W.W. Grainger, Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report, Key Risks & ESG Assessment (03/23)

W.W. Grainger, Inc is among the major global distribution players of MRO materials and other related products and services. The company has performed well off-late on the financial front, with improves sales across Endless Assortment and an increase in the share of the U.S. high-touch market. The management has continued to invest in its strategic objectives and its margin profile appears strong. Its sales in the High-Touch Solutions segment have also increased significantly over time with good

W.W. Grainger, Inc.: Initiation of Coverage – Business Strategy & Key Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (03/23)

This is our first report on W.W. Grainger, Inc., a global distributor of MRO materials and other related products and services. The company delivered an all-around beat for the final quarter of 2022 with a sales growth was 13.2% or 17.2% on a daily constant currency basis and solid growth in both segments. This includes high teen growth in local currency across Endless Assortment and an increase in the share of the U.S. high-touch market of about 800 basis points. The company continued to invest

QuotedData’s Real Estate Monthly Roundup – January 2023

Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month

QuotedData’s Real Estate Monthly Roundup – January 2023

Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month

LIBERUM: CEO Video: Matt Wragg, Gattaca plc:

SP Angel Morning View: Copper prices hit $9,700/t as China smelts concentrates for zero charge Tc/Rc

Quadrise+ (QED, House Stock at 1.4p) - Drilling to commence in Utah project

Jersey Electricity - Decarbonisation fuelling growth

Jersey Electricity (JEL) is intensifying its focus on energy security and electrification across Jersey by creating opportunities to accelerate growth. It successfully navigated the volatile wholesale power price environment in 2020–23, shielding its customer base from the worst inflationary pressures. However, from 2025, as older, more favourable hedges expire, this protection will diminish. Therefore, we have marginally reduced our earnings forecasts to account for the increased exposure to wh

Zeus Top Picks for 2024 - 2023 review and outlook for 2024

On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div

Judges Scientific+ (JDG, House Stock at 8,900p) - HY; strong order book, FY23F unchanged

Invinity Energy Systems - Progress on Three Fronts

Invinity is making major progress commercially, technically and financially. A full manufacturing agreement has been signed with Taiwanese partner Everdura. This brings additional manufacturing capacity to serve the existing re-seller agreement without the need for new capital. Validation testing on the next-generation Mistral flow battery has verified performance targets, paving the way for commercial launch later in the year. Finally, discussions on one or more strategic partnerships are progr

Invinity Energy Systems - Update on Strategic Investment

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.

Morning Note – 4 April 2024