reports
- Toby Thorrington
Meeting revised expectations
Having last updated the market on 3 February, Speedy’s FY25 outturn has been consistent with commentary at that time. As a result, EBITDA looks to be in line with the prior year with a slightly larger H2 weighting despite a quieter Q4. In our view, Speedy’s share price discounts long-term profitability below current levels and the c.40% NAV discount looks anomalous. Speedy’s share price has traded around the 19p level since this time, so our valuation observations at that time remain valid. Wit...
- Toby Thorrington
Trading slower to pick up in Q4
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 ...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 03/02/2025
* 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...
Ashtead Group: 1 director
A director at Ashtead Group bought 4,000 shares at 5,320p and the significance rating of the trade was 50/100. 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...
- Toby Thorrington
Positive start to important H2 trading period
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...
- Toby Thorrington
Positioned for H2 growth
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...
- Toby Thorrington
Speedy Hire plc: Working smarter, aiming higher - Initiation
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...
- Toby Thorrington
Focused on delivery
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...
- Toby Thorrington
Building a robust platform for growth - FY24 pre-close statement
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...
Speedy Hire: 3 directors
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...
- Liberum Research Team
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