Sep 12 2024
Capital goods
Recent Research
James Fisher and Sons plc, Making solid progress
Sep 10 2024
Diploma plc, Strength in numbers
Sep 6 2024
Spectris, Another acquisition
Sep 5 2024
Hill & Smith, Trident upgrade
Aug 14 2024
Hill & Smith, H1 EBITA ahead
Aug 8 2024
XP Power, Self-help improvement
Aug 6 2024
Meet your Capital goods Research team
discoverIE
Upbeat Capital Markets Event
Yesterday (September 11th) discoverIE hosted its second Capital Markets Day (CMD), some six years since the last one. No new financial information was given, but the presentations and...
James Fisher and Sons plc
Making solid progress
James Fisher has delivered H124 EBITA ahead of our expectations as the turnaround strategy gathers pace. The new revolving credit facility (RCF) agreement is nearly ready — we...
Diploma plc
Strength in numbers
Diploma has been one of the most resilient stocks in the Industrials universe. It runs a decentralised, acquisitive model whereby the companies acquired enhance the overall group’s...
Spectris
Another acquisition
Spectris has agreed to buy Piezocryst Sensors GmbH for £122m from AVL. This is hot on the heels of the completion of the recent SciAps and Micromeritics deals. It appears to have paid...
Hill & Smith
Trident upgrade
The soft organic constant currency (OCC) revenue movement in May and June can be attributed to two issues: weakness in the UK ahead of the election and continued subdued volumes...
Hill & Smith
H1 EBITA ahead
The momentum seen at Hill & Smith (HILS) in the first four months of FY24 continued into May and June, driven by US infrastructure tailwinds. H1 adjusted EBITA was ahead of our...
XP Power
Self-help improvement
XP Power has delivered H1 profits ahead of expectations and better-than-expected net debt. Full year guidance has been reiterated, with the H1 profit beat reducing the H2 weighting...
Xaar
Challenging, as expected
Xaar has released a short trading update ahead of detailed interim results on September 18th. Trading has been challenging, as guided, due to tough end markets and disruption to...
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...
