Oxford Instruments Share Discussion Threads

[joecase] 10/12/2018 09:56

Update on telaviv. Blue at 12.43%

[wad collector] 30/11/2018 14:11

Better than down then down, like most of mine recently.

[meijiman] 30/11/2018 12:09

Goes down then up............

[essentialinvestor] 22/11/2018 11:10

BlackRock reducing, thought there must be a reason for the sharp sell off.

[wad collector] 20/11/2018 13:11

I like the eps. Added a few too at 823.

[essentialinvestor] 20/11/2018 09:46

Lack of yeild support is part of the reason for some sharp SP
movements imv.

This management team are also understated in approach.
I thought the H1 numbers were solid, however the statement itself looked
a tad subdued. They are not ra ra cheerleaders telling you what an amazing
job they are doing etc, prefer that, some may not.

[essentialinvestor] 20/11/2018 09:15

I just have, but would like it lower down.

[wad collector] 20/11/2018 09:07

Looks like IC has spread the seeds of doom...currently down £1.50 on the month. Might be time to add a few ..

[wad collector] 14/11/2018 20:38

If you value it as a manufacturer , the 3.8p dividend is pretty trivial , though 27p EPS bit more impressive. Debt down is good.Haven't seen IC yet , but the half yearly results seem reasonable , though comparison with last yr has to be seen in the light of poor performance that yr.

Yesterday;

Financial Highlights:

-- Orders up 10.3% to GBP162.9m (2017: GBP147.7m), an increase of 12.0% at constant currency
-- Order book of GBP177.9m (31 March 2018: GBP153.0m, restated for IFRS 15) up 16.3% (12.5% at constant currency)

-- The Group has adopted IFRS 15 'Revenue from Contracts with Customers' and IFRS 16 'Leases'. The impact is to increase revenue by GBP5.1m

-- Reported revenue increased by 11.3% to GBP147.0m (12.6% at constant currency)
-- Adjusted operating profit from continuing operations up 11.7% to GBP21.0m (16.0% at constant currency) with margin rising to 14.3%

-- Adjusted profit before tax from continuing operations up 21.5% to GBP19.8m
-- Reported profit before tax down 8.7% to GBP11.6m due to mark-to-market movement on currency derivatives

-- Strong cash conversion of 91.0% contributes to reduction in net debt to GBP12.5m
-- Interim dividend increased by 2.7% to 3.8p
Operational Highlights:

-- Continued progress with the implementation of our Horizon strategy
- Good underlying order and revenue growth
- Continued focus on innovation and R&D

[essentialinvestor] 14/11/2018 12:51

IC appears to be saying the rating is too high.

[meijiman] 29/10/2018 10:56

The Chairmans AGM statement was quite positive ..so hope it follows through.

[wad collector] 29/10/2018 09:57

Wow this board is humming! Half yearly results out in 2 weeks ; 13 November. I see the Broker consensus is still around EPS 58p for the year FWIW.

[volsung] 03/7/2018 10:27

Didn't get around to it. sorry wad. Had to sell up to buy more OXB. GLA

[wad collector] 15/6/2018 14:58

Good to see you on board volsung ; I look forward to some pithy postings.

[volsung] 15/6/2018 08:43

Like the look of Oxig. In with a small tranche today

[wad collector] 14/6/2018 10:06

Up sharply today , I see an IC article yesterday which suggests HOLD
Around this time last year, Oxford Instruments (OXIG) announced its 'Horizon' growth strategy. It's still early days in terms of implementation, but a 5 per cent increase in orders to £313m suggests progress has been made, while continued spend on R&D – £24.8m, or 8.4 per cent of sales – demonstrates that the group is determined to expand and optimise the technologies within its proprietary offering (profit and margin growth in the service and healthcare division was driven by services relating to in-house products).



Oxford Instruments reversed last year's reported losses, but two factors flattered this result. First was the impact of foreign exchange. Strip out translation effects and adjusted pre-tax profit improved by 0.6 per cent. Full-year returns were also helped along by £80m garnered from the sale of the industrial analysis business, which along with an 18.5 per cent increase in operating cash flows (before working capital movements), enabled the group to cut its net debt from £109m in FY2017 to £19.7m at the period end.

An intensified focus on the nanotechnology business – part of the wider materials and characterisation division – contributed to an 11.7 per cent rise in sales to £118m, which helped to compensate for a 10.5 per cent revenue decline in the research and discovery business, resulting from longer lead times on some orders.

Prior to this announcement, analysts at JPMorgan expected pre-tax profits of £42m during the year to March 2019, giving EPS of 56.4p, up from £41m and 55p in FY2018.

OXFORD INSTRUMENTS (OXIG)
ORD PRICE: 983p MARKET VALUE: £564m
TOUCH: 974-983p 12-MONTH HIGH: 1,174p LOW: 676p
DIVIDEND YIELD: 1.4% PE RATIO: 29
NET ASSET VALUE: 312p* NET DEBT: 11%
Year to 31 Mar Turnover (£m) Pre-tax profit (£m) Earnings per share (p) Dividend per share (p)
2014 360 24.0 32.1 12.4
2015 380 -9.6 -10.9 13.0
2016 320 9.7 12.2 13.0
2017 300 -26.2 -44.7 13.0
2018 297 34.2 34.3 13.3
% change -1 - - +2
Ex-div: 13 Sep
Payment: 19 Oct
*Includes intangible assets of £159m, or 276p a share
IC View
It's too early to say whether the Horizon growth strategy is having a discernible effect on trading, although the substantive deleveraging played well with analysts. The shares are trading in line with historic earnings metrics relative to peers, so there's still no obvious value argument on offer. Hold.

Last IC View: Hold, 961p, 15 Nov 2017

[wad collector] 12/6/2018 12:58

Yes; full year results much more positive in both results and outlook. Suspect this will create a few broker notes and a significant further rise.

[meijiman] 12/6/2018 10:33

Reads well..underlying confidence in prospects.

[wad collector] 12/4/2018 16:55

Might be a good exit point. My recent trades have gone badly so will hold out longer here. I want £18 again!

[essentialinvestor] 12/4/2018 11:46

I've decided to take my profit, luck to anyone holding.

[essentialinvestor] 12/4/2018 11:34

Bloody lovely )).

[wad collector] 12/4/2018 10:45

Tipped in motley fool yesterday,presumably part of the reason for today's surge.
hxxps://www.aol.co.uk/news/2018/04/11/two-growth-monsters-i-believe-could-jump-50-or-more/

[wad collector] 11/4/2018 16:40

Don't expect they will ; they will await a down day.
OXIG has always struck me as an engineering company that would like to be valued as an R&D company. It seems overvalued as the former but undervalued as the latter. Here's hoping....

[essentialinvestor] 11/4/2018 14:51

Update as I hoped for, net debt comment very welcome indeed.

Some poster told me to.. get a grip.. here a few weeks ago, any comment
from that person today?.

[wad collector] 11/4/2018 09:35

Update is in line ; hopefully will give the share price some tailwind.