Reported Earnings • Aug 03
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: US$1.03 (up from US$0.58 in 3Q 2021). Revenue: US$1.21b (up 19% from 3Q 2021). Net income: US$73.0m (up 74% from 3Q 2021). Profit margin: 6.0% (up from 4.1% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates by 19%. Over the next year, revenue is forecast to grow 2.3%, compared to a 62% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Price Target Changed • Jul 20
Price target increased to US$36.50 Up from US$32.17, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of US$36.32. The company is forecast to post earnings per share of US$3.40 for next year compared to US$2.79 last year. Reported Earnings • May 03
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: US$0.86 (down from US$0.87 in 2Q 2021). Revenue: US$1.15b (up 17% from 2Q 2021). Net income: US$61.0m (down 3.2% from 2Q 2021). Profit margin: 5.3% (down from 6.4% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.7%. Earnings per share (EPS) missed analyst estimates by 7.5%. Over the next year, revenue is forecast to grow 5.0%, compared to a 13% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Recent Insider Transactions Derivative • Apr 05
Senior VP & CFO exercised options and sold US$356k worth of stock On the 4th of April, Carl Anderson exercised options to acquire 10k shares at no cost and sold these for an average price of US$35.62 per share. This trade did not impact their existing holding. Since June 2021, Carl's direct individual holding has increased from 19.97k shares to 27.91k. Company insiders have collectively sold US$4.5m more than they bought, via options and on-market transactions in the last 12 months. Price Target Changed • Mar 03
Price target increased to US$33.00 Up from US$30.20, the current price target is an average from 4 analysts. New target price is 7.7% below last closing price of US$35.76. The company is forecast to post earnings per share of US$3.53 for next year compared to US$2.79 last year. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improved over the past week After last week's 42% share price gain to US$35.47, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 19x in the Machinery industry in the US. Total returns to shareholders of 59% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$62.20 per share. Reported Earnings • Feb 05
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: US$0.76 (up from US$0.44 in 1Q 2021). Revenue: US$984.0m (up 11% from 1Q 2021). Net income: US$54.0m (up 69% from 1Q 2021). Profit margin: 5.5% (up from 3.6% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 41%. Over the next year, revenue is forecast to grow 9.5%, compared to a 36,794% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Recent Insider Transactions Derivative • Dec 05
Executive Chairman of the Board exercised options and sold US$2.9m worth of stock On the 2nd of December, Jeffrey Craig exercised options to acquire 113k shares at no cost and sold these for an average price of US$25.19 per share. This trade did not impact their existing holding. Since December 2020, Jeffrey's direct individual holding has decreased from 238.11k shares to 38.54k. Company insiders have collectively sold US$19m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Nov 19
Full year 2021 earnings released: EPS US$2.75 (vs US$3.30 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: US$3.83b (up 26% from FY 2020). Net income: US$200.0m (down 18% from FY 2020). Profit margin: 5.2% (down from 8.0% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improved over the past week After last week's 16% share price gain to US$24.81, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 21x in the Machinery industry in the US. Total returns to shareholders of 37% over the past three years. Major Estimate Revision • Aug 11
Consensus EPS estimates increase to US$2.42 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from US$3.77b to US$3.91b. EPS estimate increased from US$2.18 to US$2.42 per share. Net income forecast to grow 88% next year vs 30% growth forecast for Machinery industry in the US. Consensus price target down from US$31.33 to US$30.60. Share price rose 3.3% to US$24.77 over the past week. Reported Earnings • Aug 05
Third quarter 2021 earnings released: EPS US$0.58 (vs US$0.50 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$1.02b (up 98% from 3Q 2020). Net income: US$42.0m (up US$78.0m from 3Q 2020). Profit margin: 4.1% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • May 05
Second quarter 2021 earnings released: EPS US$0.86 (vs US$3.27 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: US$983.0m (up 13% from 2Q 2020). Net income: US$63.0m (down 74% from 2Q 2020). Profit margin: 6.4% (down from 28% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Executive Departure • Mar 02
Senior VP of Human Resources & Chief Information Officer has left the company On the 28th of February, Timothy Heffron's tenure as Senior VP of Human Resources & Chief Information Officer ended after 7.6 years in the role. As of December 2020, Timothy personally held 43.30k shares (US$1.2m worth at the time). A total of 2 executives have left over the last 12 months. Recent Insider Transactions • Feb 20
Independent Director recently sold US$3.2m worth of stock On the 16th of February, Ivor Evans sold around 100k shares on-market at roughly US$32.24 per share. In the last 3 months, there was an even bigger sale from another insider worth US$11m. Insiders have been net sellers, collectively disposing of US$23m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Feb 19
Independent Director notifies of intention to sell stock Ivor Evans intends to sell 100k shares in the next 90 days after lodging an Intent To Sell Form on the 16th of February. If the sale is conducted around the recent share price of US$32.50, it would amount to US$3.3m. Since December 2020, Ivor's direct individual holding has increased from 425.06k shares to 429.02k. Company insiders have collectively sold US$21m more than they bought, via options and on-market transactions in the last 12 months. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improved over the past week After last week's 21% share price gain to US$32.47, the stock is trading at a trailing P/E ratio of 9.9x, up from the previous P/E ratio of 8.2x. This compares to an average P/E of 33x in the Machinery industry in the US. Total returns to shareholders over the past three years are 23%. Price Target Changed • Feb 10
