Spirax-Sarco Engineering (SPX)

Sector:

Engineering

Index:

FTSE 100

10,050.00p
   
  • Change Today:
    -50.00p
  • 52 Week High: 11,855.00
  • 52 Week Low: 8,058.00
  • Currency: UK Pounds
  • Shares Issued: 73.77m
  • Volume: 151,622
  • Market Cap: £7,414m
  • RiskGrade: 124

Numis downgrades TI Fluid Systems, Spirax-Sarco

By Michele Maatouk

Date: Thursday 08 Jul 2021

LONDON (ShareCast) - (Sharecast News) - Numis downgraded TI Fluid Systems to 'add' from 'buy' on Thursday, while Spirax-Sarco Engineering was cut to 'hold' from 'add' as it took a look at the capital goods sector.

On TI Fluid, it said: "Although we see longer-term outperformance versus global light vehicle production, as the group continues to win content on new electric vehicle platforms, we see near-term risk to forecasts due to volatility in light vehicle production."

Numis cut its price target on the shares to 350p from 370p and reduced its FY2021 and FY2022 earnings per share forecasts by 11% and 7%, respectively. The broker noted that the shares are up more than 30% year-to-date and almost 70% from the beginning of November and said they are now largely discounting the post-pandemic recovery.

In the same note, it attributed its downgrade of Spirax-Sarco purely to valuation and the recent strong performance, as it maintained its 14,000p price target.

"We anticipate a robust first half performance, driven by the sharp rebound in global industrial production activity and strong demand for Watson-Marlow from the BioPharm sector," it said. "We are also confident that the group has successfully navigated the global supply chain disruption and input cost inflation."

Numis lifted its price target on add-rated Spectris to 3,700p from 3,410p, reflecting increased confidence in the group's gearing to recovery.

The broker upped its price target on hold-rated Morgan Advanced Materials to 370p from 350p to 370p, "reflecting the movement in the sector average rating".

Numis said its key picks in the sector centre on companies it feels are well-placed to deliver further earnings growth, at an attractive price: Hill & Smith, Melrose, Qinetiq and Vesuvius. It has buy ratings on all of them and price targets of 1,800p, 205p, 405p and 700p, respectively.

At 1255 BST, TI Fluid shares were down 6% at 295.86p and Spirax shares were 1.4% lower at 13,873.60p.

Email this article to a friend

or share it with one of these popular networks:


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.

 

SPX Market Data

Currency UK Pounds
Share Price 10,050.00p
Change Today -50.00p
% Change -0.50 %
52 Week High 11,855.00
52 Week Low 8,058.00
Volume 151,622
Shares Issued 73.77m
Market Cap £7,414m
RiskGrade 124

SPX Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
94.44% below the market average94.44% below the market average94.44% below the market average94.44% below the market average94.44% below the market average
88.24% below the sector average88.24% below the sector average88.24% below the sector average88.24% below the sector average88.24% below the sector average
Price Trend
2.29% below the market average2.29% below the market average2.29% below the market average2.29% below the market average2.29% below the market average
14.29% below the sector average14.29% below the sector average14.29% below the sector average14.29% below the sector average14.29% below the sector average
Income
97.23% below the market average97.23% below the market average97.23% below the market average97.23% below the market average97.23% below the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average
Growth
83.84% above the market average83.84% above the market average83.84% above the market average83.84% above the market average83.84% above the market average
69.70% above the sector average69.70% above the sector average69.70% above the sector average69.70% above the sector average69.70% above the sector average

What The Brokers Say

Strong Buy 1
Buy 2
Neutral 8
Sell 5
Strong Sell 0
Total 16
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

SPX Dividends

  Latest Previous
  Final Interim
Ex-Div 25-Apr-24 12-Oct-23
Paid 24-May-24 10-Nov-23
Amount 114.00p 46.00p

Trades for 28-Mar-2024

Time Volume / Share Price
16:35 106,488 @ 10,050.00p
16:35 97 @ 10,050.00p
16:35 145 @ 10,050.00p
16:35 51 @ 10,050.00p
16:35 100 @ 10,050.00p

SPX Key Personnel

Chair Jamie Pike
CEO Nimesh Patel

Top of Page