 "Guidance beaten in FY23 and unchanged for FY24" - report available from Equity Development:
Hunting delivered EBITDA of US$103m, ahead of revised guidance and the inferred year-end expectation, representing a 98% y-o-y uplift (and 11.1% margin, +380bp). Significant contract awards boosted Subsea and OCTG activities in particular, but top line progress was also accompanied by good cost control to deliver the full year outturn. A record year-end order book position leaves the company well-placed to deliver further progress in FY24, where guidance is unchanged.
At the headline level, Hunting delivered group revenue growth of 28% and margin progress (ie gross +90bp to 24.5% and EBITDA +390bp to 11.1%), feeding into a fivefold increase in pre-tax profit with EPS up over four times in FY23. The full year dividend rose by 11% to 10c per share, covered twice by earnings.
Against our selected peer group average, Hunting’s P/E and EV/EBITDA multiples sit on discounts of 25-30% and 20-25% respectively. Taking a simple average of our P/E and DCF based analyses generates an unchanged fair value per share of 407p. |
I think the 80k is a late reported sell that did the damage and the 71k is the uncrossing trade |
Looks like some decent sized buys reported after the close |
Moves a lot on low volumes. Treated as a pariah by the numbnut ESG brigade but a quality outfit that's clearly on the rise. |
This trades like a penny stock. Wish it wasn't so volatile. I'm sure it never used to be, back in the day so to speak. |
This carries on I'll be buying those few I sold back!! |
Looks to be doing the standard pullback to retest the breakout. Should then move higher again. |
Agreed Robertball. It's an incredibly bullish sign |
Love predicted text should be nailed on not mallows ffs |
Early morning shake, £4 plus mallows on short term |
I think that the most interesting thing is the guidance beat.If I was the MD I would ensure that I met guidance, to do otherwise is to make you a hostage to fortune.So the beat means that they have done everything possible to reduce profits (eg discounting stock and WIP) but still can't get it down to guidance... |
Thanks D 007 |
It means they can offset that amount against future tax liabilities. In simple terms they have overpaid tax and can reduce tax on profits in the future |
Edit: does |
What dies 83 million of deferred tax assets mean? |
Yanks are only an hour away.... |
Broken resistance and up. Hopefully could continue although it could retest the breakout before steaming higher. Great earnings and many more years of growth ahead until CAPEX spend is much higher for hydrocarbons. |
holding mine tightly. |
Just sold a small amount as it has become to large a % in my ISA. Onwards and upwards for the rest as this is a great stock |
Nice rise and clearly not a lot of stock around as it is having to jump to attract sellers |
I have full confidence as the oil mkt is growing despite the climate lobby. And their non oil business is growing rapidly as their products and expertise can definitely cross into other areas |
yes - strong FY23 results from Hunting plc with revs up 28% to $929.1m, GM at 25% (from 24%), EBITDA +98% to $103m, Total divs of 10c (9c).
Encouragingly, the order book rose 19% to $565.2m which the CEO says ‘provides confidence in our near and longer-term outlook’ |
Great results |
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