Price target raised to US$33.00 Up from US$29.80, the current price target is an average from 3 analysts. The new target price is close to the current share price of US$32.47. As of last close, the stock is up 29% over the past year. Reported Earnings • Feb 05
First quarter 2021 earnings released: EPS US$0.44 (vs US$0.50 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$889.0m (down 1.3% from 1Q 2020). Net income: US$32.0m (down 18% from 1Q 2020). Profit margin: 3.6% (down from 4.3% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 5% per year. Analyst Estimate Surprise Post Earnings • Feb 05
Revenue and earnings miss expectations Revenue missed analyst estimates by 15%. Earnings per share (EPS) also missed analyst estimates by 2.2%. Over the next year, revenue is forecast to grow 21%, compared to a 400% growth forecast for the Machinery industry in the US. Is New 90 Day High Low • Feb 04
New 90-day high: US$30.20 The company is up 17% from its price of US$25.89 on 05 November 2020. The American market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$62.29 per share. Is New 90 Day High Low • Jan 07
New 90-day high: US$28.72 The company is up 13% from its price of US$25.39 on 08 October 2020. The American market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$50.23 per share. Recent Insider Transactions Derivative • Dec 18
Independent Non-Executive Chairman notifies of intention to sell stock William Newlin intends to sell roughly 14.41k shares in the next 90 days after lodging an Intent To Sell Form on the 14th of December. If the sale is conducted around the recent share price of US$27.47, it would amount to US$396k. Since March 2020, William's direct individual holding has decreased from 273.40k shares to 214.80k. Company insiders have collectively sold US$21m more than they bought, via options and on-market transactions in the last 12 months. Is New 90 Day High Low • Dec 17
New 90-day high: US$28.57 The company is up 29% from its price of US$22.22 on 17 September 2020. The American market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$50.19 per share. Recent Insider Transactions • Dec 09
President recently sold US$11m worth of stock On the 8th of December, Jeffrey Craig sold around 400k shares on-market at roughly US$27.91 per share. This was the largest sale by an insider in the last 3 months. Jeffrey has been a seller over the last 12 months, reducing personal holdings by US$18m. Recent Insider Transactions Derivative • Dec 05
President exercised options and sold US$737k worth of stock On the 2nd of December, Jeffrey Craig exercised options to acquire 27.62k shares at no cost and sold these for an average price of US$26.67 per share. This trade did not impact their existing holding. For the year to September 2019, Jeffrey's total compensation was 14% salary and 86% non-salary (Indicating these sales could comprise a meaningful part of their income for the year). Since September 2020, Jeffrey has owned 599.57k shares directly. Company insiders have collectively sold US$9.5m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Nov 24
VP & Chief Accounting Officer notifies of intention to sell stock Paul Bialy intends to sell roughly 7.50k shares in the next 90 days after lodging an Intent To Sell Form on the 19th of November. If the sale is conducted around the recent share price of US$25.00, it would amount to US$188k. Since December 2019, Paul has owned 34.85k shares directly. Company insiders have collectively sold US$17m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Nov 24
VP & Chief Accounting Officer recently sold US$186k worth of stock On the 19th of November, Paul Bialy sold around 8k shares on-market at roughly US$24.87 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$8.7m more than they bought in the last 12 months. Price Target Changed • Nov 16
Price target raised to US$27.80 Up from US$25.80, the current price target is an average from 3 analysts. The new target price is close to the current share price of US$26.52. As of last close, the stock is up 7.5% over the past year. Price Target Changed • Nov 14
Price target raised to US$27.00 Up from US$24.60, the current price target is an average from 3 analysts. The new target price is close to the current share price of US$26.52. As of last close, the stock is up 9.6% over the past year. Reported Earnings • Nov 14
Full year 2020 earnings released: EPS US$3.23 The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: US$3.04b (down 31% from FY 2019). Net income: US$244.0m (down 16% from FY 2019). Profit margin: 8.0% (up from 6.6% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 4% per year. Analyst Estimate Surprise Post Earnings • Nov 14
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 0.7%. Earnings per share (EPS) also surpassed analyst estimates by 1.9%. Over the next year, revenue is forecast to grow 10%, compared to a 340% growth forecast for the Machinery industry in the US. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 17% share price gain to US$28.48, the stock is trading at a trailing P/E ratio of 7.6x, up from the previous P/E ratio of 6.5x. This compares to an average P/E of 29x in the Machinery industry in the US. Total returns to shareholders over the past three years are 14%. Is New 90 Day High Low • Nov 10
New 90-day high: US$27.09 The company is up 7.0% from its price of US$25.24 on 12 August 2020. The American market is also up 7.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Machinery industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$24.37 per share. Is New 90 Day High Low • Oct 10
New 90-day high: US$25.80 The company is up 38% from its price of US$18.75 on 10 July 2020. The American market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$27.79 per share. 