Ricardo Share Discussion Threads

[srpactive] 29/11/2022 11:55

Good morning all, nice to see your good company joining forces
with crdl.

dyor

active

[tenapen] 23/11/2022 18:23

Website Updated

[tenapen] 21/11/2022 21:18

Website Updated

[tenapen] 18/11/2022 19:22

Website Updated

[tenapen] 09/11/2022 16:26

Website Updated

[tenapen] 02/11/2022 19:50

Website Updated

[tenapen] 26/10/2022 19:36

Website Updated

[norbert colon] 21/10/2022 19:13

Arcadis buys DPS for 0.8 x sales.https://www.independent.ie/business/world/dps-duo-set-for-biggest-share-of-232m-cash-sale-42041998.html

[tenapen] 21/10/2022 12:51

Thanks Skinny, I have just noticed this, I was distracted elsewhere.

[tenapen] 29/9/2022 18:11

Website Updated;

[tenapen] 22/9/2022 13:09

Website Updated

[norbert colon] 15/9/2022 19:24

Analyst presentation now on the Group website:


hxxps://ricardo.com/investors/financial-reporting/results-and-presentations/2022-23/prelim-results-presentation-2021-22-september-2022


Gives a good overview of the business including their largest ever order book driven by strong tailwinds from Energy/Environmental/Urbanisation/Defence and their shift to high end front end services which are higher margin (see broker note which shows their margins are already enviably up with the big hitters in this sector).

Less than 20% of sales are now from the cyclical automotive sector and they are planning further divestments.

£90m of orders in the first 2 months of this year alone and with organic and planned M&A it’s looking like they should have a strong runway ahead.

As noted before, it’s a new holding for me and whilst the CEO is a little dry for my liking, I can see investors doubling their money over a 3-5yr timeframe - sooner if they attract a RPS type bid.

[1968jon] 14/9/2022 09:20

Many thanks Norbert! I don't have access to sell-side coverage. As I think I posted once before, I own absolutely bundles of these.

[norbert colon] 14/9/2022 08:59

"FY 22 underlying PBT increased 46% and was 3% ahead of our estimate. Cash generation was strong. We maintain our FY 23 EBIT estimate, but increase interest costs resulting in a 3% reduction in FD EPS. The balance sheet and new RCF leave the business well positioned for further acquisitions. The continuing order intake increased 24%, helped by environmental trends and key programmes. The divestment of the software business was in line with the strategy and demonstrates the repositioning of the portfolio. Ricardo has a clear financial target for 2027 to more than double underlying operating profit in the 5 years from 2022. TP of 590p although RPS exit implies a valuation of 905p

[1968jon] 14/9/2022 08:50

Hi Norbert Colon - any chance of showing some more highlights of the Lib note?? Cheers...

[norbert colon] 14/9/2022 08:09

Yep solid results and latest Liberum note adds some further colour. Given EBITDA is almost exactly the same as RPS was (~GBP 50m) the current mcap seems way too cheap and Liberum highlight the RPS takeover implies a circa 900p valuation. Look forward to seeing the analysts presentation when available.

[archy147] 14/9/2022 07:39

Agreed, very happy to be holding here

[ingham87] 14/9/2022 07:18

Excellent results

[tenapen] 09/9/2022 15:45

Website Updated;

[tenapen] 04/9/2022 17:52

WOW - there is a job testing various train warning sounds on trackside workers.


Amazing

[tenapen] 31/8/2022 18:33

I've just noticed.... a bit late mind - Summer


Website Updated;

[tenapen] 19/8/2022 18:20

Website Updated!

[tenapen] 17/8/2022 17:06

Website Updated;