Nov 17 2023
Capital goods
Recent Research
Oxford Instruments, Operational upside
Nov 16 2023
Hill & Smith, Robust Q3 update
Nov 14 2023
XP Power, Powering ahead
Nov 8 2023
Spectris, Slowing growth in Q3
Nov 1 2023
XP Power, Trading holding up well
Oct 27 2023
Capital goods , Leading edge
Oct 24 2023
Meet your Capital goods Research team
Hill & Smith
Composites acquisition
Hill & Smith (HILS) has acquired United Fibreglass for $14m, adding new composite technology and capacity to its existing disruptive and fast growing US Composites offering. It has paid...
Oxford Instruments
Operational upside
Our key takeaway from Oxford Instruments’ (OXIG) interim results was the commentary from new CEO Richard Tyson about the scope for operational improvements and efficiencies to drive...
Hill & Smith
Robust Q3 update
Hill & Smith has delivered another period of strong organic revenue growth, across all three divisions – especially from its US operations. This has given the Board confidence to upgrade...
XP Power
Powering ahead
XP Power (XPP) has raised £45m via a 19.99% equity capital increase. This increases revolving credit facility (RCF) covenant headroom for FYDec23, and our new FY24E net debt-to-EBITDA...
Spectris
Slowing growth in Q3
Spectris delivered a resilient Q3 trading update with organic revenue remaining in double digits. Order book visibility gives the Board confidence to provide a small FY23 adjusted EBITA...
XP Power
Trading holding up well
XP Power (XPP) has released an assuring ad-hoc trading update highlighting positive trading dynamics in September and so far in October and that covenant waiver discussions are...
Capital goods
Leading edge
We initiate coverage on four companies in the Electronic & Electricals sector: Oxford Instruments, Spectris, Xaar and XP Power. All four companies offer market disrupting...
Hill & Smith
Momentum signal
Hill & Smith (HILS) has delivered record interim results with 20% organic EBITA growth, 17% ahead of our estimate. This strong momentum is allowing the Board to lift full-year guidance...
Hill & Smith
Compound grower
Hill & Smith is a counter-cyclical, UK and US-focused infrastructure product and services provider that is benefitting from the multi-year tailwinds of government infrastructure...
