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KETL Strix Group Plc

1.60 (2.30%)
12 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Strix Group Plc LSE:KETL London Ordinary Share IM00BF0FMG91 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  1.60 2.30% 71.10 329,265 16:35:14
Bid Price Offer Price High Price Low Price Open Price
71.00 71.40 71.50 70.00 70.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Manufacturing Industries,nec 106.92M 16.79M 0.0768 9.30 156.16M
Last Trade Time Trade Type Trade Size Trade Price Currency
17:56:34 O 4,241 71.10 GBX

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Date Time Title Posts
07/4/202410:23*** Strix ***1,204
06/12/202220:40Strix and corporation tax-

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Posted at 14/4/2024 09:20 by Strix Daily Update
Strix Group Plc is listed in the Manufacturing Industries,nec sector of the London Stock Exchange with ticker KETL. The last closing price for Strix was 69.50p.
Strix currently has 218,712,000 shares in issue. The market capitalisation of Strix is £156,160,368.
Strix has a price to earnings ratio (PE ratio) of 9.30.
This morning KETL shares opened at 70p
Posted at 04/4/2024 15:27 by chrisdgb
Price has been pretty resolute......
Posted at 03/4/2024 11:04 by edmonda
Strix Group plc - Investor Presentation & Q&A (FY23 Results) - March 2024

Mark Bartlett,, CEO, and Clare Foster, CFO, of Strix Group plc (AIM: KETL) held an Investor Presentation covering their Full Year results. Management discussed the pace of recovery within Kettle Controls, the rationalisation that is ongoing within Consumer Goods, and the strong growth at Billi and Laica. They also examined their progress in paying down debt and the temporary pause in the dividend. Questions from investors were answered at the end.

Link to video:
Posted at 27/3/2024 08:10 by edmonda
"Billi drives top line growth" (FY23 results)

Positives emerged, particularly in H2, as the recovery commenced within the kettle controls market.

Billi was the architect of the revenue improvement, with LAICA also delivering a double-digit increase in the top line. Margins improved, notwithstanding a change in the mix.

Encouragingly, investor concerns on debt were allayed with the careful management of cash, and latterly as bankers raised the net debt/EBITDA covenant to 2.75x. With further emphasis on costs and cash conservation and a likelihood that its markets will begin to deliver more meaningful recovery in H2, none of this good news looks factored into the current valuation.

The focus is shifting from survival to recovery and as such, we increase our fair value / share to 173p (149p).

Link to research report:
Posted at 08/2/2024 08:24 by masurenguy
Liberum: Debt reduction at Strix improves valuation discount
Liberum has reduced the valuation discount to peers that it placed on kettle component maker Strix (KETL) after stronger-than-expected debt reduction.

Analyst Edward Maravanyika retained his ‘buy’ recommendation and target price of 100p on the stock, which was trading sideways at 66.8p on Wednesday after a full-year 2023 trading update highlighted stronger than expected net debt reduction, with the leverage multiple falling within the year-end bank covenant limit. "The kettle controls market is still trading 20% below 2021 level as the recovery of this market is now slower than previously anticipated. Consequently, the company stated that full-year profit after tax came in modestly below previous expectations." he said. With the balance sheet improved, Maravanyika reduced the valuation discount to the peer group, ‘helping to offset the impact of cutting estimates’.
Posted at 25/1/2024 07:33 by edmonda
"Strong H2 cash flow" - new research report here:

There are several encouraging messages which jump out from Strix’s trading update released today, led crucially by the strong cash generation during H2. This has enabled the Group to come in below the year end banking covenant test, thereby removing significant risk from the rating. In addition, the strong performance of Billi and LAICA has largely offset the slower than expected recovery within the regulated kettle controls market, resulting in FY23 numbers modestly below expectations at the adj. EPS level.

With significant scope for recovery in its key market and the focus switching to the most profitable areas, we expect a marked uplift in profitability and its share rating over the medium term.
Posted at 19/12/2023 10:05 by darrin1471
21/09/2023 "The continued macro headwinds have resulted in a reduction in demand in kettle controls in the key export regulated markets of UK and Germany during H1 and a slower than anticipated recovery."
I think KETL have a good idea about where their products end up.
Posted at 19/12/2023 08:56 by wad collector
I think it is fair to say there is a share price recovery. Glad I added at 59p but less so that my original buying price was twice that.
The results, neither interims or full year, give a breakdown of the sales by nation.
Posted at 10/10/2023 16:51 by deanowls
On what do you base that Granite?

