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I well and truly cursed that!
This time I actually have funds available after a dabble in HBR so if we see 270p I will be adding here
Seems to have been a trim spike as we drift down again to the 270/75 area.
Surprised to see this up nearly 5% today.... Something brewing?
The valuation is good for entry as well: Hunting's price/earnings ratio has halved in the past year, to under 10 times. This is a result of weaker shares and earnings forecasts climbing in the same period. Time to make the most of this discrepancy.
Nice move up today, trimmed of course.
Hunting PLC hosted an Investor Presentation for investors following their recent FY23 Trading Update. Jim Johnson (Chief Executive) and Bruce Ferguson (Finance Director) discussed the company's diversified product portfolio and their 2023 highlights.
Management also ran viewers through their strategic roadmap to 2030, and answered a wide range of questions submitted from the audience.
The full video has been divided into chapters as below:
0:00:03 Welcome to Hunting
0:03:07 Diversified product portfolio
0:11:48 2023 Year-end Trading Update
0:14:53 2023 - a year of delivering
0:19:48 Hunting 2023 roadmap
0:21:50 Questions & Answers
Link to video: https://www.equitydevelopment.co.uk/research/investor-presentation-with-qa-11-january-2024
Looking great hopefully a bid before long
12-Jan-24 08:44:13 282.50 50,628 Unknown* 281.00 282.50 143.02k O
Waste of time here ,,, any update ?
Hunting holds guidance on strong order book, product sales
Wed, 10th Jan 2024 07:43
Sharecast News
(Sharecast News) - Precision engineering group Hunting held annual guidance as energy-related and non-oil and gas product sales helped to deliver solid top line growth in the year.
In a trading update on Wednesday, the company confirmed forecasts of core profit for 2023 of between $96m and $100 million, with group revenue estimated to range from $925m - 930m.
Sales into South America were strong as drilling in Guyana and Brazil increased, while activity across Asia Pacific accelerated as drilling momentum in India and the Middle East improved, said chief executive Jim Johnson.
The group's sales order book continued to strengthen through the final quarter of the year and was now approaching a record level of $575m, following a further large order win for titanium stress joints and OCTG Accessories for clients operating in the Black Sea and South America respectively, he added.
Hunting added that given the record sales order book, the board believed that 2024 will see further growth to EBITDA with the projected outcome in line with current market expectations of $125-$135m.
Reporting by Frank Prenesti for Sharecast.com
It's up on a market down day so can't complain.
No think it is all good.
The update looks ok, but the contracts won seem to represent 6mths revenues. Will that be viewed negatively by the market?
New report here: https://www.equitydevelopment.co.uk/research/in-line-fy23-update-further-progress-anticipated
Good revenue progress, a strong EBITDA uplift (and margin expansion), an ungeared year-end balance sheet and the in-year launch of an ambitious 2030 strategy represents a healthy FY23 scorecard for Hunting. Furthermore, additional order book growth and unchanged management guidance positions the company well to achieve further progress.
A number of large contract awards announced at the end of FY22 and as FY23 progressed contributed meaningfully to the FY23 outturn. In addition, Hunting ended the year with a record US$575m order book (versus US$473m a year earlier).
Hunting’s balance sheet is confirmed to be broadly funds neutral at the end of FY23: indicative, we believe, of good cash collection in H2/Q4 on an elevated revenue base. Together with further anticipated earnings progress in FY24 and FY25 feeding into positive cash generation, this provides a strong platform for prospective M&A activity and potential further earnings upside.
ED estimates are unchanged at this stage, as are previously identified peer group discounts of c. 20-30%. Our fair value is also unchanged in US dollar terms, but after adjusting for FX changes now translates to 407p / share - still almost 50% higher than current levels.
My read is in line and positive for the year ahead. They delivered on their target for cash at bank / debt which I was concerned about. May not be fireworks today but should bode well for the future. GL all.
Fair value - per Hunting Group email is 407p - nice !
