Nov 20 2024
Capital goods
Recent Research
Diploma plc, Delivering to the model
Nov 19 2024
De La Rue, Counting the money
Nov 14 2024
Meet your Capital goods Research team
Hill & Smith
Strong US trading
Hill & Smith has delivered another period of strong trading, especially in the US infrastructure focused businesses. Full year guidance remains unchanged, so we expect only minor moves...
Volex
Small upgrades plus a look at the TT Electronics offer
Volex delivered a solid set of interims on November 15th, with revenues +9.7% organic (+30.4% in total) and the EBITA margin comfortably within the targeted 9-10% range. As a result, we...
Diploma plc
Delivering to the model
Diploma’s (DPLM) FY24 results have come in a nudge ahead of expectations and in line with the financial model – in this case, a very impressive result in our view. Although the...
Volex
Solid H1 plus a proposed offer for TT Electronics
Volex has delivered a very robust first half, with organic revenues up 9.7% and operating margins well within the target range. More eye-catching this morning, however, is the proposed...
De La Rue
Counting the money
The sale of the Authentication business for £300m will transform the financial profile of the remaining De La Rue Currency business. The continuing group will have a significant net cash...
Spectris
More realistic guidance, but where’s all the cash going?
Spectris has delivered what the market expected – reduced FY24 profit guidance. This has been driven by the lack of broad recovery in key end markets during Q324, and this is not...
IMI plc
Q3 as expected, significant valuation upside
IMI has delivered a resilient Q3 trading update, with a continuation of mixed end markets. Full year guidance has been reiterated despite FX volatility. The £100m share buyback has now...
Volex
Live Wire
Volex is a well-diversified global business with three key attributes that we think will see it continue to grow organically at some of the highest rates in the industrials sector. First, a...
Oxford Instruments
Solid H1; FX headwinds as expected
Trading in the period was strong, with revenue up c.10% and order intake +3%. There were improvements in Quantum Tech and expected H2 shipments to aid the H2 profit weighting along...
discoverIE
H1 as expected, and FY adjusted PBT remains on track
discoverIE’s H1 pre-close update confirms that trading remains lacklustre but is not deteriorating. The number of key customers that have been destocking has reduced, and despite a...
