Apr 16 2024
Industrials
Recent Research
Kingspan Group, Charting a success story
Apr 11 2024
XP Power, Reassuring Q1 update
Apr 10 2024
XP Power, Sentiment at rock bottom
Apr 5 2024
Meet your Industrials Research team
Oxford Instruments
FYMar24 in line
Trading in the latter months of the year to March 31st was as expected at Oxford Instruments (OXIG). FYMar24 adjusted EBITA is expected to be in line with consensus (£79.9m) and it...
Stelrad Group plc
Mexborough site visit – key takeaways
Our visit to Stelrad’s Mexborough factory showcased the group’s highly efficient manufacturing capability and well-resourced warehousing unit. These two features enable the group to...
XP Power
Reassuring Q1 update
Order intake looks to have stabilised in March, with continued lumpy destocking in Healthcare and broad destocking in Industrial Technology. Management is pulling all its cash levers, with...
Glenveagh Properties
Another good year likely in 2024; increasing price target to 198c
We see both re-rating potential and earnings upside in Glenveagh Properties in the coming 12 months. The stock is our top pick in the homebuilding sector, and our price target of 198c...
XP Power
Sentiment at rock bottom
XP Power (XPP) has set a very cautious tone for 2024, which we believe is sensible given recent disappointments. Guidance from the new CFO for revenue declines and financial leverage...
Travis Perkins plc
CEO to leave
Travis Perkins is looking for a new CEO as it has been announced that the incumbent Nick Roberts is to step down. A new CEO offers the chance for the group to start afresh and...
DS Smith
International Paper makes indicative 415p DS Smith offer
Yesterday (March 26th), post UK market close, US packaging leader International Paper (IP) made an indicative 415p offer for DS Smith (0.1285 IP shares for each DS Smith share). Noting...
Xaar
Stronger platform for growth
Xaar has delivered FY23 profits ahead of our expectations. While customer-delayed launches of new printing machines impacted the FY23 out-turn, most now look set for launch in 2024...
Grafton Group
Ready to jump on the platform
An increasing possibility that Grafton will undertake a platform acquisition (£100-500m) this year merits an analysis of the possible effect of such a transaction. Applying Grafton’s...
Volution
Another impressive half as margin performance remains the stand-out
Volution has announced another impressive set of results. The results, which cover the six months to end-January, are likely to provide the platform for another modest upgrade to full...
