Industrial Equipment, Goods & Services equity research

Explore the latest equity research for companies who manufacture industrial equipment, goods, or related services. Sectors include Defense & Aerospace, Electrical & Electronic Equipment, Transport & Logistics, Industrial & Construction Supplies, and Waste Services.

  • 14 Jan 20
Boku - Payments profits support Identity growth

Boku’s FY19 trading update confirmed that it met consensus expectations for revenue and EBITDA, albeit aided by recognition of one-off revenues of $3.2m in H2. The Payments business showed strong underlying revenue growth driving a 90% increase in adjusted EBITDA while the Identity business made progress in building out supply outside of the US. We continue to consider the Payments business as the engine for profits while we view the Identity business as a longer-term investment in growth.

Companies: Boku
  • 16 Jan 20
LIBERUM: Judges Scientific* - FY19E EPS beat

We increase our FY19E EPS by 4.7% to reflect an encouraging FY trading update from Judges. Our FY20E forecasts remain cautiously set and we think that the risks are to the upside as the year progresses.

Companies: Judges Scientific
  • 13 Jan 20
In line trading update

Augean has issued an in-line trading update highlighting strong trading in its final quarter and its expectation that it will report adjusted PBT for the year to December 2019 at least in line with market consensus of £18.4m. We make no adjustment to our forecasts at this time.

Companies: Augean
  • 16 Jan 20
WHI Morning Comment: Judges Scientific (JDG) - Trading update – small upgrades to FY2019E and FY2020E

Judges Scientific, a group involved in the buy and build of scientific instrument businesses, has released a positive FY2019 update this morning. Aided by favourable exchange rates (critical for an export led business), leading to healthy demand, we uplift our FY2019E revenue estimates by 2.1% to £83.2m (from £81.2m), and against a slightly richer margin profile, uplift our adjusted PBT and EPS estimates by 5.0% to £17.3m and 215.5p respectively (from £16.4m and 204.8p). Our FY2019 estimates therefore look for a YoY increase in revenue of 6.9%, and with underlying margins improving, adjusted PBT increasing an impressive 20.8% YoY. FY2020 adjusted PBT and EPS is raised by 3% to £17.4m and 217p (from £16.8m and 210.p).

Companies: Judges Scientific
  • 14 Jan 20
Year-end trading update: weaker Q4 trading

The company has announced its year-end trading update, which highlights that Q4 trading has been softer than expected, resulting in a lower revenue and profit than forecast. Cash flow management has been in line with expectations with a significant reduction in stock and year-end net debt in line with forecast. We therefore cut our 2019 EPS forecast by 18.2% to 12.3p, followed by 16.7% to 13.9p in 2020. As a consequence, we cut our price target from 180p to 151p, in line with earnings still targeting a P/E of 10.8x for 2020. The shares will naturally respond to this disappointing update, but continue to trade at a very low valuation compared with the industry peer group.

Companies: Flowtech Fluidpower
  • 13 Jan 20
XP Power - Demand acceleration through Q419

While previously reported issues with an ERP upgrade limited the amount of product XP could ship in Q419, revenues for FY19 came in ahead of our forecast and XP closed the year with a strong order book after an acceleration in demand across all markets in December. We have revised our forecasts to reflect both factors, with normalised EPS upgrades of 4.3% in FY19 and 1.5% in FY20.

Companies: XP Power
  • 10 Sep 19
Cenkos: TP Group Plc - Order Book Growth

The combination of the strategic acquisition of Sapienza and robust organic growth has resulted in a strong set of H1/19A numbers. Revenue and the order book increased to £26.0m (+63% YoY) and £78.9m (+63% from FY18A year-end) respectively, with the latter now covering 94% of our FY19E revenue forecasts. We expect this momentum to continue and note that the Group is on track to meet our FY19E forecasts.

