Oxford Instruments (OXIG)

Sector:

Electronic and Electrical Equipment

Index:

FTSE 250

2,150.00p
   
  • Change Today:
    -25.00p
  • 52 Week High: 2,660.00p
  • 52 Week Low: 1,822.00p
  • Currency: UK Pounds
  • Shares Issued: 58.04m
  • Volume: 384,116
  • Market Cap: £1,247.85m
  • RiskGrade: 153

Berenberg downgrades Spectris to 'hold'

By Michele Maatouk

Date: Monday 20 Feb 2023

LONDON (ShareCast) - (Sharecast News) - Berenberg downgraded Spectris on Monday as it took a look at capital goods and industrial engineering stocks.
Spectris was cut to 'hold' from 'buy' and the target price reduced to 3,470p from 3,835p.

Out of Oxford Instruments, Halma and Spectris, Berenberg said the latter is the one with the largest divergence in possible outcomes over the next 12 months by far.

"Our blue-sky scenario implies annual returns of 16-17% over the next five years," it said.

"However, with significant M&A execution risk (both acquisitions and disposals) necessary to reach this point, as well as greater potential for both end-market and margin weakness in 2023, we take a cautious view at this time and downgrade Spectris to hold."

Berenberg kept Oxford Instruments at 'buy' and hiked the price target to 2,930p from 2,500p. It said the risk/reward was the "cleanest" at 'top pick' OI.

"We believe OI's consensus earnings per share forecasts for FY23 and FY24 offer the clearest upside in the sector, and we expect a 5%+ beat to FY March 2023 forecasts," the bank said.

"With a strong net cash position (0.9x EBITDA), the downside protection that comes from Spectris's prior bid and our conviction about several medium-term growth opportunities, we view OI's risk/reward as comfortably skewed to the upside."

Berenberg kept Halma at 'hold' but lifted the price target to 2,295p from 2,260p.

"Halma is the highest-quality company in the sector, with a world-class management team and a strategy that has driven long-term outperformance that we expect to continue," it said.

"While an unoriginal thesis, we point to the sell-side dilemma that exists on the name - if we do not believe that the company will re-rate over the next 12 months and earnings growth will be circa 10-14%, then it is impossible to argue for the 15% upside necessary to justify a buy rating. Hence, we remain holders, with more downside than upside to the current multiple."

At 1450 GMT, Spectris shares were down 3.2% at 3,132p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

OXIG Market Data

Currency UK Pounds
Share Price 2,150.00p
Change Today -25.00p
% Change -1.15 %
52 Week High 2,660.00p
52 Week Low 1,822.00p
Volume 384,116
Shares Issued 58.04m
Market Cap £1,247.85m
RiskGrade 153

OXIG Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
1.72% below the market average1.72% below the market average1.72% below the market average1.72% below the market average1.72% below the market average
2.86% above the sector average2.86% above the sector average2.86% above the sector average2.86% above the sector average2.86% above the sector average
Price Trend
30.50% above the market average30.50% above the market average30.50% above the market average30.50% above the market average30.50% above the market average
72.97% above the sector average72.97% above the sector average72.97% above the sector average72.97% above the sector average72.97% above the sector average
Income
55.02% below the market average55.02% below the market average55.02% below the market average55.02% below the market average55.02% below the market average
62.5% below the sector average62.5% below the sector average62.5% below the sector average62.5% below the sector average62.5% below the sector average
Growth
8.93% below the market average8.93% below the market average8.93% below the market average8.93% below the market average8.93% below the market average
27.27% above the sector average27.27% above the sector average27.27% above the sector average27.27% above the sector average27.27% above the sector average

What The Brokers Say

Strong Buy 3
Buy 4
Neutral 2
Sell 0
Strong Sell 0
Total 9
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

OXIG Dividends

  Latest Previous
  Final Interim
Ex-Div 11-Jul-24 30-Nov-23
Paid 20-Aug-24 12-Jan-24
Amount 15.90p 4.90p

Trades for 31-Oct-2024

Time Volume / Share Price
16:35 74,582 @ 2,150.00p
16:35 320 @ 2,150.00p
16:35 10 @ 2,150.00p
16:35 12 @ 2,150.00p
16:35 369 @ 2,150.00p

OXIG Key Personnel

CEO Richard Tyson

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