reports
- Robin Byde
- Robin Byde
Gooch & Housego (GHH LN) - Bulking up US defence exposure - BUY
Gooch (G&H) has made a useful smaller acquisition in the US defence photonics sector. We apply moderate upgrades to all forecasting years, and our target valuation is lifted to 670p from 650p. Acquisition Global Photonics expands capacity and market share in the USA for optical systems for military land and air platforms. The fit with other recent defence acquisitions is good. G&H now has six facilities in the USA across photonics & optical systems and life sciences. Probably 35% of Group revenu...
- Andy Hanson
- Bob Liao
- Brendan Long
- Carl Smith
- Daniel Slater
- David Seers
- John Cummins
- Rachel Birkett
- Robin Byde
- Robin Savage
Audio Note: Zeus Top Picks for 2025
Welcome to Zeus’ Top Picks 2025. Every year since 2021 Zeus analysts have selected their highest conviction UK SMID cap stocks over a one-year investment horizon. In 2024 Zeus analysts selected nine stocks across various sectors, focusing predominantly on the UK AIM market. These stocks provided an average total return of 16.3%, beating the AIM All Share benchmark by 18.7ppts*.
- Andy Hanson
- Bob Liao
- Brendan Long
- Carl Smith
- Daniel Slater
- David Seers
- John Cummins
- Rachel Birkett
- Robin Byde
- Robin Savage
Zeus Top Picks for 2025
Welcome to Zeus’ Top Picks 2025. Every year since 2021 Zeus analysts have selected their highest conviction UK SMID cap stocks over a one-year investment horizon. In 2024 Zeus analysts selected nine stocks across various sectors, focusing predominantly on the UK AIM market. These stocks provided an average total return of 16.3%, beating the AIM All Share benchmark by 18.7ppts*.
- Robin Byde
Gooch & Housego (GHH LN) - Turning points - BUY
Gooch is making good progress managing the manageables. Order book volatility has reduced, manufacturing backlogs and lead times have been cut, customers are more satisfied, debt is lower and recent tuck-in acquisitions are on-plan. That said, mid-teens operating margins are still some way off. In recent news, full year earnings were in-line with our expectations; H2 trading was strong, and cash outperformed with better management of inventory and receivables. Net debt now stands at 0.9x EBITDA,...
Hybridan Small Cap Feast - 30 October 2024
* 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: None Delistings: Gulf Investment Fund (GIF.L) has delisted from the specialist fund segment of the main market What’s baking in the oven? ITF announced:*** Potential** Initia...
- Robin Byde
- Robin Byde
Gooch & Housego (GHH LN) - Plenty of opportunity but execution must im...
Gooch has issued a profit warning, cutting FY24E guidance at PBT by £1.5m or c.16% against Zeus’ estimate. Revenue recognition for certain customer projects has been delayed due to supplier and customer issues outside of the Group’s control. Many other things seem to be going well. The order book is higher, acquisition integration has continued apace, progress to reduce costs via outsourcing is being made, and net debt is lower. We cut our FY24E estimates in line with new guidance. Despite manag...
Hybridan Small Cap Feast - 15 August 2024
15th August 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: None Delistings: Tertre Rouge Assets Plc (TRA.L) has delisted from the Standard Segment of the Main Market. What’s baking in the oven? ** Reverse Takeovers: Earnz plc (EARN.L) is an AIM Rule 15 cash shell, which is required to make an acquisition or ...
- Andy Hanson
- Carl Smith
- Robin Byde
Industrials Round-up - 08 July 2024
The UK industrial sector continues to strengthen with June output and order books increasing for a second consecutive month, albeit at a slightly slower pace than in May. We think it is too soon to declare conclusively a turnaround, but recent industrial and economic data have been reassuring, as inflation returned to the BoE’s 2% target and sentiment remained positive.
- Robin Byde
Hybridan Small Cap Feast - 04 June 24
4th June 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Delistings: Apollon Formularies (AQSE:APOL) has withdrawn from the Aquis Stock Exchange What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 22nd May: Raspberry Pi announces an intention to float onto the Premium listing ...
- Robin Byde
Gooch & Housego (GHH LN) - A chink of light
Gooch has issued a positive update for H1. Trading has started to recover with stocking levels normalising at industrial and medical devices customers. The outlook is positive with growth returning, and management has confirmed our full year estimates (adjusted for the disposal of EM4). The order book and order flow appear healthy, and net debt is comfortable. Gooch clearly still has plenty to do to lift operating margins from a lacklustre 8.1%, but the transformation plan appears to be back on ...
- Robin Byde
Audio Note: Gooch & Housego - Down, not out
In this audio note, Zeus’ Robin Byde summarises the investment case for Gooch & Housego. Gooch issued a disappointing AGM update last week. Despite the order book ticking up in the first four months of the year, some customers in industrial and medical laser markets have continued to reduce inventory holdings, and demand in selected end markets remains weaker. Listen to the audio note below, and read the full research here.
- Robin Byde
Gooch & Housego (GHH LN) - Down, not out
Gooch issued a disappointing AGM update last week. Despite the order book ticking up in the first four months of the year, some customers in industrial and medical laser markets have continued to reduce inventory holdings, and demand in selected end markets remains weaker.
- Andy Hanson
- Bob Liao
- Carl Smith
- Daniel Slater
- Rachel Birkett
- Robin Byde
- Robin Savage
- Zeus Research Team
- Andy Hanson
- Bob Liao
- Carl Smith
- Daniel Slater
- Rachel Birkett
- Robin Byde
- Robin Savage
Zeus Top Picks for 2024
On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div...
- Robin Byde
Hybridan Small Cap Feast - 03 Oct 23
3rd October 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objec...
- Robin Byde
Gooch & Housego (GHH LN) - Recovery gathering pace
Recovery at Gooch is accelerating. In a positive pre close update the Group said that trading is ahead of market expectations and integration of recent acquisitions is going well. Improvement is across all three operating divisions. Industrials division volumes of fibre and acousto-optic assemblies grew faster than customer de-stocking. In Aerospace & Defence several fibre optic assembly programmes moved to full production. In Life Sciences medical diagnostic devices grew with deliveries for new...
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