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Tandem has released a positive trading update for FY21E, with trading in-line with “or slightly ahead” of market expectations (FY21E Adj EBITDA of £5.1m). H1/21E revenue was up 14% YoY, which improved further in Q3/21E (+17% YoY); Q4/21E to date has been largely flat YoY due to a particularly strong prior year comparator period (national retailers initially postponed orders in 2020 as the pandemic flared up, before confidence resumed towards the end of the year, and delayed orders were then plac
Companies: Tandem Group plc
Zytronic has reported positive full year results, confirming a sustained recovery in demand. Headline financials were disclosed in the pre-close update, including the return to profitability on a reported basis (£0.5m PBT). Strong cash generation (£9.2m net cash even after the tender offer) has supported a positive surprise in the resumption of dividends (1.5p final). Recent trading and order intake have been very encouraging and the ongoing recovery remains well on track. We introduce a Buy rec
Companies: Zytronic plc
Companies: Made.com Group PLC
Tern plc* (TERN.L, 14.35p/£50.5m) Portfolio update: Strategic investment for Device Authority from global player (02.12.21) | Mirada plc* (MIRA.L, 74p/£6.6m) Interims: Return to growth; expansion of sales pipeline (02.12.21) | Blackbird plc* (BIRD.L, 28.75p/£96.9m) Update: Additional US TV stations secured (03.12.21) | Mobile Tornado plc* (MBT.L, 1.875p/£7.1m) Update: Notice from customer (01.12.21)
Companies: TERN MIRA BIRD MBT
Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. Interim results this morning read well, illustrating both a record six-month period, including very strong performances from both Willow Technologies and Active Silicon acquisitions, and an order book as at 30 November standing at a record £70.3m. While global supply chain challenges will continue to need to be successfully managed, the Board remains confident of
Companies: Solid State plc
With profit in line with expectations, Games Workshop Group’s (GAW) H122 trading update is reassuring. The previously flagged forex and freight cost pressures have negatively affected pre-licensing profit. This was partially offset by an exceptional level of licensing income versus GAW’s trading history. Our FY22 forecasts are unchanged ahead of the publication of H122 results. The FY22e P/E of 25.0x is in line with GAW’s recent average multiple. Our DCF-based valuation remains £129 per share.
Companies: Games Workshop Group PLC
Interim results were in line with expectations, boosted by the additions of Active Silicon and Willow, but with underlying organic CER growth of 8%. The order book illustrates the effect of lengthening lead times and ordering patterns, with component supply acting as a constraint. No change to forecasts, although the outlook comments that some upside may exist dependant on very careful supply chain management. We also anticipate further M&A opportunities may also offer a catalyst. We retain our
As flagged in its October trading update, during H122 Solid State realised strong year-on-year growth in revenues (19%) and adjusted profit before tax (28%), with both metrics reaching record levels. Management continues to see potential for upside during H2, dependent on careful management of constraints due to supply chain challenges, and is confident that the group will meet the consensus estimate for FY22 adjusted profit before tax. Consensus estimates remain unchanged for now.
Today's news & views, plus announcements from BATS, GSK, BAB, LIO, AUY, ANX, BGO, DUKE, INCE & PMI.
Companies: YRI BGO BATS INCE
Companies: Frasers Group PLC
FY results were ahead of expectations, with a strong closing month. It has seen a strong recovery in nearly all its end markets, with some internal efficiency benefits gained and exceeding some currency headwinds and supply chain challenges. No change to forecasts with recovery expected to continue, underwritten by a growing order book, and management is cautiously positive. Our price target remains 1450p, offering upside after its recent underperformance.
Companies: Gooch & Housego PLC
Interims confirm substantial progress is being made at Sosandar, and validate the strategy which is design-led, data-driven, agile and benefiting from forensic forward planning. The results are clear, with revenue up 184%, actives +41% and gross margin up 420bps. Alongside cost management and scale economies, EBITDA losses reduced. Supply chain disruption has been minimal and, using some of the placing proceeds, stock intake has stepped up markedly for peak as planned. This has driven sales grow
Companies: Sosandar Plc
MobilityOne Ltd* (MBO.L, 9.5p/£10.1m) | Maestrano plc (MNO.L, 7.0p/£5.6m) | GetBusy plc (GETB.L, 86p/£41.6m) | Solid State plc (SOLI.L, 580p/£49.5m)
Companies: MBO CRDL GETB SOLI
Autins has reported full year results to the end of September that reflect a year of two distinct halves with H2 facing the unprecedented challenges of Covid and widespread disruption caused by OEM plant shutdowns, including at its largest customer. Full year revenues declined by 20% to £21.5m, split between H1 at £13.2m and H2 at £7.8m. Strong management action nevertheless saw gross margins maintained at c.28% through operational improvements, restructuring and tight cost control, and EBITDA (
Companies: Autins Group Plc
Sosandar’s FY21 results have been well-trailed with revenue growth of 35% to £12.2m and a reduction in EBITDA losses to £2.9m (PY: £7.7m). The accelerated growth seen in Q4’21 has continued into Q1’22, with sales increasing 256% YoY and the gross margin expanding 200bps QoQ. With restrictions easing, we envisage a continuation of growth in FY22 coupled with a reduction in EBITDA losses (breakeven in H2). May’s £5.8m (gross) ABB has provided the working capital to support a significant increase i