Companies: TP Group
  • 10 Jan 20
THE MONTHLY January 2020

The Office for National Statistics (ONS) is due to publish its most up-to-date survey on share ownership in mid-January, which identifies the beneficial owners and decision- makers of the stock market. Hardman & Co has worked together with the share analysis service, Argus Vickers, to jointly produce its own survey, which anticipates the conclusions of the ONS survey but goes into much greater detail. Our work does not use a sample of 200 quoted companies as the ONS historically has, but rather includes everyUK quoted company. The ONS samples share registers every two years; our study uses six-monthly data points. Our survey also extends to shareholders on NEX; the ONS does not.

Companies: AVO AGY ARBB BUR CMH CLIG DNL FLTA GDR MCL NSF PCA PIN PHP RECI RMDL SCE SIXH SHED VTA

  • 08 Jan 20
Excellent Q4’19 and record orderbook

The birth of a new decade spawns an abundance of investment opportunities, not least due to the seismic shift towards ‘Industry 4.0’ (see below). Indeed, despite lacklustre global manufacturing PMIs, this migration towards smart-technologies, improved product quality, lower cost and e-commerce is triggering one of the biggest upgrade cycles in the history of supply chain management, data analysis and system integration.

Companies: Mpac
  • 14 Jan 20
Weak UK economy in Q4 impacts trading

Yesterday’s UK GDP data highlighted the weakness experienced in the economy during calendar Q4. This has been reflected in the trading patterns at Flowtech with weaker than anticipated demand leading to a 10% reduction in organic revenue in Q4. For the year just ended, to Dec 2019, revenue is expected to be c. £112.4m (prev. £115.0m) leading to Profit Before Tax of £9.0m (prev. £10.8m). Importantly, the net debt estimate is better than anticipated at £16.6m (ZC estimate £17.0m) as the operational improvements in working capital reduce gearing. The revision to the FY19 outcome is rolled through into FY20 and FY21 and, as previously assumed, are based on the conservative assumption of a small amount of cost savings to come through but little revenue growth. Despite the revision to forecasts, the valuation of c. 10.0x FY20 earnings is not stretched and Flowtech yields an attractive 5.5%.

Companies: Flowtech Fluidpower
  • 16 Jan 20
Q4/2019 Trading Update

Capital Drilling (LSE: CAPD) this morning provided its Q4/2019 trading update and its unaudited FY/2019 consolidated trading update. Capital achieved full year revenues of US$114.8 million, at the mid-point of US$110-120 million guidance. Revenues for the quarter were broadly in line with our expectations. Lower ARPOR due to greater proportion of exploration contracts and single-shift operations was offset by higher utilisation rates. Using this updated revenue figure, we now estimate EBITDA of US$26.6 million for FY2019, a margin of 23%, and profit after tax of US$9.8 million.

Companies: Capital Drilling
  • 14 Jan 20
Gateley

FY20 Interim results – First look

Companies: Gateley
  • 14 Nov 19
Evolving investment case - the next phase

While the FY20 interims are in-line, this does not tell the whole story with the investment case for Volex evolving away from the recovery mode of the last few years to a growth business which now focuses on cash generative, higher margin customers in new markets. The business is substantially de-risked with the top three customers now accounting for 25% of revenues – down from 47% in FY15 and when combined with a re-iteration of our PBT growth forecast of 47% for FY20, an upgrade to our expected net cash estimate from US$17m to US$23m at March 2020, a restored dividend and with it trading on a FY20 PE rating of just 10x, we re-iterate our buy recommendation with a price target of 160p.

Companies: Volex
  • 14 Jan 20
Reliable growth in UK professional services

Gateley has reported H1’20 results in line with or marginally better than implied by last November’s trading update, continuing a long track record of consistent growth since IPO nearly five years ago. As a quality UK domestic earnings business, the shares have enjoyed a good run as political risk has abated following the General Election. However the valuation remains undemanding for a business that: a) continues to grow organically; b) augments this growth with synergistic bolt-on acquisitions in complementary professional service lines; and c) is consistently cash generative.

