Industrial Equipment, Goods & Services

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.

Industrial Goods & Services

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

18 Sep 19

LIBERUM: Judges Scientific* - Strong H1 and positive start to H2

Judges has delivered strong H1 with adj. PBT +27.4% to £8.4m, 4% ahead of our forecast. Cash generation was strong (£7.2m H1 net cash, 17.5% FCF % to sales) and H1 DPS is up 25%.

Companies: Judges Scientific

20 Sep 19

Stripe valued at $35bn, Datadog pops 39% on debut, Rivian big Amazon order

Stripe Inc said on Thursday it is raising $250 million in its latest funding round, which values the payments start-up at $35 billion, a dramatic 56% surge from a previous valuation at the start of the year. The latest valuation puts Stripe in the same league as home rental giant Airbnb Inc, which is also planning go public in 2020. Stripe has received strong positive feedback from our private FinTech contacts. Meanwhile, the IPO pipeline for 2020 is already heating up.

Companies: CALL TRAK BGO BOKU ECK EQLS LOOP NET QTX SEE TECH TCM TRCS

17 Sep 19

LIBERUM: Staffline* - Weak H1 and EPS reduced but past the worst

Interim results worse than expectations with an 88% reduction in FD EPS yoy. We reduce our FY 2019 FD EPS estimate from 37.9p to 24.8p.

Companies: Staffline Group

16 Sep 19

Tech IPOs outperform, Uber’s great freight hope, New Huawei technology

Tech IPOs year to date have performed well. 8/13 venture-backed tech IPOs this year, including Slack's direct listing, are in profitable territory. If you'd put $1 million into each of them at the IPO price, your $13 million initial investment would be worth $21.7 million - a 67% gain compared to +20% performance in the S&P 500 YTD. As we’ve discussed earlier this month, investors’ appetite for technologies leveraging secular trends appears undiminished

Companies: TRAK CPX SEE QTX

18 Sep 19

Interim results: On course to meet estimates, Controls margin strong

Revenue increased 2.5% to £43.9m (HY18: £42.9m), 1.0% on constant currency basis, with gross margin 10bps ahead yoy at 38.0%. Good cost control combined with lower finance charge leads to a 4.6% yoy increase in pre-tax profit to £11.5m (HY18: 11.0m). Today’s interim results indicate that the Controls business has a had a strong start to the year on the back of positive mix and the price increases put through on legacy product at the end of FY18. Aqua Optima is flat yoy due to timing of contracts, ZC expect a stronger H2 as material private label contracts come on stream and the majority of additional revenue from HaloSource lands in H2. Net debt at period end stood at c. £33.4m and is on course to meet ZC FY19 forecast of c. £32.0m, sub 1.0x EBITDA. Interim dividend increased 13% to 2.6p and is in line with the Board’s commitment to pay 7.7p in FY19, a 10% yoy increase. No change to ZC forecasts, albeit today’s results increase confidence in achieving FY19 forecasts. The shares trade on 11.8x FY19 earnings falling to 10.9x in FY20.

Companies: Strix Group

19 Sep 19

LIBERUM: Staffline Group* - Weak H1 but strategic options exist

Staffline had a horrible H1, and it shows in the numbers. H1 FD EPS was down 88% and net debt was up from £63m at the year-end to £89m.

Companies: Staffline Group

17 Sep 19

Cenkos: Smart Metering Systems Plc - 2019 interim results

Interim results featured growth in indexed linked annually recurring revenue (ILARR), the main driver of value, to £85.9m, up of 14.1% to £85.9m. The weak performance of the shares in recent months has presented investors with an opportunity to invest at an underpinned valuation in our view, with the core value of SMS clearly residing in the scale of its growing meter and data portfolio and our FY19E forecast £92m ILARR. The current order book of 2m smart meters supports our forecast 4m installed by 2022, from which our DCF forecast implies a valuation of 911p, c108% ahead of the current level.

Companies: Smart Metering Systems

18 Sep 19

Solid H1 results, promising outlook

‘The Group has delivered a solid H1 performance and is trading in line with full year market expectations’. Accordingly, we leave our FY 19/20 forecasts unchanged. Reassuringly, Strix reconfirms at this stage its intention to pay total dividends of 7.7p per share for FY 19, +10% YoY. This should underline the income attractions of this stock to investors

Companies: Strix Group

18 Sep 19

FY results slightly ahead, good margin gains achieved

Full-year results were slightly ahead of recently upgraded forecasts, with an outlook that appears more confident than many in the sector and a further small upgrade in current-year expectations. The shares offer significant upside, and we maintain our 300p price target, although our SOTP valuation signals a much higher potential to be achieved on disposals.

Companies: Avingtrans

19 Sep 19

Upgrades following additional planned ATR 72-600’s

Avation is a lessor of commercial aircraft to a diversified airline client base. Yesterday, the group announced that it had signed a 10-year lease with Braathens Regional Airways AM for four new ATR 72-600 aircraft. This takes the total number of ATR 72-600 aircraft due for delivery in FY 2020E to five, which compares to our previous assumption of three. As was the case with the August delivery, we understand these aircraft to be on finance leases as opposed to operating leases. On the back of this announcement, we have raised our two year earnings expectations by 16.8% and 8.5% respectively, which includes a gain on sale being recognised from these aircraft in the current financial year. Even so, we see scope for further upgrades to our estimates as additional aircraft are added to the fleet beyond those already on order. Our estimate of fair value stands at 352p, a c.19% premium to the NAV per share.

