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4Q 22 overall in line with orders starting strongly in 2023
In FY22 LU-VE posted 2% beat on (Reuters) consensus EBITDA with results overall in line with our estimates. In Q4 22, the company generated c.13% sales increase and we estimate organic growth was HSD vs c.17% BNPPe due to lower than expected volume and pricing contributions. In Q4, adj. EBITDA was almost in line and came in at EUR c.17m, implying a 11.1% margin which is not far from last year (11.7%). FCF generation was slightly below o
Companies: LUVE (LUVE:BIT)LU-VE SpA (LUVE:MIL)
BNP Paribas Exane - Sponsored Research
With improving macroeconomics and reduced political noise, we selected four names across the Italian Sponsored Research space - ALMAWAVE, SALCEF, CEMENTIR and LU-VE - that offer a combination of sound growth, potential margin expansion, healthy BS and MandA momentum.
Better macro and lower country risk brings Italian Mid and Small caps back on the radar
Following a challenging past year for Italian MidandSmall Cap equity performance, a more benign macro backdrop, easing consumer concerns and ea
Companies: LUVE AIW CEM SCF CEM LUVE
9M 22 results came in line
In 9M 22, LU-VE posted a set of results in line with our estimates. Sales increased by c.28% YoY at constant perimeter. We estimate a DD increase in volumes and almost 20% contribution from prices. It is worth highlighting the strong performance of the Air Conditioning application (with heat pumps up by 150%), while the US business doubled. Looking at profitability, the reported EBITDA of c.EUR 60m was substantially in line with our estimate, despite EUR 2m of incremen
Megatrends feed long-term growth prospects...
Yesterday LU-VE hosted an Investor Day, shedding light on the megatrends that are likely to support the group''s growth ambitions. We discussed these dynamics in our latest in depth note (LU-VE: Cold Rush). Growth and increasing sustainability in cold chain and heating electrification are the main factors supporting LU-VE''s organic development in the near future. By region, the EU remains at the core as it is benefitting from the increasing penetra
Elections confirm polls, with the right-wing coalition winning a majority of seats
The Italian elections resulted in the right-wing coalition led by Giorgia Meloni of the Brothers of Italy winning a majority of seats in both lower and upper chambers, though far from the 2/3 needed to change the constitution. The new government will officially start in the week of Oct 10th, and after an initial phase of selecting ministers, it can begin effectively governing from early November. Thus, we may ne
Companies: SAB LUVE FNM IRE MN SES HER AIW IF TIP FNM IRE GHC CEM IGD WIIT COM SAB IF UNIR SCF CEM ILTY MN LUVE IGD TIP HER SES ORS
H1 22 results showed strong profitability
In H1 22 sales grew by +39.9% YoY with organic figure of c.36% (BNPPe) which was the result of c.25% increase of the price list, while the rest came from volume/mix. Profitability was well ahead of our number. LU-VE posted 13.2% EBITDA margin (vs BNPPe of 12%), implying EUR 42.1m of EBITDA (+c.59% YoY) which was 12% above our estimate. Pricing power continues to protect profitability with the positive impact of the price hikes and volumes, more than offs
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Capital Limited (LSE: CAPD) released its full year results (YE Dec 2022) this morning. The company had already released the operational figures for the year including revenue so focus is on EBITDA and below as well guidance. Having said that it is impressive that this is the third consecutive year Capital has delivered material growth in revenue, with full year sales increasing 28%, following 68% YoY growth in 2021 and 18% YoY growth in 2020. Moreover the company is guiding to $320-340m for FY23
Companies: Capital Limited
21 February 2023
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
Companies: SLP AXL BLTG BGO ZOO VRS SPR
Companies: Luceco PLC
Companies: Costain Group PLC
Companies: Saietta Group PLC
Companies: Yu Group PLC
Companies: Wincanton plc
Companies: Esken Limited
Judges Scientific is a group involved in the buy and build of scientific instrumentation businesses. Testament to the strength of its highly engineered offer and global diversified customer base (offsetting Covid-induced earlier weaker order intake from China, although rebounding in December 2022), total revenue increased an impressive 24% to £113.2m (organic basis 8%), buoyed by Geotek, with adjusted PBT increasing a substantial 56.7% to £28.3m (FY2021: £18.1m), 4% ahead of our estimate of £27
Companies: Judges Scientific plc
Supreme reports that it has entered into an agreement with an associated company of La Vape Professionelle Distribution (LVP), a leading French wholesaler of e-cigarettes and e-liquids, for the disposal of the intellectual property (IP) of T-Juice, inclusive of the Red Astaire brand.
Supreme will receive an upfront payment of €4.5m (£3.97m) in respect of T-Juice brand IP, with the addition of income from consultancy services. The agreement ushers in a new strategic partnership in which Supreme
Companies: Supreme PLC
Companies: SThree plc
What’s cooking in the IPO kitchen?**
Fadel Partners, a developer of cloud based brand compliance and rights and royalty management software, working with some of the world's leading licensors and licensees across media, entertainment, publishing, consumer brands and hi-tech/gaming companies intends to join the AIM market. FADEL has two solutions, being IPM Suite and Brand Vision. Expected Admission date is late March 2023.
Onward Opportunities Limited intends to join the AIM market. The Company'
Companies: NET CAM JNEO MTPH BREE SOM
Immediate higher power supply to increase module testing capacity. ITM has announced an agreement to significantly increase the power supply into its Bessemer Park manufacturing facility in the UK. Existing power supplies are now 7.5MVA, reflecting a recent increase from 5.0MVA. This will now allow testing of two 2MW modules at the same time.
Companies: ITM Power PLC
YUG announced its full year 2022 financial results, which exceeded recently revised market expectations.