Companies: Gateley
  • 14 Jan 20
High ROCE; strong cash flow while investing for growth

Gateley has reported a strong set of H1 results detailing sales up +11.8% (+10.5% organic), adj. EPS +9.3%, DPS +11.5% and operating cash conversion of 114%. This continued progress has been supported by a +21.9% increase in average fee-earning staff numbers as the group continues to attract and retain high-calibre professionals. Management remains confident on meeting market expectations for the full year and we have upgraded our target price from 210p to 252p (based on FY 2020E free cash flow). These results are another milestone in evidencing the success of the group’s growth strategy, and with the market potential undiminished we anticipate further target price upgrades.

Companies: Gateley
  • 07 Jan 20
Volex PLC Investor Presentatiion
volex-plc-investor-presentatiion-07-01-2020
  • 16 Jan 20
Feedback hails new fluoroscopy technology
feedback-hails-new-fluoroscopy-technology
  • 02 Jan 20
Highlights 2019: Solid State plc - Corporate video
highlights-2019-solid-state-plc-corporate-video-02-01-2020
  • 12 Dec 19
discoverIE Group CEO talks strategy, focus on growth markets and future acquisitions
discoverie-group-ceo-talks-strategy-focus-on-growth-markets-and-future-acquisitions
  • 07 Jan 20
Checkit PLC Investor Evening
checkit-plc-investor-evening-07-01-2020
  • 12 Dec 19
Cap-XX to acquire Murata’s supercapacitor production lines and relocate them to Sydney
cap-xx-to-acquire-murata-s-supercapacitor-production-lines-and-relocate-them-to-sydney
  • 14 Jan 20
Boku Inc. - Trading statement
boku-inc-trading-statement-14-01-2020
  • 12 Dec 19
DiscoverIE Group's Nick Jefferies discusses interim results to September 2019
discoverie-group-s-nick-jefferies-discusses-interim-results-to-september-2019
  • 21 Oct 19
Solid State plc - Corporate video
solid-state-plc-corporate-video-21-10-2019
  • 11 Dec 19
DiscoverIE Group's Nick Jefferies discusses interim results to September 2019
discoverie-group-s-nick-jefferies-discusses-interim-results-to-september-2019
  • 19 May 17
Leading UK fund manager, Gervais Williams, discusses investing, his outlook and two companies he's excited about
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  • 28 Nov 19
DiscoverIE reports strong first half growth in revenue profits and earnings
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  • 20 Dec 19
Symphony Environmental's Michael Laurier upbeat on 2020 prospects
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  • 26 Nov 19
Inspired Energy (INSE) investor presentation at Mello London November 2019
inspired-energy-inse-investor-presentation-at-mello-london-november-2019-26-11-2019
  • 12 Dec 19
Cap-XX to acquire Murata’s supercapacitor production lines and relocate them to Sydney
cap-xx-to-acquire-murata-s-supercapacitor-production-lines-and-relocate-them-to-sydney

Latest Content

The Industrial Revelation

China's 6.1% GDP growth for 2019 meets estimates, US business inventories fell in Nov, Bombardier warns on 2019 from Transportation challenges

Hill & Smith

  • 17 Jan 20
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The Industrial Revelation

China's 6.1% GDP growth for 2019 meets estimates, US business inventories fell in Nov, Bombardier warns on 2019 from Transportation challenges

Hill & Smith

  • 17 Jan 20
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Order-intake rises in Q3

Alstom ended Q3 FY19/20 on a positive note. While the revenue performance was mediocre (as expected), the robust order-intake lifted the group’s existing order-book to a record €43bn – equivalent to around five years of its annual turnover. Management has maintained the FY19/20 as well as the mid-term outlook.

Alstom

  • 17 Jan 20
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Order-intake rises in Q3

Alstom ended Q3 FY19/20 on a positive note. While the revenue performance was mediocre (as expected), the robust order-intake lifted the group’s existing order-book to a record €43bn – equivalent to around five years of its annual turnover. Management has maintained the FY19/20 as well as the mid-term outlook.

