reports
- 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(ITF) has been announced, or it is a rumour Dish of the day Admissions: Delistings: Apollon Formularies (AQSE:APOL) has withdrawn from the Aquis Stock Exchange What’s baking in the oven?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...
- Robin Byde
- Robin Byde
Gooch & Housego (GHH LN) - Improvement
Recovery post-COVID had been slow but H1 results show that Gooch is back-on-track with operations normalising. Now margins and returns need to improve. There are no changes to our revenue and profit estimates, but our valuation is lifted slightly to 800p from 750p with a predicted unwinding of high inventory levels in the coming quarters.
Hybridan Small Cap Feast - 06 Jun 23
6th June 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 objectiv...
Hybridan Small Cap Feast - 04 Apr 23
4 April 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 objective...
- Andy Hanson
- Bob Liao
- Carl Smith
- Mike Allen
- Rachel Birkett
- Robin Byde
- Robin Savage
- Andy Hanson
- Bob Liao
- Carl Smith
- Mike Allen
- Rachel Birkett
- Robin Byde
- Robin Savage
Zeus Top Picks for 2023
On 10 January last year, we set out our ten top stock picks for 2022, in what turned out to be a very poor twelve months for global equities, due to war, accelerating inflation, political instability and recession fears. Between 7 January 2022 and 31 December 2022, the AIM All-Share Index declined 30.0%, whilst the average performance of our ten top picks was -24.7%, a modest relative outperformance. In this note we discuss the performance of our 2022 top picks, equities trends in 2022, and our ...
Gooch & Housego: 1 director
A director at Gooch & Housego bought 4,437 shares at 516p and the significance rating of the trade was 68/100. 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 years clearly sho...
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