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Strix Group Plc

2.20 (2.16%)
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
  2.20 2.16% 104.20 533,481 16:35:00
Bid Price Offer Price High Price Low Price Open Price
103.60 104.40 105.60 103.20 103.20
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Manufacturing Industries,nec 106.92 16.79 - 12.46 215.17
Last Trade Time Trade Type Trade Size Trade Price Currency
17:55:45 O 2,635 104.20 GBX

Strix (KETL) Latest News

Strix (KETL) Discussions and Chat

Strix Forums and Chat

Date Time Title Posts
30/5/202319:16*** Strix ***1,023
06/12/202220:40Strix and corporation tax-

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Strix (KETL) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type

Strix (KETL) Top Chat Posts

Top Posts
Posted at 30/5/2023 19:16 by darrin1471
AGM in July (tbc)

Share price has drifted lower for the last month.
Octopus has reduced slightly.
Poor China data.

50/100/200ma all converging around 105p over the next couple of weeks

Posted at 08/4/2023 13:21 by masurenguy
Liberum: Strix sees green shoots of recovery

The markets in which kettle component group Strix (KETL) operates are recovering but this will need to be sustained before the shares can rerate, says Liberum. Analyst Edward Maravanyika retained his ‘hold’ recommendation but increased the target price from 105p to 110p on the stock, which jumped nearly 10% to 100p last week. The shares have risen 18% this year. Full-year 2022 results on Wednesday came in line with expectations but investors were cheered by the outlook statement that ‘highlighted the green shoots of recovery emerging in Chinese kettle controls in the early part of full-year 2023 after a tough 2022’. After a pandemic hiatus original equipment manufacturer capacity is now ‘running at higher levels than is typical at this of year,’ Maravanyika said. ‘The valuation is undemanding but we believe the market will need to see evidence of a sustained recovery in controls as well as net debt-to-Ebitda multiples falling before shares can sustainably rerate,’ said the analyst.

Posted at 01/4/2023 07:29 by tole Group (LON:KETL) – Can Billi Help the recovery?There is no doubt about it – 2022 was an awful trading year for the kettle safety controls group.Revenues were down 10.5% at £106.9m (£119.4m), while pre-tax profits fell 31.1% to £22.2m (£32.2m), earnings were off 28.3% at 10.9p (15.2p) and the dividend was lowered 28.1% to 6.00p (8.35p) per share.Even net debt was hit – jumping form £51.2m to £87.4m, a rise of 70.7%CEO Mark Bartlett stated that:"Following a period of uncertainty across a number of Strix's key export markets in Q4, recent sales data in 2023 indicates some green shoots are appearing and the path to a return of growth is opening across all segments.The successful integration of Billi will propel Strix into a new growth phase, further diversifying away from the core Kettle Controls business with strong potential for greater top line growth and improved margins going forward."Analyst Andy Hanson at the group's NOMAD and Joint Broker Zeus Capital is estimating that the current year to end December 2023 will show sales of £155.6m, upon which the group could well make adjusted pre-tax profits of £29.7, worth 12.1p in earnings and covering a 6.3p dividend per share.Looking ahead he sees further recovery taking sales up to £171.6m, profits to £33.8m, earnings up to 13.8p and enabling a 6.8p per share dividend.The question now is – will the Billi acquisition help to kick upwards the group's profit recovery. It will not be quick, but a steady progress would be beneficial.Capitalised at £219m, the group's shares at the current 97p look appealing, trading on less than 8 times price-to-earnings, while yielding a very handsome 6.5%.I now set a new Target Price for the shares at 120p.
Posted at 31/3/2023 11:52 by melody9999
Re: 'this is not a buy and hold market'. Actually I think this may be a good time to place some positions with a view to holding longer term. Especially for companies like KETL where the underlying demand is reliable. Added a few more this am.
Posted at 29/3/2023 07:33 by edmonda
With FY22 now firmly in the rear-view mirror, Strix Group plc is looking forward with more optimism. China is re-opening for business following several COVID-related lockdowns and green shoots have begun to appear. Sales to OEMs have seen a substantial improvement in run-rates during the first two months of FY23 and, while a swallow does not make a summer, we see positive signs, not least the possibility that a recession may well be averted in Western economies. A combination of product launches, the acquisition of the high margin Billi and a cross fertilisation of sales between the consumer brands augurs well for FY23.