Alstom

  • 17 Jan 20
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SP Angel Healthcare Conditions

Allergy Therapeutics plc (AGY.L): Trading update | Microsaic Systems (MSYS.L): Trading Update | Oxford BioDynamics (OBD.L): EpiSwitch™ used in diagnosis of canine cancer

AGY MSYS OBD

  • 16 Jan 20
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SP Angel Healthcare Conditions

Allergy Therapeutics plc (AGY.L): Trading update | Microsaic Systems (MSYS.L): Trading Update | Oxford BioDynamics (OBD.L): EpiSwitch™ used in diagnosis of canine cancer

AGY MSYS OBD

  • 16 Jan 20
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WHI Morning Comment: Judges Scientific (JDG) - Trading update – small upgrades to FY2019E and FY2020E

Judges Scientific, a group involved in the buy and build of scientific instrument businesses, has released a positive FY2019 update this morning. Aided by favourable exchange rates (critical for an export led business), leading to healthy demand, we uplift our FY2019E revenue estimates by 2.1% to £83.2m (from £81.2m), and against a slightly richer margin profile, uplift our adjusted PBT and EPS estimates by 5.0% to £17.3m and 215.5p respectively (from £16.4m and 204.8p). Our FY2019 estimates therefore look for a YoY increase in revenue of 6.9%, and with underlying margins improving, adjusted PBT increasing an impressive 20.8% YoY. FY2020 adjusted PBT and EPS is raised by 3% to £17.4m and 217p (from £16.8m and 210.p).

Judges Scientific

  • 16 Jan 20
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WHI Morning Comment: Judges Scientific (JDG) - Trading update – small upgrades to FY2019E and FY2020E

Judges Scientific, a group involved in the buy and build of scientific instrument businesses, has released a positive FY2019 update this morning. Aided by favourable exchange rates (critical for an export led business), leading to healthy demand, we uplift our FY2019E revenue estimates by 2.1% to £83.2m (from £81.2m), and against a slightly richer margin profile, uplift our adjusted PBT and EPS estimates by 5.0% to £17.3m and 215.5p respectively (from £16.4m and 204.8p). Our FY2019 estimates therefore look for a YoY increase in revenue of 6.9%, and with underlying margins improving, adjusted PBT increasing an impressive 20.8% YoY. FY2020 adjusted PBT and EPS is raised by 3% to £17.4m and 217p (from £16.8m and 210.p).

Judges Scientific

  • 16 Jan 20
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Feedback hails new fluoroscopy technology

Feedback

  • 16 Jan 20
Feedback hails new fluoroscopy technology

Feedback

  • 16 Jan 20
Morning Comment

4imprint Outperforms again; positive FY update confirms strong H2 | Judges Scientific Trading update – small upgrades to FY2019E and FY2020E | Digital Box FY Trading Update – Strong end to the year yields upgrades |

FOUR JDG DBOX

  • 16 Jan 20
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Morning Comment

4imprint Outperforms again; positive FY update confirms strong H2 | Judges Scientific Trading update – small upgrades to FY2019E and FY2020E | Digital Box FY Trading Update – Strong end to the year yields upgrades |

FOUR JDG DBOX

  • 16 Jan 20
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Q4/2019 Trading Update

Capital Drilling (LSE: CAPD) this morning provided its Q4/2019 trading update and its unaudited FY/2019 consolidated trading update. Capital achieved full year revenues of US$114.8 million, at the mid-point of US$110-120 million guidance. Revenues for the quarter were broadly in line with our expectations. Lower ARPOR due to greater proportion of exploration contracts and single-shift operations was offset by higher utilisation rates. Using this updated revenue figure, we now estimate EBITDA of US$26.6 million for FY2019, a margin of 23%, and profit after tax of US$9.8 million.

