Capital goods

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...