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Decent volume, still looks like an offload but being comfortably absorbed for now. I’m not sure why they didn’t talk about the commercial AI a little more in the presentation if its such an opportunity. In this market anything that smells like AI will get jumped on

It was only 1 month ago they upgraded and already another increase. Momentum seems strong enough that I would not be surprised to see another upgrade in 2 months. H1 is less than half of full year so implies they expect slight slow down in H2, it’s good to be cautious but I don’t know if I believe it

Thanks for sharing zoolok. So the implication is that the opportunity for Cortex could go beyond efficiency and gross margin improvements and be its own revenue generating opportunity. If they can get a contract that would make it very interesting. One to keep an eye on in the future.

I am not concerned about the debt, but a small company has broader appeal with a net cash position

Looks like Gyllenhammar decreased, took advantage of the liquidity to make 40% in a few months. I thought it would have been Miton or Otus for sure but if they didn't sell into that spike then maybe they are staying put

At a new 1 year high, a nice bowl forming and all the moving averages in the rear mirror the chart is looking much healthier now. The stock still appears cheap at sub 4x EBITDA and there is a decent scope for margin expansion. The AI scare trade fears seem to have gone quiet for the moment. I think I'm reasonably happy holding into results

Anyone tune in to the investor meet presentation? I missed the excitement this week. High volume indeed, 10% turnover in 2 days. Should see some decent rotation in the register. If you can look past the accounting deficiencies this still looks to be decent value. Companies in this industry don't typically go for very high multiples but a P/E of 5 would be 42p. Consensus shows 38% EBIT growth from 2025 to 2027 so at a P/E of 5 this would be 58p. But once this gets into a net cash position and with a decent growth profile until 2029 no way this goes for 5x. 10x and would be a SP well over £1p. So a lot of upside from here

If you believe the forecasts and are confident in their ability to deliver on the CPK acquisition then yes maybe too low. However their recent history suggests material delivery risk so perhaps 8x EBITDA is not looking too bad. Maybe there are £100m in synergies so that would drop to around 6/6.5x EBITDA. They paid 10x EBITDA for Huber so there is a lot at stake for egos and pride, using that multiple would give an offer of 820p. You would say in theory the combined business should go for an even higher multiple. But the current EBITDA is much less than the sum of the parts in 2023, even taking into account synergies.

Market is obviously sceptical, SP today is trading at a 10% discount to the proposal. There are some competition concerns and probably the view that management are a little overconfident and might reject the offer. Tate in consultation with major shareholders over next week to see what price they are looking for, I get the feeling many of these long suffering shareholders would go for a slightly improved bid. There is of course a chance of another bid, these are some HALO assets the market is so interested right now, and given poor performance P/E could be eyeing these as a potential recovery.

Looking at the chart this sure seems a little low and definitely opportunistic. Bid only values this at 6/7x EBITDA pre synergies. Merger benefits should be massive. But I'm still tempted to sell and move on given the risk of the board saying no due to the bid being too low and Ingredion walking away, despite the steady destruction of value here for several years. I wonder what Huber is thinking, I think they still hold enough to be very influential. I will hold on and hope they can at least push them to £6.75.

I also missed this until it plunged 20% on open. These guys are a bit of a laughing stock, they really need some comms and investor relations training. This is maybe why the CFO left and another reason why they should recruit a new one ASAP. The valuation case still stands but geez they are making it hard for investors to get involved. I bought some on the dip at the open but got rid of them for 10% on the day, too many places to park capital in now to tie more up here for too long. It's May 2026, why are we will talking about 2025? Even less interesting is talk about 2024 and earlier

On a valuation basis it seems cheap, P/E of 11, FCF yield of 15%, very healthy dividend 6% and net cash balance.

The history of earnings growth is stunning, growing sales and earnings going back to covid but its valued at 4x EBITDA and always has been.

It seems a really good balance between income, growth and quality

After that release I have doubled down even with the recent run I think it could go more

Interesting one here, if they hit consensus for the year of £2,421m they would need £1,740m in Q2-Q4. Last year the equivalent number was £1,726m, implying YoY growth of only 1%, compared to 13% for Q1. This implies a dramatic slowing of growth for the rest of the year. Q1 only really had 1 month of Hormuz volatility, that has continued into Q2 so Q2 should also be very good. It's a little too early in the year but smells like an earnings upgrade incoming...

Just as a recap, looking at 2025 revenue $113m, PBT $10m, low net debt, a bunch of new contracts leading to positive outlook for 2026 and 2027, all for the princely sum of £20m Mcap. You would think they are itching to share the good news

Investor calendar says April 2026, well we missed that deadline. Last year was 7 May, I'd be surprised if they hit that given they haven't had a CFO since January. They REALLY need to sort that out, it raises all kinds of questions around credibility and makes decision-making awkward for the board

https://ct-automotive.net/investors/#financial-calendar

Pressure building here... oil creeping up, not far off the highest point since this all started. This event is definitely going to push many into coal's warm embrace and encourage better energy security. Coal price only up less than 15% since the start of the conflict...

I think the 'weak' revenue can be explained by the margin mix of their new segments. Protect and generate are growing strongly but their legacy business transform is 'pivoting' to tech and showing decline. So we should see margins improve as the proportion of high margin work increases. I think they said 1-2% margin improvement in total year on year. They also have some cost savings, I think there was a total of £14m, 7 of which was in 2025. That's an additional £7m in 2026.

Protect 96m/17%

Transform 453/7%

generate 140/23%

The new segments are here:

https://www.rws.com/about/investors/results-and-reports/

Up $5 today to around 113. Hasn’t tracked the oil price as much this time around. Every market reacting like oil price is a spike. If you believe otherwise this is a pretty good place to park some cash. Even if the dispute is settled soon it will be months, more until prices revert back to pre crisis

Indeed, and timing is key..

Solid update. Definitely one to tuck away forever... 7.9% dividend yield, they are a dividend aristocrat with 30 years of dividend increases, aspiring to be a dividend king. I am waiting/hoping for a dip below 90p so I can double down and retire on the income

Looks like dividend cut in half so it's now at least 40% of profit. Meaning the yield drops to around 3.5/4%. Cut not a surprise given the statutory payout ratio is close to 100%. Today's drop has certainly got some attention, down 17% for a couple of million off the midpoint of guidance. If it was a business issue I would understand but seems a tad harsh. A few income chasers no doubt have dropped out after today, lower dividend and buybacks may get the attention of shorters. Will be interesting to see any movements in the register over the next week. Given awful momentum will let this settle a few days but will definitely keep an eye on this, some of those KPIs are outstanding

I was quite surprised by the reaction yesterday. I thought the tech was well known but maybe something like this can raise the profile and accelerate growth into new markets. The stats are really fantastic. Its at least got investors more interested and raised the volume of trading. I also bought way too early and to add insult sold a few around the bottom

Indeed, plus the Middle East exposure, especially Egypt which seems on the economic edge right now, and the recent profit disappointment. But it is a good chance to get in at what must be close to the cyclical low. The only times when it has been cheaper are 2013, 2017-2018 and Covid. You will struggle to find a pharma company with a P/e below 20, let alone 10. The growth profile looks healthy, EBITDA growing at 5% CAGR, 5% yield also growing at 5%+ p.a. A lot to like if you have a proper investment horizon