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There's a fabulous Buy Signal developing here this morning ...Potential 20 p move North ..Well see
Absolutely no need for the drop in SP after this update. All looks good here, not selling.
Link to report here: https://www.equitydevelopment.co.uk/research/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 against previously disclosed large contracts in the OCTG and Subsea product groups and broad business development in Advanced Manufacturing have been the primary drivers in generally firm underlying markets.
While the group order book has nudged c. US$21m lower than the year end position as larger orders are worked through, US$544m on hand at the end of March still represents a strong position in a historic context. We are also aligned with management expectations for inventory positions unwinding over the remainder of the year.
Updating our P/E and DCF methodology for market movements (including £/US$1.25) now yields a blended fair value for Hunting of 436p / share: up from 407p and over 20% above the current share price.
Holding up well and interesting news from Wood Group today... Major investor recommendation to list in US as the stock remains undervalued. Same could be said for htg
Wow! The only one of my shares that goes ex-div today and hasn't dropped dramatically.
Chart looks strong up to £4.50
Ex-dividend date on the 11th will be some reason for the rise.
52wk high. New territory for Hunting. Update due this month too. Looking good... Continuing to hold as I'm thinking this should give £4 a real go now
350p hit, Q1 results next week. Potentially an uplift on 24 guidance (or perhaps that will be closer to H1 announcement like last year)
Decent uptick in SP today but more interesting is the volume. Maybe a TR1 tomorrow.
Someone accumulating... But also may be a seller gone... Probably what has been holding this back.
Up 6% Mary. For once my timing may be OK!
let's see where this goes... It should be hitting 52 week highs imo given results and general sentiment.
MSM
starting to move this am :)
Back in - Oil is up and this has has been sold off since the results for no real reason.
Totally agree. Great results, bullish results presentation by management. Looking for a climb to 350 by Q1 results mid April.
What is wrong with this share?!A few days ago it was 3-30 and looking good after the great results.I just tear my hair out with this market.Anyone any clues?
Report available from Equity Development: https://www.equitydevelopment.co.uk/research/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). Significant 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 delivered group revenue growth of 28% and margin progress (ie gross +90bp to 24.5% and EBITDA +390bp to 11.1%), feeding into a fivefold increase in pre-tax profit with EPS up over four times in FY23. The full year dividend rose by 11% to 10c per share, covered twice by earnings.
Against our selected peer group average, Hunting’s P/E and EV/EBITDA multiples sit on discounts of 25-30% and 20-25% respectively. Taking a simple average of our P/E and DCF based analyses generates an unchanged fair value per share of 407p.
With HTG wmtgere will be a way back in unless a bid materialises.
I got that wrong!
Results were good but the market has been odd recently and with it being a general down day it looked like HTG was heading down first thing...I was caught out. But profit is profit. Well done to those who have held on here. It was a good update and this remains undervalued. I will be watching from the sidelines kicking myself!!
GL all!
Trimmed
I'm afraid I disagree with you MSM...I've just listened to there results presentation and it was impressive to say the least.
Hunting IMO is grossly Oversold and undervalued offering fair shareholdet value increasing the Divi ...I fancy it will drift up next week
Out for now. Results look OK but having been in and out of this share for a while my gut tells me this will drift down before getting back to 320+. Will keep an eye for re-entry later. GL
Wow incredible
Strong FY23 results from Hunting plc with revs up 28% to $929.1m, GM at 25% (from 24%), EBITDA +98% to $103m, Total divs of 10c (9c).
Encouragingly, the order book rose 19% to $565.2m which the CEO says ‘provides confidence in our near and longer-term outlook’
Not selling yet Mary! Looking good again... Let's see if this can break and hold above 320p
Haha - let me know when you sell :)
Only joking - HTG is a sound company but will add back as it falls, perhaps towards £2.20/£2.30 again in a US market correction in the next few months. No hurry at the moment although tempted to nibble, shortly but will hold out for now as SDRY is taking off again.