Capital goods

Meet your Capital goods Research team

Hill & Smith

Engineering margin upgrades

We have upgraded our Hill & Smith forecasts following strong trading in the first four months of FY24. Our 4.4% adjusted EPS upgrade is driven by an increased Engineered Solutions...

Hill & Smith

US momentum continues

Hill & Smith has beaten our expectations and upgraded its FY guidance following very strong trading in the first four months of FY24. This has been driven by US infrastructure and...

XP Power

Advanced Energy bids rejected

XP Power (XPP) has received several bids from US-listed peer Advanced Energy over the last eight months. The latest is a 1950p, all cash offer made on May 7th 2024. This was again...

Spectris

Slightly soft

We believe that much of the positive news and self-help for Spectris is already well known. We suspect there will be more cost saving benefits to come than current guidance suggests,...

IMI plc

Solid Q1 update, although end markets remain very mixed

IMI shares have hit an all-time high as it delivers another period of solid mid-single-digit organic revenue growth. While the end market performance was very mixed, as expected, the 4%...

Oxford Instruments

FX headwinds increase

We have reviewed our forecasts following the recent full-year pre-close update. The key takeaway was that FYMar24 is in line with expectations. However, FX headwinds have increased...

Weir Group plc

Q124 update in line

Weir provided a reassuring Q124 update despite tough comps for revenue and order intake. It confidently reiterated full year guidance, and aftermarket (AM) order trends remain in the...

James Fisher and Sons plc

Fishing for self-help

James Fisher comprises global marine engineering businesses that operate across three divisions: Energy, Defence and Marine Transport. Its niche technologies and capabilities enable...

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...

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...