Jun 21 2024
Capital goods
Recent Research
XP Power, No formal bid from Advanced Energy
Jun 18 2024
Hill & Smith, Engineering margin upgrades
May 24 2024
Hill & Smith, US momentum continues
May 23 2024
XP Power, Advanced Energy bids rejected
May 21 2024
Meet your Capital goods Research team
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...
Hill & Smith
US momentum continues
Hill & Smith has beaten our expectations and upgraded its FY guidance following very strong trading in the first four months of FY24. This has been driven by US infrastructure and...
XP Power
Advanced Energy bids rejected
XP Power (XPP) has received several bids from US-listed peer Advanced Energy over the last eight months. The latest is a 1950p, all cash offer made on May 7th 2024. This was again...
Spectris
Slightly soft
We believe that much of the positive news and self-help for Spectris is already well known. We suspect there will be more cost saving benefits to come than current guidance suggests,...
IMI plc
Solid Q1 update, although end markets remain very mixed
IMI shares have hit an all-time high as it delivers another period of solid mid-single-digit organic revenue growth. While the end market performance was very mixed, as expected, the 4%...
Oxford Instruments
FX headwinds increase
We have reviewed our forecasts following the recent full-year pre-close update. The key takeaway was that FYMar24 is in line with expectations. However, FX headwinds have increased...
