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16th February 2024 @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 obj
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Hybridan
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)
Companies: GHH ELM SXS OXIG RSW TTG TRI DIA MRO
Arden Partners
Litigation Capital Management—provider of litigation financing and ancillary services, moving from ASX (ASX:LCA) to AIM. Offer TBC. Due 18 Dec. Mkt Cap A$64m. Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is investigating the possibility of AIM admission. The Company is proposing to raise up to £2.25 million before the end of December, conditional on Admission. Manolete Partners—leading UK insolvency litig
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Dialight (DIA LN) Contract manufacturing abandoned and another profit warning | Grainger (GRI LN) Solid trading update: rental growth, development on track
Companies: Dialight plc (DIA:LON)Grainger plc (GRI:LON)
Singer Capital Markets
Dialight (DIA LN) Emerging from the outsourcing shadow | SDL (SDL LN) Stabilised H1, positive outlook for H2
Companies: Dialight plc (DIA:LON)RWS Holdings plc (RWS:LON)
While Dialight is emerging from its self-inflicted production setback last year, risks to forecasts remain until we get confirmation that production has successfully ramped to meet Q4 lighting demand. The shares have seen an initial move to reflect a probable turning point, but from here the upside and downside risks remain significant and appear balanced. We doubt the market will move much further to discount the longer-term upside until the 2018 out-turn is clear, which suggests a two-way pull
Companies: Dialight plc
Clipper Logistics (CLG LN) Retail headwinds prompt downgrades despite strong pipeline | Dialight (DIA LN) H1: Getting to grips with manufacturing issues | GlobalData (DATA LN) Ahead on revenue, profit and cash | River and Mercantile Group (RIV LN) AuM +3% in Q4, plenty of positives | RM Secured Direct Lending (RMDL LN) Critical mass achieved | Springfield Properties (SPR LN) Significant land agreement increases GDV by 17%
Companies: DIA DATA SPR RMII
Actual Experience (ACT LN) Large-scale deployment and reseller agreement validates opportunity | Dialight (DIA LN) AGM trading update – some progress on operational issues | Findel (FDL LN) PBT growth at upper end of expectations for FY18 | Gresham Technologies (GHT LN) Clareti contract win provides further evidence of positive momentum | Harwood Wealth (HW LN) Refining the board structure, FD stepping back | Lookers (LOOK LN) Vauxhall network changes could be helpful for partners long term
Companies: GHT DIA LOOK ACT HW/
Considering the detailed commentary of the ongoing productions issues at Dialight, we are significantly reducing our estimate for 2018 (27% off PBT, 13% of EPS in view of US tax reform). In anticipation (or hope?) of near-complete recovery we have held our lower-end 2019 PBT estimate, with a significant EPS upgrade, again on US tax. In view of continuing risks we have reduced our TP from 630p to 560p based on a 10% discount to sub-sector 2019 EV/EBITDA. While we continue to rate the company’s pr
Dechra Pharmaceuticals (DPH LN) Interims contain no surprises, AST/Le Vet acq now complete | Dialight (DIA LN) Are we nearly there yet? | Eckoh (ECK LN) US secure payments win and new US partnership | GlobalData (DATA LN) Results driven by strong trading | Photo-Me International (PHTM LN) Appointment of CFO | Senior (SNR LN) Solid results and outlook | Sigma Capital Group (SGM LN) REIT placing complete, 140p+/share intrinsic value
Companies: SNR MEGP DPH DIA ECK DATA
Dialight’s CEO has paid the price for the disruption to the business from the transition of production to the manufacturing partner, Sanmena, which has not gone according to plan. Mike Sutsko’s replacement is Marty Rapp, a current NED with relevant manufacturing senior management experience, having previously been CEO of Laird Technologies and an executive director of Laird plc. Dialight has also given further detail on expected 2017 results, with underlying EBIT at £9.7m (previously not less th
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