reports
- Daniel Slater
Hunting (HTG LN) - New Subsea contract wins - BUY
Hunting has announced several new contract wins in its Subsea segment. In the Enpro business, Hunting has won c.US$23m of contracts across two clients for use of its technology on North Sea decommissioning projects, with the potential for further awards in 2026. In the Spring business, Hunting has won a c.US$15m titanium stress joints contract in the Gulf of Mexico, with a new client for this product line.
- Daniel Slater
Hunting: 1 director
A director at Hunting bought 218,565 shares at 296p and the significance rating of the trade was 100/100. 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 showing ...
- Daniel Slater
- Daniel Slater
Hunting (HTG LN) - Forecast update - BUY
Hunting recently issued a trading statement, confirming guidance for 2024 and providing new guidance for 2025, alongside announcing a restructuring of its business in the UK and Europe. We have now incorporated this into our numbers and today update our forecasts, as Hunting continues to pursue new work in 2025 in its OCTG and Subsea segments and to right-size costs in Perforating Systems, Europe, and G&A.
- Toby Thorrington
Good FY24 progress, despite variable end markets
Hunting has reaffirmed that FY24 EBITDA will be in line with October’s revised US$123m-126m guidance, the midpoint of which represents c.22% y-o-y progress. As previously noted, the OCTG and Subsea product groups have delivered strong performances while Hunting Titan/Perforating Systems (PS) has had to contend with depressed North American onshore activity levels. Management has again raised year end net cash guidance (and for the third time during FY24) to US$100m-105m driven by successful shi...
- Daniel Slater
Hunting (HTG LN) - Q3 trading statement
Hunting has released its Q3 trading statement, reporting ongoing strong performance and good receivables collection from its OCTG, Advanced Manufacturing, and Subsea activities, but with further slowdown in Perforating Systems. This has driven a downgrade to 2024 EBITDA guidance, but an upgrade to the expected end 2024 cash position.
- Toby Thorrington
Titan tempers upward momentum
Hunting’s Q3 update highlights positive developments with OCTG shipments and cash flow/funding, but Hunting Titan/Perforating Systems (PS) has not seen a trading improvement in H2 to date. Consequently, we have reduced estimates to reflect this, although we continue to expect the company to report good EBITDA progress this year and next. H1 trading patterns continue into Q3. The first OCTG shipments to KOC have completed successfully. Allowing for this, the group order book is holding up well ...
- Toby Thorrington
Onwards and upwards
One year on from Hunting’s 2030 Strategy launch some good progress has been made towards these long-term targets in mixed market conditions. H124 EBITDA came in at U$60.3m (+c.23% y-o-y), in line with pre-close commentary. Successful order execution in International and Subsea markets more than offset largely weaker North American oil and gas demand. An elevated order book position, re-affirmed EBITDA and year-end net cash guidance (both raised at the end of H1), together with a 10% interim DPS...
- Toby Thorrington
Onwards and upwards
One year on from Hunting’s 2030 Strategy launch some good progress has been made towards these long-term targets in mixed market conditions. H124 EBITDA came in at U$60.3m (+c.23% y-o-y), in line with pre-close commentary. Successful order execution in International and Subsea markets more than offset largely weaker North American oil and gas demand. An elevated order book position, re-affirmed EBITDA and year-end net cash guidance (both raised at the end of H1), together with a 10% interim DPS ...
- Toby Thorrington
H1 ahead and OCTG orders underpin more progress
International and Subsea markets continue to drive Hunting forward. A pre-close update indicated H124 EBITDA of c.US$60m (up US$10m+ year-on-year) plus a c.$700m period end group order book (up c.US$135m since December). There have been headwinds in certain other markets, but overall group momentum has again led to slightly firmer guidance for the current year together with an expectation of good progress to follow in FY25. The company was modestly geared at the period end. A c. 200bp increase...
- Daniel Slater
- Daniel Slater
Hunting (HTG LN) - Further large OCTG award
Hunting has announced a further large OCTG award – an US$86m order from Kuwait Oil Company. This comes after the US$145m OCTG award already received from Kuwait Oil Company in mid-May and, alongside some additional Subsea and Advanced Manufacturing wins, takes total order book to c.US$751m (from c.US$665m in mid-May).
- Daniel Slater
- Toby Thorrington
Record order boosts momentum and firms guidance
Hunting has received a record US$145m OCTG order with shipments to the Kuwait Oil Company expected to start toward the end of 2024. As a result, following an in-line Q1 update, EBITDA guidance has now firmed towards the upper end of the company’s existing US$125m-135m range. We have raised our current year EBITDA estimate to US$131m (+c.7%) and by c.14% for FY25 due to this new business win. This contract follows significant OCTG (Oil Country Tubular Goods) orders in H2'22 (US$80m+ offshore Ch...
- Daniel Slater
- Toby Thorrington
On track to deliver further progress in FY24
Commentary and financial metrics in Hunting’s AGM/Q1 update confirm that the company has progressed in line with its FY24 targets thus far in year-to-date trading. Q124 EBITDA was well ahead year-on-year. This represents a good step towards the flagged US$125m-135m range for the year, with ongoing momentum in the strongest market segments. Group revenue has continued to grow well, being up c.16% year-on-year in Q1 and c.7% ahead compared to Q423, a strong quarterly close to FY23. Shipments agai...
- Daniel Slater
Audio Note: Hunting - Full year 2023 results
In this audio note, Zeus’ Daniel Slater summarises the recent news flow for Hunting. Hunting has released its full year 2023 results. These were guided to in the trading statement in January, though EBITDA has now come out ahead of this, and overall the results demonstrate a year of very significant growth. Listen to the audio note below, and read the full research here.
- Toby Thorrington
Guidance beaten in FY23 and unchanged for FY24
Hunting delivered EBITDA of US$103m, ahead of revised guidance and the inferred year-end expectation, representing a 98% y-o-y uplift (and 11.1% margin, +380bp). Major contract awards boosted Subsea and OCTG activities in particular, but top line progress was also accompanied by good cost control to deliver the full year outturn. A record year-end order book position leaves the company well-placed to deliver further progress in FY24, where guidance is unchanged. At the headline level, Hunting ...
- Daniel Slater
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