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.

01 Mar 21

AFC Energy (AFC LN) - Final results

Final results from AFC are very close to our projections, with net cash slightly ahead of our expectations. There is no new news in this announcement, and we marginally edge up the losses in 2021E and 2022E due to increased activity levels as the Group looks to capitalise on the vast opportunities available. We remain excited about the long-term investment thesis we set out recently and maintain our target valuation of 191.5p per share. As we have previously highlighted, our valuation excludes what we consider to be significant growth opportunities highlighted in the note.

Companies: AFC Energy plc

25 Feb 21

WHI First Light: AFC Energy (AFC) - Launch of Anion Exchange Membrane Fuel Cell Test Facility

AFC Energy has this morning announced (RNS Reach) that it has launched its Anion Exchange Membrane (“AEM”) Fuel Cell test facility at the Company's Surrey headquarters. This facility will test and optimise AFC Energy's high energy-density fuel cell technology, HydroX-Cell(S)™, that is currently in development. The design of the new dedicated AEM fuel cell facility was completed in the second half of 2020 with full fit out now complete in advance of full operation.

Companies: AFC Energy plc

25 Feb 21

Small Cap Feast

tinyBuild— a leading video games publisher and developer with global operations. tinyBuild's strategic focus is in creating longlasting IP by partnering with video games developers, establishing a stable platform on which to build multi-game and multimedia franchises is to join AIM. Offer details TBC. Due mid-March. AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7m by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard). Has raised £13M in an oversubscribed placing. £25m mkt cap. Due 26 Feb. NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment Company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a £300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company's target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March 2021. Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021. Team PLC announced their plans for an AIM IPO. Team owns Theta Enhanced Asset Management Ltd, trading as Team Asset Management. This is a Jersey-based active fund manager providing discretionary and advisory portfolio management services to private clients, trusts and charities. Assets under management were GBP291m in November, up from GBP140m in December 2019 . The Company is seeking to raise no less than £5m. The Placing will be priced on a pre-money valuation for the Company of £7m. Targeting March Admission. Virgin Wines UK Plc has out their plans for an AIM IPO. Virgin Wines is a direct-to-consumer online wine retailer that sells products to retail customers in the UK through two subscription schemes and a pay-as-you-go offering. The Group also sells a range of beers and spirits and operates a B2B sales channel for corporates. Anticipated mkt cap £110m. Raising £13m in new money and vendor sale of £34.9m . Due 2nd March. Fix Price announces its intention to float on the Main Market of the London Stock Exchange. Fix Price is one of the leading variety value retailers globally and the largest in Russia, with more than 4,200 stores. Fix Price has revenues of RUB 190.1bn, RUB 142.9bn and RUB 108.7bn for 2020, 2019 and 2018, respectively. Adjusted EBITDA for the same years was RUB 36.8bn, RUB 27.2bn and RUB 14.2bn, respectively. The Offer would consist of an offering of GDRs by certain existing shareholders of the Company. Great Point Entertainment Income Trust PLC announced its prospectus has been approved by the FCA. Great Point Entertainment Income Trust PLC is a newly established, externally managed closed-ended investment company. The Company will provide project finance to content makers and commissioners in the global television and film production industry via senior loans secured against pre-sold intellectual property (IP) rights. GPEIT's investment objective is to provide Shareholders with dividend income and modest capital growth through exposure to media content finance. According to media reports, Deliveroo, are expecting to release their IPO plans on 8th March. The company raised more than $180m in January with a valuation of more than $7bn.

Companies: YEW IKA UPR WYN ENW BWNG TRAK DBOX HZM G4M

25 Feb 21

FY 20: demonstration of resilience

BAE released a sound set of figures for FY20, beating the consensus and shining with its strong cash generation. The company remains poised for groth in FY21 thanks to its defensive backlog and high exposure to strategic contracts.

Companies: BAE Systems plc

03 Feb 21

AFC Energy (AFC LN) - Growing markets and collaborations

We update our valuation following our initiation note in September. Since then there has been multiple positive developments in terms of new strategic collaborations with world leading organisations as well as investment to ensure capacity can be built up to satisfy demand. Our revised target valuation of 191p reflects elements of the ABB relationship in a number of major markets, albeit the longer-term opportunity could be much bigger than this. Indeed, we have not included all AFC’s growth opportunities in this valuation. Recent profit taking gives an opportunity to re-visit the long-term investment thesis. The next scheduled news flow is FY results in early March.