Capital Drilling

  • 16 Jan 20
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Q4/2019 Trading Update

Capital Drilling (LSE: CAPD) this morning provided its Q4/2019 trading update and its unaudited FY/2019 consolidated trading update. Capital achieved full year revenues of US$114.8 million, at the mid-point of US$110-120 million guidance. Revenues for the quarter were broadly in line with our expectations. Lower ARPOR due to greater proportion of exploration contracts and single-shift operations was offset by higher utilisation rates. Using this updated revenue figure, we now estimate EBITDA of US$26.6 million for FY2019, a margin of 23%, and profit after tax of US$9.8 million.

Capital Drilling

  • 16 Jan 20
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Cenkos: Mercantile Ports & Logistics Ltd -- FY20E Remains Positive

The outlook remains positive for Mercantile Ports with stronger revenue generation expected in FY20E. Relationships with pipeline customers are progressing and remaining positive but are taking longer than anticipated to finalise. This is due to the long-term nature of the contracts resulting in both parties looking to ensure favourable terms.

Mercantile Ports & Logistics

  • 16 Jan 20
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Cenkos: Mercantile Ports & Logistics Ltd -- FY20E Remains Positive

The outlook remains positive for Mercantile Ports with stronger revenue generation expected in FY20E. Relationships with pipeline customers are progressing and remaining positive but are taking longer than anticipated to finalise. This is due to the long-term nature of the contracts resulting in both parties looking to ensure favourable terms.

Mercantile Ports & Logistics

  • 16 Jan 20
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LIBERUM: Judges Scientific* - FY19E EPS beat

We increase our FY19E EPS by 4.7% to reflect an encouraging FY trading update from Judges. Our FY20E forecasts remain cautiously set and we think that the risks are to the upside as the year progresses.

Judges Scientific

  • 16 Jan 20
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LIBERUM: Judges Scientific* - FY19E EPS beat

We increase our FY19E EPS by 4.7% to reflect an encouraging FY trading update from Judges. Our FY20E forecasts remain cautiously set and we think that the risks are to the upside as the year progresses.

Judges Scientific

  • 16 Jan 20
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Small Cap Feast

Calisen Group. Potential Intention to Float. Owner and manager of essential energy infrastructure assets through its subsidiaries Calvin Capital and Lowri Beck . Consolidated FY Dec 18 revenue £162.1m and operating profit £25.4m. Raising up to £300m in primary plus partial vendor sale. Expected Admission February 2020 The Global Sustainable Farmland Income Trust will invest in a diversified portfolio of operational farmland assets located in major agricultural markets including the United States, Europe, New Zealand, Australia and certain countries within Latin and South America. Raising up to $300m. Due 28 February. Investment firm Nippon Active Value fund is seeking to raise up to £200m at an issue price of 100p per share via an IPO. The company aims to invest in a portfolio of quoted Japanese stocks with market capitalisations of up to $1bn. First day of dealings expected early February.

PPIX DBOX CLL EME MSYS AURA MYSL THR TEK ECR

  • 16 Jan 20
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Small Cap Feast

Calisen Group. Potential Intention to Float. Owner and manager of essential energy infrastructure assets through its subsidiaries Calvin Capital and Lowri Beck . Consolidated FY Dec 18 revenue £162.1m and operating profit £25.4m. Raising up to £300m in primary plus partial vendor sale. Expected Admission February 2020 The Global Sustainable Farmland Income Trust will invest in a diversified portfolio of operational farmland assets located in major agricultural markets including the United States, Europe, New Zealand, Australia and certain countries within Latin and South America. Raising up to $300m. Due 28 February. Investment firm Nippon Active Value fund is seeking to raise up to £200m at an issue price of 100p per share via an IPO. The company aims to invest in a portfolio of quoted Japanese stocks with market capitalisations of up to $1bn. First day of dealings expected early February.

PPIX DBOX CLL EME MSYS AURA MYSL THR TEK ECR

  • 16 Jan 20
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