The material AMEY contract came on stream as planned but best expectations for H2 have been undone by a continuing weak macro-economic background. We have reduced our core hire estimates by c.8% at the EBITDA level for FY25E. This still infers progress versus H224 and is significantly above H125, albeit not with the momentum previously envisaged. Post the trading update, Speedy is trading on a 40% NAV discount and a c.13% dividend yield. Our end FY25E NAV is c.4% lower (at 32.4p per share) and ...
* A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: On Friday 31st January, Cardiogeni (AQSE: CGNI) announced its IPO onto AQSE. The Group’s platform technology is developing a new class of life-saving cellular...
Market conditions have been challenging but Speedy has delivered resilient metrics in H125 trading and is investing for growth. All eyes now turn to an expected acceleration of revenue and profit growth in H2 with visible drivers for doing so. The recent share price performance suggests some investor scepticism that this will be achieved, but a c.11% NAV discount and 9.2% prospective dividend yield also catch the eye ahead of further newsflow. We have retained our 51.1p/ share fair value estim...
Consistent with Speedy’s AGM statement (on 5 September) H125 hire segment revenue is in line with the prior year and management expectations for the full year are unchanged. We expect a H1 bias to capex and, relatedly, a H2 bias to profitability both driven primarily by new business. Growth and margin expansion are key Velocity objectives; this should become increasingly visible as H2 progresses. H125 results are scheduled for 21 November. Speedy’s share price has traded between 35p-40p range o...
During a period of less favourable market conditions, Speedy Hire has taken a progressive approach to strategic business improvement and this programme is gathering momentum. As a result, we consider it to be much more than a cyclical recovery story. Having traded at or below its 34p per share NAV for much of calendar 2023, Speedy’s share price broke through this level in the last month and has since sustained this momentum. It is now up c.14% YTD (versus c.3% for the FTSE All-Share Index). O...
Headline FY24 results were behind the prior year as expected but the underlying core hire and services performance was solid in a tough market. There is more to come from the Velocity strategy but material new business wins, enhanced financial control and the company’s growing position in clean energy equipment all augur well for future progress. Management expectations are unchanged and Speedy is trading ahead of FY24 in the first two months of FY25. Velocity is one year into its five-year str...
Against a tough trading background in FY24, Speedy Hire has taken steps to build a platform for long term sustainable growth through the launch of its Velocity strategy. While progress has been more strategic than financial in the year – although we note positive underlying cash flow was achieved - new business wins, the acquisition of Green Power Hire and a transitioned B&Q model all suggest that profitability is likely to move ahead again from FY25 onwards. Speedy’s FY24 pre close statement e...
Three Directors at Speedy Hire bought 280,000 shares at between 25p and 25p. The significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ye...
Speedy’s trading update for the year ended March 2023 is reassuring as the Board reports that it expects profits for the year to hit consensus expectations. 14% growth in revenues for the year implies a slowing in growth to +10% at the end of FY23. The main driver of revenue growth in the year has been hire rates, which have been improving as the industry has been disciplined in recouping input cost inflation. Net debt closed the year a little better than expected. It also reports that no furthe...
Speedy has announced that it acted on recommendations made in the 2022 audit to carry out a comprehensive count of all its hire equipment. This validated the carrying value of the 78% of the fleet that is itemised but found a £20m shortfall in the carrying cost of the other 22% of the fleet that is non-itemised. The 10% hit to tangible NAV is dis-appointing, but procedures have been significantly tightened already and an external investigation started. The deficiency has no implications for past...
SPEEDY HIRE PLC. (GB), a company active in the Business Support Services industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 2 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date March 25, 2022, the closing price was GBp 52.70 and i...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Summary Marketline's Lavendon Group PLC Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Lavendon Group PLC since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic...
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