Companies: AFC Energy plc

23 Feb 21

WHI Equity Research: Norman Broadbent (NBB) - Top brand breaks into new growth markets, poised for future profits

NBB is an established and well-recognised 40-year brand in the field of senior executive-level talent acquisition, which has been substantially upgraded since appointing Mike Brennan as Group CEO in 2016, and has become a totally transformed company. Notably NBB has lifted its game dramatically, growing into a broad human capital solutions business delivered via professional embedded processes, where before what we had was the familiar well-respected but single-strand executive search operation. As a result, growing and more relevant new service lines now form the largest part of the company, and aligned with this, NBB's financial prospects have improved significantly. While Covid has been challenging, the company has managed the crisis well by considered and strategic headcount additions, while at the same time taking out over £500,000 in costs. Positive H1 and FY EBITDA reports stand out as important milestones. Net debt cut from c.£1m to near-zero in H1 reflected a return to cash-generation. We are now able to include forecasts for FY-2020E and in addition '21 and '22 scenarios, illustrating the potential upside.

Companies: Norman Broadbent plc

24 Feb 21

SP Angel Morning View: Copper distorted by Chinese futures. IG raising margin requirements

Alba Mineral Resources (ALBA LN) – Welsh exploration programme Bluejay Mining* (JAY LN) - BUY - Valuation 40p – Bluejay training students and personnel in Greenland for Dundas project IronRidge Resources* (IRR LN) – Progress at Ewoyaa Lithium Project Keras Resources* (KRS LN) – Chairman reports no outstanding requirements on grant of exploitation permit at Nayéga manganese mine in Togo Mkango Resources* (MKA LN) – Pilot plant test-work underway Power Metal Resources* (POW LN) – Option exercised to acquire Coco East Property Sibanye-Stillwater (SSW JSE) - Sibanye-Stillwater Partner up with Keliber for lithium in Finland Tirupati Graphite (TGR LN) – Trials of battery grade spherical graphite accelerate timetable to commercial production

Companies: MKA ALBA JAY KRS POW TGR IRR SSW

12 Nov 20

Acquisition, interim results and board changes

Volex has reported interim results that are in-line with expectations following a strong trading update in mid-October. Of far greater significance is today’s announcement of the proposed acquisition of DEKA for a consideration of up to €61.8m on a debt free basis. DEKA is a leading and highly profitable power cord manufacturer, strategically located in Turkey, that serves leading European white goods manufacturers. The acquisition should close in early CY2021, subject to expected Turkish Competition Authority approval. We foresee 15% earnings enhancement in FY2022E with further opportunities for revenue synergies with Volex in the Far East as its operations also vertically integrate, production efficiencies increase and the cost of production falls. The statement highlights that pro forma net debt/EBITDA remains under 0.4x and this provides scope for further bolt-on acquisitions alongside a new $70m RCF and $30m accordion, also announced with the interims.

Companies: Volex plc

11 Jan 21

Small Cap Feast

Further media reports that Dr Martens, the British Boot brand is planning an IPO on the LSE. It is currently owned by PE group, Permira who is expected to sell down its stake at the IPO. March 2020 YE the group had revenues of £672m and EBITDA of £184m. Deal size TBC. Upon Admission to AIM, Nightcap will acquire The London Cocktail Club Limited (the "London Cocktail Club"), which is an award winning independent operator of ten individually themed cocktail bars in nine London locations and one location in Bristol. Offer TBC Due mid Jan. HSS Hire Group, HSS.L transfer from Main to Aim. Mkt Cap c. £70m. Recently raised £52.6m. Leading supplier of tool and equipment for hire in the United Kingdom and Ireland and has provided equipment hire services in the United Kingdom for more than 60 years, primarily focusing on the B2B market. Due 14 Jan. VH Global Sustainable Energy Opportunities plc, a closed-ended investment Company focused on making sustainable energy infrastructure investments, today announces intends to launch an initial public offering of shares on the Official List (Premium) of the Main Market of the London Stock Exchange. Due by Early Feb.

