reports
- Robin Byde
AB Dynamics (ABDP LN) - A haven in a troubled sector
Put mildly the global automotive sector is troubled. The list of challenges is long: stuttering ICE/EV transition, digitalisation, micro mobility car replacement in big cities, lacklustre end-demand, labour disputes, OEM consolidation, social policy and geopolitics. ABD is a haven, offering market-leading testing technology locked into long-cycle, propulsion agnostic, R&D spend by the OEMs; and shielded by regulatory vehicle safety testing requirements. The balance sheet is strong, with c.£30m o...
AB Dynamics: 1 director
A director at AB Dynamics sold 230,000 shares at 1,950p 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 showi...
- 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.
- Andy Hanson
- Carl Smith
- Robin Byde
Zeus Industrials Round-Up - 11 June 2024
As we approach the end of H1, recent industrial and economic indicators display an encouraging picture, cautiously supporting optimism for the latter half of 2024. UK manufacturing returned to growth in May, with many countries recording higher PMI readings. Inflation data across the globe was also encouraging, prompting the Bank of Canada and ECB to cut interest rates last week. UK GDP growth for Q1 was also positive and overall business confidence appears to have improved.
- Robin Byde
AB Dynamics (ABDP LN) - Strategy on track but valuation full
Playing a bit of catch up, we lift our estimates for the recent acquisition of Venshure Test Services (VTS) and positive interim earnings. Cash generation and the net cash position remain healthy, and the outlook for earnings growth is generally positive.
Hybridan Small Cap Feast - 28 Feb 24
28th February 2024 @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 obj...
- Robin Byde
- Bob Liao
Audio Note: B90 Holdings - H1: Repositioning to scale
In this audio note, Zeus’ Bob Liao summarises the investment case for B90 Holdings. H1 was a period of investment and restructuring that has positioned the company for strong future growth. Listen to the audio note below, and read the full research here.
- Robin Byde
- Liberum Research Team
- Liberum Research Team
- Alex O’Hanlon
- Joe Brent
- Sanjay Vidyarthi
LIBERUM: AB Dynamics - Strong H1 margin performance
AB Dynamics delivered strong H1 operating profit growth of 37% (14% organic). Stripping out the Ansible acquisition and ABD Solutions losses, we estimate an underlying operating margin improvement of c. 80bps, driven by a healthy gross margin and operating leverage. The order book gives good visibility on H2 and management’s expectations for FY23E are unchanged. We think there could be modest upside risk to forecasts by the y/e. Market trends remains strongly positive, product innovation continu...
- Liberum Research Team
LIBERUM: Analyst Best Ideas - Most & Least Preferred Ideas from Liberu...
Liberum's research coverage encompasses more than 300 stocks across 12 pillars. Each quarter we ask our sector teams to list their most and least preferred stocks on a six to 12-month time horizon. Stock selection is largely limited to those names listed in the FTSE 350 and STOXX 600, eliminating less liquid names, and is driven by analysts’ preferences, rather than total shareholder return.
J2B EXPERIAN PLC
AHT ASHTEAD GROUP PLC
KLR KELLER GROUP PLC
MGAM MORGAN ADVANCED MATERIALS
7CT CENTAMIN PLC
HVO HVIVO
ABDP AB DYNAMICS
CARD CARD FACTORY
DOM DOMINO'S PIZZA GROUP PLC
OCI OAKLEY CAPITAL INVESTMENTS
RMG ROYAL MAIL PLC
CTEC CONVATEC GROUP PLC
IAG IAG
SSPG SSP GROUP PLC
TRN TRAINLINE PLC
TRR TRIDENT ROYALTIES
- Liberum Research Team
- Liberum Research Team
- Alex O’Hanlon
- Joe Brent
- Sanjay Vidyarthi
LIBERUM: AB Dynamics - H1 in line, no change to forecasts
AB Dynamics’ brief H1 update states that trading is in line and there is no change to FY23E expectations. There are no numbers in the statement. We think that there has been some continued lumpiness to order intake, but overall momentum is encouraging. The Ansible integration is progressing well and ABD Solutions continues to gain traction. We make no changes to our forecasts. We maintain our view that growth in ADAS markets should support strong growth at AB Dynamics allowing it to leverage th...
- Arnaud Despre
- Augustin Socié
- Gaetan Calabro
- Jeremy Sallee
- Maxence Dhoury
- Nicolas Delmas
- Nicolas Montel
- Nicolas Royot
MLREW REWORLD MEDIA SA
HEXA HEXAOM SA
TIPI TIPIAK S.A.
ALCLA CLASQUIN SA
INF INFOTEL SA
PHA PHARMAGEST INTERACTIVE SA
BEN BENETEAU SA
BLC BASTIDE LE CONFORT MEDICAL SA
CGM CEGEDIM SA
VIRP VIRBAC SA
VETO VETOQUINOL SA
NRG NRJ GROUP SA
PIG HAULOTTE GROUP SA
GBT GUERBET SA
CBOT CBO TERRITORIA SA
ABDP AB DYNAMICS
ALREA REALITES SCA
VLTSA VOLTALIA
RBO ROCHE BOBOIS INTERNATIONAL SAS
LHYFE LHYFE S.A.
- Jo Yee Ng
- Zhifeng Shen
China Consumer Weekly: Confident about consumer spending recovery desp...
Concerns on the household segment’s excess deposits continued into 2023 after the peak of its incremental deposits of Rmb17,840b in 2022. However, we expect gradual consumer spending recovery ahead as evidenced in 2021 given the easing of the pandemic and the recovery of consumer confidence. We attribute the share price corrections to the weak sentiment on overall consumption situations, but stay positive on the improving fundamentals. Maintain OVERWEIGHT on the consumer sector.
AS7 ANTA SPORTS PRODUCTS LTD.
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
ABDP AB DYNAMICS
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
168 TSINGTAO BREWERY CO LTD
6862 HAIDILAO INTERNATIONAL HOLDING LTD
2331 LI NING CO LTD
6186 CHINA FEIHE LTD
9922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD
1876:HK BUDWEISER BREWING CO APAC LTD
291 CHINA RESOURCES BEER HOLDINGS CO LTD
- Chris Hoare
Japanese Telcos Japan to start auctioning spectrum – Thoughts and imp...
The Nikkei reports that the MIC has decided to start holding auctions to allocate spectrum from March 26. Normally we would say that this is one of the worst things that can happen to a Telco market that previously allocated spectrum for free, but not in this case.
- Robin Byde
AB Dynamics (ABDP)
There is not much wrong with the investment case for ABD currently. Earnings are resilient, acquisitions look sensible, and the Group has a net cash position. Many investors will simply not like the valuation (PE c.30x forward), but ABD has always been expensive, priced as a rare provider of value-added testing equipment and services for vehicle active safety and autonomy. Some will worry about supply chain constraints, but we have not heard anything different or particularly concerning from ABD...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.