We expect FY23 to represent an inflection point for the Kettle Controls business. In the YTD, green shoots have appeared, with sales to OEMs rising 18% versus Q4 (which represented a low point in FY22). As COVID-related restrictions have been lifted in China, we expect revenues to improve further as bottlenecks are removed and trading returns to normal patterns. A combination of product launches within Water/Appliances/Billi, new listings (online and retail), and a cross-fertilisation of sales within the wider consumer areas is expected to result in strong growth in revenues and profitability.

Our comparative valuation models suggest that Strix Group is trading on the lowest FY1 EV/EBITDA and PER multiples within its peer group. Our fair value estimate of 216p/share is backed by a conservative DCF model and represents a significant uplift on the current share price. Even following the dividend cut, the FY1 yield amounts to 7.1%, with dividend growth slowing to reflect a desire to reduce indebtedness (we estimate the net debt/EBITDA ratio declining to 1.8x in FY23).

Posted at 26/1/2023 07:44 by edmonda
'Headwinds diminishing' - new research and audio summary here:

The pre-close trading update for FY22 is evidence of a business determined to deliver. The focus is now on revenue generation and shorter investment payback periods. Two factors proved disruptive to activity levels in FY22; the war in Ukraine and lockdowns across China to prevent the spread of Covid-19. Although the former looks set to continue indefinitely, the re-opening of the Chinese economy represents a positive factor for FY23 onwards.

Cash levels will be boosted as the supply chain relaxes post-lockdowns, enabling the Group to reduce inventory levels, and marketing expenditure is likely to decline. Billi is integrating well into the Group following its acquisition in December, with new products launched and distributors appointed in Asia. We have left estimates unchanged for FY23 and FY24.

We reduced our dividend estimates in early December, reflecting the level of indebtedness but this still suggests a highly attractive yield of 7% for FY22, rising to 7.6% in FY23. We have left those estimates unchanged, as the c.£23m guidance for PAT and consider it too early in the year to revisit FY23 and FY24 estimates. Our net debt estimates are higher than the recent £89m guidance, although c.80% of the difference reflects the payment of deferred consideration to LAICA switching to February ’23.

Although the share price is off the lows recorded in late 2022, there remains a significant gap between the current share price and our fair value - the combination of our DCF & peer group comparison models suggest a fair value / per share of 234p, materially above yesterday's closing price.

Posted at 29/12/2022 09:36 by lovewinshatelosses
Given the appearance of near rebellion that the harsh lock downs seemed to be finally causing (although we will never know for sure in that secretive state probably), I think the people will generally just get on with things now and embrace their relative freedoms compared to the past two years, with excess deaths broadly deemed a price worth paying. Especially as they seem to have a different outlook to the West in such matters as mortality.
Anyway, I took a small taster position today right at the top, so fully expecting the share price to drop lower now :) GLA.

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.

Posted at 30/11/2022 14:05 by brucie5
Paul Scott doesn't like it, but maybe not surprising and he's not always right. Though certainly worth reading! He infers that they might be paying dividends by growing the debt.


Yet, comes a time when there's nothing but bad news in a share price along with a debt that is perfectly serviceable, but with a profitable dividend paying business underneath - just at the bottom of its cycle.

And I believe KETL has some good insti holders with Octopus investment holding just over 11%


Posted at 22/9/2022 09:06 by edmonda
#KETL - signs of recovery emerging in China (new research note) - full link here:

In a challenging period for Strix it has successfully grown both its Appliance and Water Categories, while taking measures to mitigate a slowdown in Kettle Controls. Historically, the Group managed a rapid turnaround in its Kettle Control revenues as discretionary spend rebounds. We think this period will be similar, with Chinese demand picking up in Q3 ‘22 and OEM backlogs set firm into Q1 ’23. Whilst there is undoubtedly pressure on disposable income across the world, a combination of numerous product launches across several platforms, price increases, and a rationalisation of the cost base should limit the pressure on profitability. Nonetheless we have reduced adj. EPS estimates by 12% in FY22 and by 6% in FY23.

The stronger H2 bias to trading should result in a recovery of revenues in the remainder of the year, aided by the combination of the price increases, product launches, rationalisation benefits, and the rebound in Chinese demand. The share price currently stands at a lower level than in the depths of the COVID-19 lockdown uncertainty and since 2018. Based on our new estimates we have updated our DCF and several peer group comparison valuation models. The average suggests a fair value of 236p, which stands at a significant premium to the existing share price (+102%).

Strix share price data is direct from the London Stock Exchange
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