Companies: SAG DXRX CALL BBSN ASTO DNL FIPP IIG GROW TCN

10 Feb 21

Small Cap Feast

Report on Techcrunch that IROKO, a Nigerian-based media company, could file to go public in the next 12 months on the London Stock Exchange (LSE) Alternative Investment Market. Founded by Jason Njoku and Bastian Gotter in 2011, IROKO boasts the largest online catalogue of Nollywood film content globally. According to this report, the media company will raise between $20 million and $30 million valuing the company at $80 million to $100 million. AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7 million by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard) this spring. Target valuation £20m raising c. £8m “to finalise the development and launch of a range of the Company's premium-quality consumer products based on biosynthetic cannabinoids, which is fully compliant under UK law.” Kanabo Group (RTO by Spinnaker Opportunities SOP.L) on the main market (standard). Raising £6m, enlarged mkt cap £23.4m. Kanabo focuses on the distribution of Cannabis-derived products for medical patients, and non-THC products for CBD consumers . Due 16 Feb. NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a £300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company's target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March Auction Technology Group is considering an IPO on the Main Market. The Group operates six world-leading online Marketplaces and proprietary global auction platform technology for curated online auctions . In FY20 the Group delivered pro forma revenue of £52.3 million, supported by notable underlying year-on-year growth from both Standalone ATG Group and Standalone Proxibid Group (12.4 per cent. and 40.4 per cent., respectively). For the same period, the Group delivered a strong profitability performance of £22.3 million pro forma Adjusted EBITDA representing a pro forma Adjusted EBITDA margin of 42.6 per cent. Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021. Cordiant Digital Infrastructure to admit its shares on the Specialist Fund Segment of the Main Market of the London Stock Exchange . Targeting a £300m raise. Cordiant invests in global infrastructure and real assets, running infrastructure private equity and infrastructure private credit strategies through limited partnership funds and managed accounts. Due 16 Feb 4basebio UK Societas is a specialist life sciences group focused on therapeutic DNA for gene therapies and DNA vaccines and providing solutions for effective and safe delivery of these DNA based products to patients. The Company has been divested from 4basebio AG , a German company listed on the Prime Standard segment of the Frankfurt Stock Exchange . No capital to be raised on Admission. Anticipated market capitalisation on AIM Admission: £14.53m. Due 17 Feb Cornish Metals (TSX-V: CUSN) intends to list on AIM. The Company is proposing to raise £5m by way of private placement of new Common Shares to advance the United Downs copper-tin project. The Company expects that Admission will become effective 16 February 2021. The Company's Common Shares will continue to be listed and trade on the TSX-V in Canada. Raising £8.2m. £18.7m mkt cap.

Companies: CCS UKOG PTD SFE STAR ATYM AVG PHD CGNR SNX

01 Mar 21

Plant Health Care* - Saori – PREtec Soy Seed Treatment in Brazil

Plant Health Care has announced that its first PREtec product to be commercialised, PHC279, has been named “Saori” for seed treatment in Brazilian soybeans. With a planned commercial launch in H2 2021, highly promising current trials and demonstrable financial benefits for growers, we continue to believe that the stock price should start to reflect the Group's substantial opportunity in patented, biological crop treatments and sustainable agriculture. Buy.

Companies: Plant Health Care PLC

08 Jan 19

All rise!

The UK legal service sector looks intrinsically attractive to investors, with its inherent high added-value, resilient growth through all but the very worst of economic times and fragmented nature. Five companies representing about 1% of the huge UK legal sector are all we have seen so far on the UK stock market and this is clearly going to grow, as listed law firms drive home their advantages and expand. Their UK domestic focus has brought share prices under pressure which looks wrong given the outlook, offering a good buying opportunity. We take this opportunity to initiate coverage of Gateley (Corporate) which has achieved great success since IPO but paradoxically trades at an anomalous discount to its peers.

Companies: GTLY BUR DRV MUR INCE KEYS RBGP

27 Aug 20

Macfarlane Group* - Strength in Uncertain Times

Macfarlane has reported exceptionally resilient 2020 interim results, reflecting the diversification of the business and strong management of the operations and cost base. The Group's ongoing communication has been highly effective for updating investors with key trends in the business and recent share price strength demonstrates an acknowledgement of this. We reinstate our forecasts and buy recommendation following these strong results

Companies: Macfarlane Group PLC

06 Jan 21

Cenkos: Seeing Machines Ltd -- License with OmniVision

Seeing Machines has announced that it has licensed its Occula® Neural Processing Unit to OmniVision Technologies Inc. This advances the relationship from the MOU announced in September 2020 and builds on a relationship that is over five years old, with the two organisations having worked on multiple automotive programmes with a number of Tier 1 customers.

Companies: Seeing Machines Limited

08 Jan 21

Small Cap Feast

Upon Admission to AIM, Nightcap will acquire The London Cocktail Club Limited (the "London Cocktail Club"), which is an award winning independent operator of ten individually themed cocktail bars in nine London locations and one location in Bristol. Offer TBC. HSS Hire Group, HSS.L transfer from Main to Aim. Mkt Cap c. £70m. Recently raised £52.6m. Leading supplier of tool and equipment for hire in the United Kingdom and Ireland and has provided equipment hire services in the United Kingdom for more than 60 years, primarily focusing on the B2B market. VH Global Sustainable Energy Opportunities plc, a closed-ended investment Company focused on making sustainable energy infrastructure investments, today announces intends to launch an initial public offering of shares on the Official List (Premium) of the Main Market of the London Stock Exchange.