Companies: Avation

17 Sep 19

Continuing to build a unique business model

K3 Capital’s full-year results to 31 May 2019 showed that the group continues to build the business, further strengthening its unique position in the UK small and midcap M&A market. Group revenue split points to reduced sensitivity to the large-value, lower-volume M&A market, with an increasing share of revenue coming from the more stable low and mid-market M&A deals in KBS Corporate, where the group’s unique position and approach point to continued strong value creation. We note Q1 FY 2020 has already seen the Corporate Finance division exceed the £0.8m revenues achieved in the entirety of FY 2019.

Companies: K3 Capital Group

16 Sep 19

Acquisition of Convex Capital

Rosenblatt has announced the acquisition of Convex Capital Limited, a specialist corporate finance boutique, for total consideration of £22m. In line with the Group’s acquisition approach, most of the consideration (c.60%) is to be paid in shares, and we highlight these are to be issued at a premium to the current share price (first tranche at 120p). The high margin (>50% EBITDA) profile of Convex should prove immediately earnings enhancing, and the opportunity for cross-selling and diversified earnings supports the investment thesis on the shares. We make no changes to numbers this morning. Re-iterate Buy.

Companies: Rosenblatt Group

18 Sep 19

Focused delivery

Management has delivered a year of excellent progress as the team continues to execute on the Group’s Pinpoint-Invest-Exit (‘PIE’) strategy. The group’s portfolio of businesses is focused on the global energy and medical markets that provide the prospect of enduring and positive growth trends. A concentration on the opportunities for aftermarket products and solutions is enhancing growth and profitability as capabilities are added and operational improvements are made. We have upgraded FY2020E EPS conservatively by 8% and estimates for FY2021E now show 25% earnings growth. FY2021E captures the benefit of the turnarounds at both Energy Steel and Booth Industries, acquired at the start of the current financial year.

Companies: Avingtrans

19 Sep 19

Judges Scientific Plc - Another period of solid growth

Judges Scientific posted further record highs across the board for the first half of 2019 purely driven by organic growth. Revenues were up 9% year-on-year to a record £40.2mln largely thanks to strong growth in North America while other regions remained generally stable with low single-digit ups a

Companies: Judges Scientific

18 Sep 19

Facebook working on AR glasses, TransferWise revenue +53% YoY, WeWork debt price tumbles

Facebook has been working to develop augmented reality glasses out of its Facebook Reality Labs in Redmond, Washington, for the past couple of years, but struggles with the development of the project have led the company to seek help. Now, Facebook is hoping a partnership with RayBan parent company Luxottica will get them completed and ready for consumers between 2023 and 2025, according to people familiar. Needless to say, we highlight a potentially substantial threat to Snap Inc, and a potentially huge opportunity for developers within the Facebook ecosystem.

Companies: EVRH ESYS BGO BOKU EQLS IMMO SMRT TECH VRE

02 Apr 19

Volex

20 Sep 19

Strix - New Factory in China

18 Sep 19

Strix - Interim Results 2019 Interview

18 Sep 19

Strix interim results discussion September 2019

29 Aug 19

Empresaria Group (EMR) H1 2019 results presentation

07 Aug 19

Ultra Electronics (ULE) H1 results August 2019

30 Aug 19

Grafton Group - Half Year Results 2019

30 Jul 19

NWF Group (NWF) Full Year results July 2019

19 May 17

Leading UK fund manager, Gervais Williams, discusses investing, his outlook and two companies he's excited about

22 Jul 19

Flowtech Fluidpower - Group Trading Update

09 Sep 19

Mpac half year to June 2019 results interview

22 Jul 19

SThree (STHR) H1 results interview July 2019

10 Sep 19

Boku - Interim Results 2019

22 Jul 19

SThree (STHR) H1 results presentation 22nd July 2019

10 Sep 19

Executive interview - Boku

Latest Content

Strix Group

Strix - New Factory in China

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20 Sep 19

CALL TRAK BGO BOKU ECK EQLS LOOP NET QTX SEE TECH TCM TRCS

Stripe valued at $35bn, Datadog pops 39% on debut, Rivian big Amazon order

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20 Sep 19
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Keywords Studios

Keywords Studios - Pillars of growth standing firm

Keywords saw strong revenue growth in H119 (17.5% like-for-like, l-f-l) and although investment and some one-off factors compressed margins, the company looks well placed to sustain double-digit EPS growth in the future. We upgrade our FY19 revenue estimates by 5.2% and FY20 by 4.3% and although H1 investment, together with a revision to the adjusted tax calculation, compresses FY19 earnings by 15.8%. FY20 EPS reduces by 2.5% as margins normalise on a higher sales figure. The FY20 P/E of 22.2x is in line with peers, before factoring in the potential for organic upside and further accretive acquisitions.

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19 Sep 19
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Judges Scientific

Judges Scientific Plc - Another period of solid growth

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19 Sep 19
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Staffline Group

LIBERUM: Staffline Group* - Weak H1 but strategic options exist

Staffline had a horrible H1, and it shows in the numbers. H1 FD EPS was down 88% and net debt was up from £63m at the year-end to £89m.

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19 Sep 19
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Keywords Studios

Keywords Studios (KWS) H1 2019 results presentation

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keywords-studios-kws-h1-2019-results-presentation-19-09-2019

19 Sep 19

Avation

Upgrades following additional planned ATR 72-600’s

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19 Sep 19
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COG AAOG GTLY

Morning Note – 19 September 2019

Anglo African Oil & Gas (AAOG): Corp SNPC cost reimbursements | Cambridge Cognition (COG): Corp Interims – re-based forecasts | Gateley (GTLY): Corp Strong trading momentum

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19 Sep 19
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Wartsila Oyj

Profit warning drives downgrade

After downgrading the FY19 outlook during the half-yearly results, management has now issued a severe profit warning. Besides the weaker-than-expected order intake, it expects the profitability from its existing projects to be significantly lower. We will trim our financial estimates materially.