Personally I expect them to now do what they say, there can not be more distractions and they should be under promising and over delivering now.

The takeover will prove to be astute over time and I believe that as the debt starts reducing the share price will react accordingly.

But I am an optimist.
Posted at 23/8/2023 17:02 by darrin1471
I'm heavily overweight in Accrol. They make own brand toilet rolls, kitchen rolls and wet wipes etc for the UK. Paper prices rocketed. They were able to pass on prices in full but there was some price drag. Pulp prices have been falling since January so expecting some stickiness as input prices fall. ACRL invested heavily in automation in the recent past and that investment should now bare fruit. Own brand volumes are growing. ACRL earlier this year said FY23/24 cash generation will be "quite profound".
I bought at last years lows and keep adding. Price stable since January then dropped 10% the last 2 weeks and sitting on top of 200ma.
I would top slice from 60p but watch closely as this may turn into a growth share.

McBride(MCB)my 2nd largest holding make own brand household cleaning products. They were at financial risk last year when I bought at the lows. A wider range of products and markets. UK, Europe and SE Asia. Their input price inflation was severe and they were unable to pass on the price rises quick enough. The share price is up 50% the last 6 weeks and now consolidating. Higher risk, less well run and more variables than ACRL.
I would top slice at 60p to 100p but would continue to hold for possible all time high in 2-3 years.

Jet2. Great customer service and employer. Having a great summer. Profitable, growing and sitting on a pile of cash. Share price down 20% from year highs. Should regain high and more before the end of the year.

Strix. Bought at around a £1 in January and have added. Still waiting.

M&S MKS . I bought in December and have already top sliced but I do think this will continue to rise. Likely to re-enter FTSE 100 and restore dividend this year. Target to double from here in 4 years.

JDW. I've taken my profits but ready to buy back in.

Angling Direct. ANG. Up 50% last 3 months. Would top slice at 60p (another 50%). August 2022 was very hot and river levels were too low to fish in what is normally their best month. H2 like for like should be strong. Long term ANG are expanding across the UK and now EU. Online knowledge is taking over from local shop knowledge allowing ANG to consolidate. A bit of net cash and low EBITDA as they focus on gaining market share. Likely to be taken out by PE or international business who can fund quicker expansion.

I am happy to discuss further on appropriate threads.
Posted at 02/12/2022 09:35 by edmonda
Trading update / Completion of Billi acquisition (new research report)

Full note with audio summary:

Ongoing lockdowns in South China have impacted two of the Group’s largest OEM customers during the busiest period of the year, delaying the shipment of products. Associated costs have increased as an additional warehouse has been retained to deal with future lockdowns. Uncertainty created by the war in Ukraine and its implications have also impacted wider demand across several key markets. Little improvement is anticipated ahead of H2 ’23. The good news is that the completed acquisition of Billi strengthens the group’s product portfolio, pushing it into new products, geographies, and commercial markets. We expect Billi to be modestly earnings accretive during FY23, with wide-ranging synergy benefits improving its impact further into FY24.

We have reduced our financial estimates across the board for FY22 and FY23, although we continue to feel that the shares remain modestly priced relative to both our cash flow expectations and its peers. The yield remains the highest of its listed peers, at 8.2% for FY22.

We have adjusted estimates to reflect the inclusion of Billi and the softer than anticipated trading within Kettle Controls, with revenues declining 5% in FY22 and adj. EPS -16.6%. Nevertheless, we anticipate that revenues and adj. EBITDA should increase by 19.9% and 9.7% on a three-year CAGR to FY24. We have also adjusted our dividend expectation, although at the current share price level this still implies a sector leading yield of 8.2% in the current year.

The share price currently stands at an all-time low. We have updated our DCF and various peer group comparison valuation models, which give a fair value of 188p/share. Our fair value represents a significant premium to the existing share price.
Strix share price data is direct from the London Stock Exchange

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