Companies: PMI RMM SUN BOIL ITM TRMR MLVN 88E IME ANP

19 May 17

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

22 Feb 21

Inspiration Healthcare Group says 'business is growing, its profitable... now we need to invest'

07 Jan 20

Volex PLC Investor Presentatiion

22 Feb 21

Tirupati Graphite announce successful trials of battery grade spherical graphite

04 Jul 14

Executive Interview - Rolls-Royce

19 Feb 21

Tirupati Graphite embarks upon second stage of exploration programme in Madagascar

28 May 15

AFC Energy - Analyst interview, Zeus Capital

15 Feb 21

VSA Capital - February 2021 - Exro Technologies

Premium

15 Jan 21

Tech in Focus: Large caps take a beating while small caps shine through

12 Feb 21

INTERVIEW: Symphony Environmental has the potential to ramp up earnings and profits

Premium

02 Feb 21

Active Energy Group - AGE progress update January 2021

10 Feb 21

AFC Energy, the right technology at the right time

Premium

04 Feb 20

Executive interview - Test

10 Feb 21

Epwin Group a good strong bounce back in H2

Premium

11 Feb 21

Checkit - executive interview

Latest Content

FY20: blurred outlook for 2021

Getlink announced 2020 bottom-line figures below our expectations. It saw a sharp decline in traffic, with the drop in truck shuttle traffic less profound than others due to the robust demand for essential goods and Brexit-driven stockpiling. It has delivered €40m in cost-savings and has introduced a split in the functions of the CEO and the Chairman. The group has provided no outlook for FY21 and has proposed a dividend payment of €0.05/share.

Groupe Eurotunnel (GET:EPA)Getlink SE (GET:PAR)

01 Mar 21
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FY20: slower recovery on motorways

Ferrovial reported top-line figures which were better than expected due to the favourable construction market. However, the slower traffic recovery, especially on its motorways, led to lower equity-accounted contributions. Ferrovial expects traffic to recover soon on its motorways once the situation is normal and anticipates a 67% yoy increase in traffic at Heathrow, but has not provided any further quantifiable guidance. It has completed divestments worth €501m, and has proposed a total scrip dividend of €0.51/share.

Ferrovial (FER:BME)Ferrovial, S.A. (FER:MCE)

01 Mar 21
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Thin Film Electronics - Preparing for initial product sales

Thin Film Electronics’ (Thinfilm) FY20 results show how it has restructured operations to support the commercialisation of its proprietary ultra-thin microbattery product for applications such as hearing aids, earbuds and wearable medical devices ahead of the anticipated initial product revenues in late 2021. Operating costs were substantially lower, supporting a cash runway potentially extending through 2021, depending on the volume of warrants exercised.

THIN FILM ELECTRONICS (THIN:STO)Thin Film Electronics ASA (THIN:OSL)

01 Mar 21
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Plant Health Care* - Saori – PREtec Soy Seed Treatment in Brazil

Plant Health Care PLC

01 Mar 21
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AFC Energy (AFC LN) - Final results

AFC Energy plc

01 Mar 21
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An awful 2020 financial year

There was no surprise in the poor Q4 20 numbers. FY2020 was an awful year for the group with a collapse in revenue (-61%) and EBITDA (€228m vs €2,232m in 2019). The start to 2021 gives no sign of a strong market recovery. There is a consensus that the airline industry will be back to the pre-COVID-19 level in 2024. Any acceleration in this journey would be positive.

Amadeus It Group (AMS:BME)Amadeus IT Group SA Class A (AMS:MCE)

26 Feb 21
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SP Angel Spec Sits: LTIP Agreed (AEG.LN)

AEG has announced the implementation of an LTIP for key employees. We've also included some updated photos from activities related to the 5tph reference plant at Lumberton.

Active Energy Group plc

26 Feb 21
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FY 20: self-help and supportive renovation trends provide good outlook

SGO announced good FY20 results, although sales and operating income were down by 10% and 16% respectively. It recovered significantly in H2 and sees positive trends for FY21. The company delivered on all its targets for FY20 and successfully completed its Transform and Grow programme. The new CEO will introduce new strategies for the company in October 2021. SGO has proposed a dividend of €1.33/share and guided for the operating margin to be about 8.7% in FY21.

Compagnie de Saint-Gobain SA

26 Feb 21
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Polypipe - Acquisitions feed into FY21 earnings recovery

After a positive end to FY20, Polypipe has made an active start to FY21. The £210m acquisition of ADEY (part-funded by a c £96m gross new equity raise) is a significant step and fits well with the company’s product portfolio, market positions and its sustainable water/climate management business strategy. Including acquisition effects, we expect FY21 PBT to exceed FY19 levels, as they supplement an underlying EBIT recovery following a COVID-19-affected trough year. EPS approaches FY19 levels in FY22 (as the number of shares in issue is c 20% higher) on our estimates.

Polypipe Group PLC