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Limited exclusivity isn't an issue. As Adam Bond says, Speedy has thousands of Gensets to replace. If it were only a few hundred they would not be getting exclusivity.
On the fuelling side:
"In one of our recent field deployments, the customer, using real life data, compared fuel costs of AFC Energy’s H- Power Tower to their incumbent diesel generators, and concluded AFC Energy’s cost per kW of fuel used was just a 14% premium to diesel, despite the current high pricing for hydrogen. Yet, with a more competitively priced, longer term hydrogen supply agreement, fuel cost parity could be achieved."
https://hydrogen-central.com/afc-energy-leading-provider-hydrogen-power-generation-technologies-provides-update-on-its-h-power-tower-deployment-programme/
The JV will take out a bulk Hydrogen supply agreement covering all of it's clients needs, thus achieving the cost parity (or possibly lower) with Diesel running costs.
There are also significant CAPEX cost reductions that are coming in the 50kva Generators that Speedy will be taking.
The TCO is obviously good enough for both companies to make a nice profit on a hire company basis otherwise Speedy and AFC would not be bothering.
If they can offer the fuelling / fulfilment service alongside the hire of equipment, this could be a big revenue-generator. only problem being there's limited exclusivity on providing this kind of thing.
AFC Energy CEO Adam Bond speaks about his collaboration with Speedy Hire. Going forwards this sounds like a good growth story.
https://www.youtube.com/watch?v=vdhQQVg7_0M
Hopefully this will be a good deal for both companies. The SP reaction for AFC has certainly been very strong. The hydrogen fuel cell product has been trialled and improved based on the feedback from several construction companies. AFC has a slow, steady strategy so as not to overreach and fail.
https://www.afcenergy.com/our-offering/technology-products
I'm all for innovation but as a shareholder this sort of thing makes me nervous with Speedys track record over the last few years being poor. Usually resulting in writing off a loss making venture in the annual results several years later.
Nice idea this eco energy but it costs more and in my opinion isn't going to boost the overall profits but I will wait to be proven wrong.
With SDY I see good revenue and low dept...
The dip in profit this year was due to the 20M right-off of lost equipment, which probably wont happen again.
Also, they're not focused solely on the building industry... so protected somewhat from high interest rates and cooling housing market.
I'm in two minds about the PE ration... any views welcome.
From the fundamentals...
...................2023......2022... etc
PE Ratio 6.40 12.80 20.70 20.70 8.90
I'm not expert but I can read... and some of what I read says low PE is good, some say high PE is good...
https://www.stash.com/learn/what-is-a-good-pe-ratio/#:~:text=Typically%2C%20the%20average%20P%2FE,different%20average%20P%2FE%20ratios.
https://www.forbes.com/uk/advisor/investing/how-to-understand-price-earnings-p-e-ratio/#:~:text=In%20its%20simplest%20form%2C%20the,expectations%20of%20future%20earnings%20growth.
Good article to read. It echo's my thoughts that although the builders having a bad time Speedy is not only servicing the building industry... they have a much broader customer base than that.
Prior knowledge of delayed results would explain the dip.
I don't like the look of the dip at the end of today, but it might be like Yu Group which dropped the day before then jumped 25% on results. Here's hoping anyway.
Buy set at 29p is my thoughts.... Maybe add more on the way down?
Results next Tuesday 6th and expecting dividend to be increased by 12% to 2.44p.
My forecast - Turnover increase by 16% and profit - goodness knows?
SPEEDY spent £30 million last year on share buyback then discovered theft of £20 million (that wasn't theft or lost).
Can they afford a dividend hike to reward us long suffering shareholders who have seen our funds dwindling over the last year?
I got some of these on Friday at just under 33p.
I regularly walk past a fairly new depot which seems busy, which prompted me to take a look at the company.
I'm hoping for a retrace to about the 40p level now the problem looks fixed.
Speedy has ruled out fraud following an investigation after £20m of kit was discovered “missing” earlier this year.
...... just management incompetence then
personally I'm increasing my holding
https://www2.deloitte.com/uk/en/pages/press-releases/articles/business-confidence-bounces-back-for-cfos.html
Wouldn't it be nice?
"Speedy Hire a ‘buy’ following reassuring update, says Liberum
Liberum sees ‘significant upside’ at tools and equipment hire group Speedy Hire (SDY).
Analyst Charlie Campbell retained his ‘buy’ recommendation and target price of 70p on the stock, which slumped 5.7%, or 1.9p, to 30.5p yesterday.
The trading update for 12 months to the end of March was ‘reassuring as the board reports that it expects profits for the year to hit consensus expectations’, said Campbell, although 14% growth in revenues for the year implied a ‘slowing in growth to plus-10% at the end of the full-year.
‘The main driver of revenue growth in the year has been hire rates, which have been improving as the industry has been disciplined in recoupling input cost inflation,’ he said.
The group has also boosted savings from £3m to £5m after operational improvement and management restructuring, which Campbell said gives him ‘confidence that our cautious full-year 2024 estimate is achievable.’"
I think we could be heading for sub 25p. Bought in at 38p only a few weeks ago. Do I just cut my losses?
No surprises in the update. 14% revenue increase so not all bad. Hopefully we have constrained costs to a level that demonstrates control and opportunity for the future.
The last 12 months has been very trying and I can't image where the price would be without the buy backs.
Good resistance at 28p from a previous low...
It's concluded at long last. A total of 12.8% of the group share capital have been bought to the tune of £30m which numbers 67,713m shares.
Average purchase price was 44p not a great investment for the group as paying a premium to today's share price currently 37p.
One for the patient investor this one.
Travis Perkins closing some Toolstation depots.
Around 4m more shares bought back since numbers2 post on 9 feb, looks like he was spot on and buybacks may of ended. Will be interesting to see where this goes without them.
Wow, big sells today...
Grabbed a position at 36.5p, but watching before anymore.,.
I think it must be a little more fundamental than that - I would hope before you put out an announcement, somebody asks - are we really sure about this...? speaks to real lack / failure of basic controls.