stock Exchange||Pre-Close Trading Update|
|06/10/2016 14:27:35||London Stock Exchange||Holding(s) in Company|
|05/10/2016 18:10:03||London Stock Exchange||Holding(s) in Company|
|29/09/2016 13:59:13||London Stock Exchange||Completion of further fundraise|
|25/08/2016 10:27:59||London Stock Exchange||Holding(s) in Company|
|19/08/2016 09:01:28||London Stock Exchange||Holding(s) in Company|
|17/08/2016 09:54:34||London Stock Exchange||Holding(s) in Company|
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N+1 Singer - Morning Song 18-10-2016
18 Oct 16
1Spatial delivered a soft first half performance showing slower revenue development in its higher-margin Geospatial business, thereby impacting overall adjusted EBITDA. The group has a strong order book (of which the Geospatial component is up 30% y-o-y) and has built up a solid pipeline of opportunities which it expects to convert in the next six months. As such, the group is maintaining guidance for the year, albeit performance will be heavily H2-weighted. We believe the 1.1x EV/Sales and 6.2x EV/EBITDA Jan’17 rating does not reflect the potential of an IP-rich, productised business that is leveraging partnerships to scale growth – but recognise that stronger revenue traction is required to buoy confidence and drive the re-rating of the shares.
N+1 Singer - Carclo - Updated forecasts; P&L largely unchanged; debt reduced
18 Oct 16
As we said last week, the acquisition looks to be sensible and at a good price, while the placing has reduced debt levels. EPS is largely unchanged in both years, although we hope our acquisition assumptions may be conservative and currency should offer potential upside in FY18. Last week’s announcement confirmed that trading is in line and, subject to the pension and dividend issues discussed previously, we feel that the Group remains good value at these levels and remain at Buy.
N+1 Singer - Applied Graphene Materials - First production order reinforces confidence
17 Oct 16
As trailed at the pre-close, AGM’s FY16 prelims are in line with expectations in terms of loss before tax and net cash. 2016 was a busy period for the Group with substantial commercial progress culminating in the news of a first production order last week. Significant news in today’s update includes confirmation that the US patent has been granted and a new development programme is underway with Airbus Defence and Space. 2017 promises to be an exciting year as commercial production commences. The Board retains its ambition to build a global graphene market leader.
Pharmaceuticals made the pace
28 Jul 16
Management lifted FY guidance after another strong quarter. Sales weakened 1% to €11,883m (volumes: +4%; prices: -2%; FX: -4%) in Q2, but the gross profit margin improved further (57.5% after 56.1%). EBITDA grew +12% to €2,952m and net profit attributable to shareholders rose +19% to €1,448m. Despite the stronger operating performance, operating CF stood fairly unchanged at €1,982m as NWC outflow strongly moved up from €-205m to €-374m, hit by significantly higher other changes in working capital (€-773m after €-51m). Investing CF moved from €-527m to €-1,245m driven by higher outflows for current and non-current financial assets. Financing CF swung from €334m to €-3,235m primarily due to the more than €3bn swing in debt moving from net gross debt proceeds of €2,349m to net gross debt repayments of €-950m. Management adjusted the detailed 2016 guidance, now expecting sales of €46-47bn (above €47bn) and EBITDA before one-offs is seen to increase at a high single-digit (mid-single) percentage.
N+1 Singer - Elementis - Challenging H1, well positioned for future recovery
02 Aug 16
Elementis’ interims confirm a challenging period for the Group, but come as no surprise following the trading update of late June. Management’s expectations for the full year are explicitly reiterated today. We make some modest forecast changes (PBT -4% in FY16), having been towards the top of the range. We believe investors will now increasingly turn their attention to the recovery potential in a number of Elementis’ core markets and, more keenly, to any change in strategic emphasis under the new leadership team. Any strategic refinement is likely to be set out more clearly at November’s Capital Markets Day. In the meantime, a dividend yield of 5.7% (inc special) should provide firm share price support.