Apr 23 2024
Capital goods
Recent Research
Oxford Instruments, FYMar24 in line
Apr 16 2024
XP Power, Reassuring Q1 update
Apr 10 2024
XP Power, Sentiment at rock bottom
Apr 5 2024
Xaar, Stronger platform for growth
Mar 26 2024
Hill & Smith, Consistent delivery
Mar 15 2024
Hill & Smith, Strong FY23, more upgrades
Mar 12 2024
Meet your Capital goods Research team
James Fisher and Sons plc
Fishing for self-help
James Fisher comprises global marine engineering businesses that operate across three divisions: Energy, Defence and Marine Transport. Its niche technologies and capabilities enable...
Oxford Instruments
FYMar24 in line
Trading in the latter months of the year to March 31st was as expected at Oxford Instruments (OXIG). FYMar24 adjusted EBITA is expected to be in line with consensus (£79.9m) and it...
XP Power
Reassuring Q1 update
Order intake looks to have stabilised in March, with continued lumpy destocking in Healthcare and broad destocking in Industrial Technology. Management is pulling all its cash levers, with...
XP Power
Sentiment at rock bottom
XP Power (XPP) has set a very cautious tone for 2024, which we believe is sensible given recent disappointments. Guidance from the new CFO for revenue declines and financial leverage...
Xaar
Stronger platform for growth
Xaar has delivered FY23 profits ahead of our expectations. While customer-delayed launches of new printing machines impacted the FY23 out-turn, most now look set for launch in 2024...
Hill & Smith
Consistent delivery
Hill & Smith (HILS) remains one of our top picks for 2024. The tailwinds of US infrastructure investment, self-help from organic investment in its existing higher growth/higher margin...
Hill & Smith
Strong FY23, more upgrades
Hill & Smith (HILS) has delivered another strong set of results, ahead of our and consensus expectations at revenue, profits and EPS. Strong cash generation is funding M&A (another...
XP Power
Cautiously optimistic
XP Power’s (XPP) FY23 out-turn is broadly as expected at revenue, adjusted EBITA and profit before tax (PBT) lines. Adjusted EPS has been impacted by US tax losses. Importantly, net...
IMI plc
Making progress
IMI’s FY23 preliminary results are in line with expectations, with 6% organic revenue growth and operating margin progression. IMI enters 2024 with a record Process Automation order...
IMI plc
Val(ve)uation upside
IMI is a global supplier of fluid and motion control valves and actuators across five high growth end markets. Past investment in operational improvement and product innovation has...
