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A great job still being done by the management.
After today's positive trading update and a confident outlook Equity Development increases EPS forecasts materially + fair value/share moves up to 249p vs last night’s close 193p.
Read detailed new research note with audio summary here (free access):
https://equitydevelopment.co.uk/research/strong-growth-momentum-continues
Excellent Capital Markets Event. It gives you a real sense of the growth potential here. Well worth a watch.
https://webcasting.buchanan.uk.com/broadcast/621e395725681c6aa1cdcb45
Seems to have kicked off a flurry of buying and the price is now breaking out after a wide consolidation.
Can move pretty quickly once it gets going as the rapid move up from August last year shows.
Harwood Capital keen buyers at the current price
https://investegate.co.uk/northbridge-ind-serv--nbi-/rns/director-pdmr-shareholding/202204210847068867I/
With a refocusing of the group on the rapidly growing Crestchic Loadbanks / strengthening of management team / disposal of oil services division / huge testing needs for energy transition and data centres....no surprise that shares in NORTHBRIDGE are up 80% in the last year.
More to come? You can read about exciting prospects in new note here: https://www.equitydevelopment.co.uk/research/further-upgrades-to-forecasts-and-fair-value
I noted that there were some exceptional redundancy and closure costs; so this issue may already be in the process of being addressed
I always enjoy watching Peter Harris's face during Paul Hill's interviews - this was a much less excitable episode, which made for better and more balanced viewing.
Long term holder myself and no intention to change that.
Good to see they are looking for operating efficiencies, but I think the 'group' cost line is too high and far too many bodies at Group level once Tasman disposal is completed. This needs some scrutiny.
A breakout to multi-year highs with good volume. Positive recent trading update. Directors buying.
Looking good for a strong move up from here.
https://www.tradingview.com/x/JxJIwIIb/
With an update on positive trading plus intention to change name and pay a dividend, Northbridge has set out detailed plans for expanding Crestchic at a Capital Markets Event.
Read new note / hear our analysis:
https://equitydevelopment.co.uk/research/capital-markets-event-maps-out-exciting-future
New note out after Northbridge's positive update on trading in 2021 with 20% y-o-y growth at Crestchic + contracts exchanged to sell bulk of Tasman.
Analyst excited by prospects and for now conservatively retains a 189p fair value/share.
Free access to hear summary/read note here:
https://www.equitydevelopment.co.uk/research/a-flurry-of-good-news
That happened quickly.
Interesting the date was 5th Nov when the change of Gresham to Harwood at the Gresham Fund was supposed to go unconditional. So, did Gresham sell when they could still act and control this?
Wonder who took this stake on? We'll no doubt see fairly soon.
Seems to have happened more smoothly from an NBI perspective than I thought might be the case!
Looks like Gresham House Strategic are following an orderly 24 month wind up and disposal of their assets from their announcement today.
As 17.5% holders in NBI - the biggest shareholder - this is going to create an event of some form in the next 2 years and quite possibly a ceiling on the share price until such times. i.e. don't expect much upside short term but the potential for this to change within 24 months.
Gresham will not be giving their assets away so fair value on NBI should emerge.
I don't think NBI is big enough to attract enough institutions to take on the stake across the public markets, but that's just my view. And I think Crestichic will do far better off the public markets, allow Peter Harris to retire and so on!
If there is a different interpretation then I would be keen to hear it on any message board, as this is only my initial view and happy to think differently about this!
ST just covered in his article and increased his forecast to 200....very much achievablele
What’s not to like! Great update, ahead of expectations, reducing debt, profitability up! Definitely one that has the momentum at present!
Good to see srong interim results + ‘momentum expected to continue into 2022’ - that means Equity Development's estimates rise sharply - again . Plus the Board plans to return to dividend list.
ED's fair value/share rises to 189p after EPS upgrades - you can see full new note here, free access : https://equitydevelopment.co.uk/research/another-significant-increase-in-our-estimates
Power supply issues in China as they try to pivot away from coal powered stations this coy likely beneficiary of this. People don’t like getting stuck in elevators for hours.
Ahh that explains it. My price target is 250. ST at 180 (quite conservative if you ask me) still leaves 25% upside. I won't be selling at 180 but image that many of the ST punters will. Perhaps a rerate to 180 then consolidation...
Bid rising, not much stock available
ST tip at IC.
t/p 180p
Great question, could be sale of Tasman? Re-rating from article somewhere? Hopefully someone can shed light…
On very low volume. What is happening here?!
I really wouldn’t be surprised if someone made a bid for this company. I usually dislike posting t/o conjecture but there you are. It just seems such a small market cap for such a useful niche business in need of capital to move to the next level. Let’s see.
Article in FT about high volume, actually a "deluge" of container ship orders going in for the first time in years. Back in the days before data centres and renewable power were all the rage, loadbanks were needed in shipyards to test back up power on ships, rigs etc. If this demand source is making some sort of come back then that would be another positive for Crestchic sales and rental rates. There really are so many opportunities for Crestchic. Now just get the factory expansion complete asap. And Tasman into new hands.
From yesterday's trading update: "Additionally, we have won our first significant order to supply loadbanks to a major ecommerce retailer." Can't be bad.
Peter Harris, Executive Chairman of Northbridge discusses their positive pre-close trading and strategic update with Justin Waite on V o x Markets