Jul 26 2024
Capital goods
Recent Research
Spectris, Acquiring growth
Jul 16 2024
discoverIE, More to discover
Jun 21 2024
XP Power, No formal bid from Advanced Energy
Jun 18 2024
Meet your Capital goods Research team
IMI plc
Hitting the (growth) target
IMI has delivered interim results in line with our expectations. The 5% organic revenue growth hit its target rate and continues the recent trend of steady improvement. Full year...
discoverIE
Q1 tough, as expected, but improving orders are encouraging
Q1 has proved to be tough, as flagged at the prelims in June, and destocking at the largest OEM customers looks to be continuing into the summer. However, the book-to-bill returning to...
Spectris
Acquiring growth
Hot on the heels of the announced £205m SciAps acquisition a few weeks ago, Spectris has now agreed to acquire Micromeritics Instrument Corp. for an upfront consideration of $630m...
James Fisher and Sons plc
RMS sale completes
James Fisher has announced the completion of the sale of RMSpumptools. The cash proceeds, of circa £83m, will broadly half the current net debt level and enable the finalisation of the...
Spectris
Weaker outlook – downside risk remains
We downgrade our forecasts and rating following the June trading update. Despite the weaker H2 guidance/outlook being reflected in our new forecasts, there remains a significant H2...
discoverIE
More to discover
discoverIE (DSCV) is a M&A-led growth compounder with an impressive 12-year track record. Compared with other companies with a compounding model in the industrials sector, such as...
XP Power
No formal bid from Advanced Energy
Advanced Energy’s decision not to make a formal bid for XP Power (XPP) is initially disappointing, but it was always very opportunistic against a depressed XPP share price. We continue...
Oxford Instruments
Prelims in line, positive strategy update
Oxford Instruments has delivered preliminary results in line with expectations. The strategy update targets look to be ambitious enough: 5-8% organic growth and 20%+ margins. A small...
James Fisher and Sons plc
Balance sheet delevering in sight
James Fisher will soon mark a major turning point in its recent history. The sale of RMSpumptools will reset the balance sheet leverage onto a more sustainable footing. The share price...
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...
