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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
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
Zeus Capital
Companies: Currys PLC
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
Companies: PLL AAL SAV KAV MKA AMC
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
Ultimate Products’ Q3 trading update reveals that tougher short-term trading trends are now likely to persist into Q4, but the longer-term trends are now more positive due to growing order visibility from its bigger customers. We are downgrading our EPS (Dil. Adj.) forecasts by 22% to 12.5p from 16.0p for FY24E, by 15.3% to 14.8p from 17.4p in FY25E and by 12.6% to 16.6p from 19.0p for FY26E. We reduce our target price to 185p (was 210p) to reflect the new forecasts. Shorter-term issues should r
Companies: Ultimate Products PLC
OPG Power has published interim results for the period ended 30 September. The company reports a strong balance sheet position and a sharp increase in plant utilisation driven by new supply contracts as discussed at the time of the FY23 results release in November. We believe that OPG continues to make a strong recovery following the coal price spike which impacted FY23. We are raising our target price to 27p, which represents 108% upside to the latest closing price.
Ultimate Products announces today that sales revenue fell by 7% in its FY2024 third quarter and is anticipated to remain in negative territory in Q4. As a result, the company believes that EBITDA will now be in the range of £17.5m to £18.5m compared with a current market consensus figure of £21.5m. Given the 17% cut in current year EBITDA expectations it seems prudent to adjust our fair value / share figure by a similar amount. So, we reduce it by 20% from 250p to 200p. However, current sales s
Equity Development
Hercules has released a positive H1 trading update, with revenue up 27% YoY to c.£47m and growth delivered across all three of the group’s divisions (Labour Supply, Civil Projects, Specialist Plant Services). Trading remains in-line with expectations for the full year as demand for infrastructure remains robust. We leave our forecasts unchanged, but note that Hercules has already achieved 49% of our FY24E revenue projections (vs an average of 42%/58% H1/H2 split over the past three years), which
Companies: Ilika plc
Economic and industrial data has started the second quarter on slightly weaker grounds than Q1 as Manufacturing PMI in the UK, Eurozone and US all reported April indexes below March levels. Cracks seem to be appearing as recent drops in new orders and rising input costs are quickly dampening confidence. Inflation did, however, fall MoM across the board with the exception of the US, where volatile energy prices caused a modest MoM increase in the inflation rate.
Companies: TAND AVON RCDO TRI SYM ABDP KETL
Shore Capital
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