Mary
In-line FY23 update, further progress anticipated
Good revenue progress, a strong EBITDA uplift (and margin expansion), an ungeared year-end balance sheet and the in-year launch of an ambitious 2030 strategy represents a healthy FY23 scorecard for Hunting. Furthermore, additional order book growth and unchanged management guidance positions the company well to achieve further progress.
A number of large contract awards announced at the end of FY22 and as FY23 progressed contributed meaningfully to the FY23 outturn. In addition, Hunting ended the year with a record US$575m order book (versus US$473m a year earlier).
Hunting’s balance sheet is confirmed to be broadly funds neutral at the end of FY23: indicative, we believe, of good cash collection in H2/Q4 on an elevated revenue base. Together with further anticipated earnings progress in FY24 and FY25 feeding into positive cash generation, this provides a strong platform for prospective M&A activity and potential further earnings upside.
ED estimates are unchanged at this stage, as are previously identified peer group discounts of c. 20-30%. Our fair value is also unchanged in US dollar terms, but after adjusting for FX changes now translates to 407p / share - still almost 50% higher than current levels.
NB Hunting's CEO and FD will host a webinar with all investors welcomed tomorrow on Thursday 11th January at 1.30pm
LONDON - Hunting PLC (LSE: LON:HTG), a precision engineering group, today provided a trading update confirming its 2023 financial performance aligns with previous guidance and market expectations. The company anticipates an EBITDA between $96 million and $100 million, with group revenue estimated to range from $925 million to $930 million.
This EBITDA reflects an increase from the 7% margin in 2022 to approximately 10.5% for the past year, progressing towards the 14-16% target set for 2025. Hunting's sales order book has seen a significant uptick, currently valued at around $575 million, a 12% rise since the end of the third quarter of 2023 and a 21% increase from the year-end of 2022.
The company's balance sheet exhibits robust cash generation in the fourth quarter of 2023, with total cash and bank balances expected to equal borrowings, effectively reaching a net debt position of approximately zero, consistent with the outlook provided in October 2023. Furthermore, Hunting completed the disposal of its remaining oil and gas production assets in the last quarter, aiming to streamline its operations furthe
Can only bode well, upgrades and move towards £4 in 2024/5.
"2024 will see another year of EBITDA growth underpinned by our strong sales order book, which is now up 21% compared to a year ago."
2023 trading and financial outturn in-line with previous guidance and market expectations, with EBITDA in the range of $96-$100m. Group revenue is expected to be in the range of $925-$930m.
· EBITDA margin of c.10.5% has been delivered during the year, up from 7% in 2022, and on-track to meet the 2025 target of c.14-16% as guided at the Capital Markets Day in September 2023.
· Hunting's sales order book continues to improve following further material order wins within the Subsea and OCTG (Accessories) product groups. The Group's total sales order book now stands at c.$575m, up 12% from the end of Q3 2023 and up 21% from the 2022 year-end.
· Strong cash generation delivered in Q4 2023, with total cash and bank / (borrowings)1 at year-end expected to be $nil, in line with the guidance provided in October 2023.
2024 Trading Expectations
Given the record sales order book noted above, the Board believes that 2024 will see further growth to EBITDA with the projected outcome in line with current market expectations of $125-$135m.
2023 full year guidance remaining unchanged at $96-100 million.
Total cash and bank / (borrowings)1 of $(68) million at quarter end. Year-end position now anticipated to be broadly zero.
· $511 million sales order book as at 30 September 2023.
· Outlook continues to be positive, driven by international activity
Group EBITDA margin has also exceeded 11% in the quarter, with pricing and demand remaining firm.
Let's see what tomorrow brings. Will be paying particular attention to cash flow.
Hunting PLC (LSE: HTG) will be giving an investor presentation hosted by Equity Development covering its Trading Update for the financial year ending 31 December 2023 which is to be issued on Wednesday 10 January 2024.
Not sure what to make of current SP. Hopefully the update re-assures and gets us back over £3.
Can easily see £3/£4 here with patience so adding and trimming on the volatility - range £2 to £3.30 currently