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What you need to know: • ADF Group reported Q4 & FY24 financial results this morning that beat our expectations across the board. • For Q4, revenue came in at $88.4M (+72% YoY) vs. our estimate of $77.1M and EBITDA came in at $15.5M (+164% YoY) vs. our estimate of $13.6M. • FY24 marked another stellar year for ADF as it benefits from infrastructure spending across North America and the automation capex program at its Terrebonne facility. Management expects this cycle to extend 3-5 years. ADF Gr
Companies: ADF Group Inc.
Atrium Research
What you need to know: • ADF Group will be reporting Q4 & FY24 financial results on April 11th before market open. • For Q4, we are expecting revenue of $77.1M (+50% YoY), gross margin of 22% (vs. 18% last year), and adjusted EBITDA of $13.6M (+132% YoY). • We view the recent pullback in DRX stock as a major buying opportunity ahead of another record year ahead while valuation remains cheap at 4.5x FY25E EBITDA. ADF Group (DRX:TSX, ADFJF:OTC) announced that it will be reporting Q4 & FY24 financ
What you need to know: • We are revisiting the assumptions in our model for ADF following strong industry data and positive conversations with management. • We are increasing our revenue and profitability estimates from Q4 onward to reflect the more bullish outlook. • We have increased our target multiple to 6.5x FY25 EBITDA (previously 6.0x), leading to a new $13.00/share target price (previously $10.00/share). • Watch our recently published management interview here. We are revisiting our m
What you need to know: • ADF announced the signing of a series of new contracts totalling $234M, adding to its backlog of $339M reported for Q3. • This demonstrates ADF’s increased throughput and ability to take on larger projects due to its automation equipment and working capital position. • We are increasing our target to $10.00/share based on increased estimates. This morning, ADF Group (DRX:TSX, ADFJF:OTC) announced the signing of a series of new orders totalling $234M. We view the relea
What you need to know: • ADF reported stellar Q3 financials that largely beat our estimates. Once again, the robotic fabrication line led the major improvements. • Revenue came in at $82.1M (+26% YoY) vs. our estimate of $73.0M and EBITDA came in at $17.8M (+146% YoY) vs. our estimate of $7.7M. • ADF continues to only trade at 3.6x FY24E EBITDA and 1.1x BV. This morning, ADF Group (DRX:TSX, ADFJF:OTC) reported Q3/24 financial results that largely beat our estimates across the board. The beat wa
What you need to know: • ADF is entering a multi-year growth phase due to major tailwinds in infrastructure spending and non-residential construction. • ADF spent the last two years adding a robotic fabrication line to its Terrebonne, Quebec facility, which has significantly expanded margins. • The Company has largely improved its balance sheet over the last year. • ADF currently trades at 3.6x FY25E EBITDA compared to steel fabricators at 7.0x and Canadian industrials at 8.3x. ADF Group Inc. (
What you need to know: • Due to decades of underinvestment, North American infrastructure has aged and deteriorated significantly to a point where governments are beginning to rapidly increase spending in the sector. • The declining stability of the electrical grid as well as electrification trends only exacerbate the issues at hand. • This report highlights five small-cap Canadian equities with torque to thematic trends in infrastructure spending. Investment Thesis Aging Infrastructure It is
Companies: DRX CVX QTRH GRID
Research Tree provides access to ongoing research coverage, media content and regulatory news on ADF Group Inc.. We currently have 0 research reports from 1 professional analysts.
Companies: Ultimate Products PLC
Shore Capital
Epwin’s FY23 results were robust and management navigated inflationary pressures well. Despite some market headwinds, we have increased our FY24 and FY25 underlying operating profit estimates for the second time this year. Long-term, well-established growth trends imply that Epwin is well-placed to leverage off increasing demand for its energy-efficient and low-maintenance building products. Epwin offers an attractive investment case with the potential for uplifts from additional self-funded M&A
Companies: Epwin Group PLC
Edison
Companies: Mpac Group PLC
Companies: GAL BEM AAU SHG GGP AAL SLI 1SN EEE TECK
SP Angel
Companies: AURA SYA AAL FAR EEE
Companies: Quadrise PLC
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Important step to unlock Sicily – The Italian ministry has informed ADX that it will be granted the d 363C.R-.AX gas exploration permit in the Sicily Channel. In addition, the Regional Administrative Court of Rome has annulled the Plan for the Sustainable Energy Transition of Eligible Areas that prevented the oil redevelopment, appraisal and exploration activities on the licence.
Companies: PEN EQNR ENI TCFF SEI OKEA GPRK ADX REP AKRBP RHC RHC SOU ITH REP SQZ TRIN SOU I3E ZPHR NOG LNGE TTE PEN ENI EQNR VAR OKEA
Auctus Advisors
Norcros’s disposal of Johnson Tiles is the latest strategic activity taken by management to better allocate capital to fit with priorities. Last year it closed its UK adhesives operation. Norcros has a compelling investment case, where its new product development initiatives, market positioning and self-help initiatives allow it to take market share in both the UK and South Africa. Its rating is low at 6.0x FY24e P/E, which is attractive, especially when compared to its yield of 5.4% on its well
Companies: Norcros plc
Norcros has announced the sale of its Johnson Tiles UK business to the current management team for a consideration of £1.0m, with a further modest earnout based on the equity value of the business, both payable in April 2028.
Zeus Capital
Image Scan is a specialist in the field of X-ray imaging for the security and industrial inspection markets and has today announced an initial order, of approximately £300k, from a partner to supply them with multiple ThreatScan®-AS1 portable X-ray systems pursuant to a framework contract its partner has secured with a European Ministry of Defence organisation. Delivery of this initial order is expected through the second half (to September) and will be supportive of our FY2024 estimates (revenu
Companies: Image Scan Holdings plc
WHIreland
26th 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: C4X Discovery Holdings (C4XD.L) has left AIM. 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 acqu
Companies: ROQ SOU PRM ITM THRU LGRS KIBO ADF
Hybridan
Invinity’s update on discussions with strategic investors reveals interest from multiple parties. While this has slightly delayed finalising an agreement it increases the potential for a better outcome. Although details are unknown at this stage, we think there is enough in the statement to be comfortable that any agreements will be consistent with the company’s strategy of growing market share in core markets and using a licencing and royalty model in other markets.
Companies: Invinity Energy Systems PLC
Longspur Clean Energy
Companies: ANTO RIO FXPO AAL TRR GLEN BHP
Liberum
Companies: James Latham Plc
Companies: MPE TRI VNET BVXP HVO
Cavendish
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