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Today's news and views, plus announcements from: NG., AUTO, IMI, BME, TW., BBY, GFRD, RWI, & UOG.
Companies: IMI plc (IMI:LON)Galliford Try Holdings PLC (GFRD:LON)
Capital Access Group
Under the leadership of Roy Twite, IMI has gradually but surely become an improved business. The ingredients include initiatives to drive organic growth, well-thought-out acquisitions, less cyclicality, better margins and, last but not least, a very competent management. However, when we look at the market’s perception of today’s IMI, we sense a valuation gap and believe that IMI deserves a higher valuation. As such, IMI is worth a look at the current price.
Companies: IMI plc
AlphaValue
IMI posted a good first half result which was slightly above expectations. Revenue growth was positive across all divisions but was particularly strong in Critical Engineering. Adjusted operating profits increased due to margin expansion in all three divisions. CFO and FCF improved due to higher profits and reduced working capital. IMI also declared an interim dividend of 9.1p and unveiled a new reporting structure for future results. Finally, IMI confirmed its revised outlook first provided dur
Today's news and views, plus announcements from: IMI, IAG, RMV, STAN, ITRK, LWDB, WHI, NOG, PAY, SEPL, & OBE.
Companies: IMI plc (IMI:LON)Seplat Energy PLC (SEPL:LON)
IMI delivered a decent set of full year results with a marginal beat on profitability versus the consensus. In 2022, the group took another step forward towards its target of a 20% margin across the cycle and delivered restructuring benefits ahead of the plan. Order growth in Critical was encouraging, whereas orders from Growth Hub exceeded expectations. The board will propose a dividend of 25.7p for 2022. The outlook for 2023 points towards another year of revenue and profit growth.
IMI posted a decent set of results that were above our expectations. Revenues grew organically despite adverse effects from lockdowns in China and the disposal of the Russian operations. Adjusted operating profits also grew as all divisions saw an expansion in adjusted operating margins. The company also made good progress on its restructuring programme as well as in the Growth Hub. CFO was lower due to working capital build-up. For the 2022 outlook, the company expects adjusted EPS to exceed 10
IMI reported a good set of results with higher than expected profitability that helped it to reach the ceiling of its adjusted EPS guidance. Revenue growth was driven by attractive demand from most end-markets even as recovery continued in others. CFO was decent and included higher working capital investments. The group completed its £200m buy-back programme and will propose a final dividend of 15.8p per share. Regarding the FY22 outlook, the group expects adjusted EPS to exceed 100p.
IMI released its revenue figures for Q3 and they were slightly better than expected. All three divisions saw organic growth and are on track to reach their FY21 targets. With this update the group also raised its outlook. Additionally, the group is on track to finish its share buy-back programme of £200m.
IMI’s H1 revenues were in line with our expectations but profitability and margins were ahead of them. All three divisions registered growth in revenues and margins. FCF more than doubled. As a result, the company raised its FY21 outlook again. The company also proposed an interim dividend of 7.9p, an increase of 5% and has made good progress in its buy-back programme.
Like other capital goods companies under our coverage, IMI too witnessed a stronger second half. The full-year results were, however, slightly below our expectations. The group’s restructuring efforts bore some fruit but also experienced a delay due to the pandemic. The proposed dividend matched our expectations but the FY21 outlook is rather soft from our point of view.
IMI’s H1 figures proved to be resilient in times of crisis, benefiting from management’s actions on the group’s cost structure. The restructuring is on track and management reintroduced new guidance for 2020, assuming no deterioration in H2, and an adjusted EPS of 65p to 70p. Nevertheless, the overall business environment remains under pressure with very limited visibility ahead.
IMI continued on delivering encouraging results in H2, reflecting a solid result from its ongoing restructuring. FY19 was in line with our expectations, while the operating margin came in 3.9% above. Like many corporates, IMI was unable to quantify the ultimate impact of the Coronavirus outbreak on its supply chain and demand. We, however, appreciate the good progress delivered by the company.
Research Tree provides access to ongoing research coverage, media content and regulatory news on IMI plc. We currently have 0 research reports from 10 professional analysts.
OPG Power has released a positive trading update for the year ended 31 March 2024, and now expects to exceed previous market expectations at the EBITDA and revenue level. The company continued to benefit from a stronger revenue run-rate during H2/24 compared with FY23, reflecting greater availability of profitable supply contracts, which in turn have enabled OPG to run at higher levels of plant utilisation. We are raising our revenue forecast for FY24 by 22% to £162m, and our EBITDA by 34% to £1
Companies: OPG Power Ventures Plc
Cavendish
Playing a bit of catch up, we lift our estimates for the recent acquisition of Venshure Test Services (VTS) and positive interim earnings. Cash generation and the net cash position remain healthy, and the outlook for earnings growth is generally positive.
Companies: AB Dynamics plc
Zeus Capital
Companies: Luceco PLC
Liberum
Companies: CARR JOG STX HERC
Norcros recently hosted a Capital Markets Day (CMD) signalling a change in how the business communicates with the market. In recent history it has focused on growing its share of the highly fragmented bathroom and kitchen product markets organically and through acquisition. This has resulted in a portfolio of businesses with varying degrees of capital intensity and profitability but created a Group of scale (c. £450m revenue) with strong positions in its end markets. Last week’s CMD was evidence
Companies: Norcros plc
Companies: Mpac Group PLC
Re-issued to correct for typographical errors.Invinity’s major equity fundraising is targeting a minimum of £56m with £25m already committed by the UK Infrastructure Bank (UKIB). A second strategic investment of £3m has been committed by Korean Investment Partners. The raise will see Invinity to net cash generation, with over £30m of the raise supporting the company’s scale up ahead of this year’s launch of the next generation Mistral flow battery. The raise will boost the balance sheet, reduci
Companies: Invinity Energy Systems PLC
Longspur Clean Energy
Market sentiment is rapidly re-focusing on earnings potential in an improving economic cycle. Norcros’ CMD was well-timed with this increasing willingness to consider mid-cycle earnings scenarios. Norcros is targeting accelerators to boost organic growth in core bathroom and kitchen product groups to be supplemented by M&A activity. The CMD reiterated the company’s four strategic pillars and added financial targets including organic, above market revenue growth and margin expansion. Leading mar
Equity Development
Water Intelligence has reported a positive Q1 update which firmly underpins our FY24 estimates and we edge up our forecasts by +1% following the recent franchise reacquisition.
Companies: Water Intelligence plc
Dowgate Capital
Shore Capital
Companies: Currys PLC
In a statement to accompany today’s AGM, Mpac reports that the strong earnings momentum established in the second half of 2023 has continued into 2024. Accordingly, the Group is on track to meet FY24 market expectations, with the customary second-half earnings weighting. Following the AGM statement, our outlook is maintained. Our Fair Value of 530p/share is indicative of a FY24 EV/EBITDA multiple of 7.9x and PE of 13.9x. Compared to market cap weighted averages of 11.8x and 18.2x respectively f
Companies: Michelmersh Brick Holdings PLC
Canaccord Genuity
Hercules is likely to report growth in H1E of over 27% YoY. H1E is the seasonally weaker half and the reported likely outcome for revenues in H1E represents half of our FY24E revenue forecast. As the seasonally stronger half of the year progresses, upwards pressure could materialise on our forecasts. Together with a prospective lower interest rate environment and a potential re-rating of the infrastructure sector, we see share price upside ahead.
Companies: Hercules Site Services Plc
SP Angel
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
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