Spectacular H1 report leads to 4th upgrade this year
With Q3 to date performing ahead of expectations and two additional contracts secured, we raise FY22 and FY23 estimates for the fourth time YTD.Focusing expansionary capex on loadbanks and targeting sectors with exciting growth prospects (such as data centres and renewable energy) has proven extremely fruitful. Evidence of that success is visible in the dividend payout during H1, ahead of the total FY21 level.
With two significant contracts secured early in Q3, new records within the manufacturing order book and improving visibility in hire services, H2 ’22 is set to deliver further records. We feel confident enough to increase our estimates again by an average of 26% across FY22 and FY23.
Our fair value calculation based on a combination of our DCF and peer group comparison models increases to 360p / share, up from 283p
Northbridge Industrial Services is engaged in the sales and hire of industrial equipment on a global basis for use in applications in the oil and gas, shipping, construction, and power and utility sectors. Co. has two main reportable segments: Crestchic loadbanks and transformers, which is involved in the manufacture, hire and sale of loadbanks and transformers; and Tasman oil tools and loadcells, which is involved in the hire and sale of oil tools and loadcells.
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