Buy Or Sell Opportunity • Jun 07
Now 23% undervalued Over the last 90 days, the stock has risen 4.9% to €8.50. The fair value is estimated to be €10.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.7% over the last 3 years. Earnings per share has declined by 30%. For the next 3 years, revenue is forecast to grow by 1.3% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Announcement • Jun 05
Funds managed by Apollo Management X, L.P. and Apollo Global Management, Inc. (NYSE:APO) cancelled the acquisition of Bodycote plc (LSE:BOY) from a group of shareholders. Funds managed by Apollo Management X, L.P. and Apollo Global Management, Inc. (NYSE:APO) proposed to acquire Bodycote plc (LSE:BOY) from a group of shareholders for £1.5 billion on May 22, 2026. A cash consideration valued at £9.011 per share will be paid by Apollo Management X, L.P. and Apollo Global Management, Inc. Under the proposal, Bodycote shareholders would receive an offer price of 885 pence per share in cash and would be entitled to receive the proposed final dividend of 16.1 pence per share for the 2025 financial year without any reduction to the offer price.
The transaction is subject to shareholders approval of Bodycote.
Barclays Bank PLC acted as financial advisor for Bodycote plc. Goldman Sachs International acted as financial advisor for Bodycote plc.
Funds managed by Apollo Management X, L.P. and Apollo Global Management, Inc. (NYSE:APO) cancelled the acquisition of Bodycote plc (LSE:BOY) from a group of shareholders on June 5, 2026. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €9.65, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 13x in the Machinery industry in Germany. Total returns to shareholders of 47% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €10.79 per share. New Risk • May 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 8.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.8% average weekly change). Large one-off items impacting financial results. Announcement • May 24
Funds managed by Apollo Management X, L.P. and Apollo Global Management, Inc. (NYSE:APO) proposed to acquire Bodycote plc (LSE:BOY) from a group of shareholders for £1.5 billion. Funds managed by Apollo Management X, L.P. and Apollo Global Management, Inc. (NYSE:APO) proposed to acquire Bodycote plc (LSE:BOY) from a group of shareholders for £1.5 billion on May 22, 2026. A cash consideration valued at £9.011 per share will be paid by Apollo Management X, L.P. and Apollo Global Management, Inc. Under the proposal, Bodycote shareholders would receive an offer price of 885 pence per share in cash and would be entitled to receive the proposed final dividend of 16.1 pence per share for the 2025 financial year without any reduction to the offer price.
The transaction is subject to shareholders approval of Bodycote.
Barclays Bank PLC acted as financial advisor for Bodycote plc. Goldman Sachs International acted as financial advisor for Bodycote plc. Announcement • Mar 11
Bodycote plc, Annual General Meeting, May 27, 2026 Bodycote plc, Annual General Meeting, May 27, 2026. Announcement • Jul 31
Bodycote plc to Report Q2, 2025 Results on Jul 30, 2025 Bodycote plc announced that they will report Q2, 2025 results on Jul 30, 2025 Announcement • Jul 30
Bodycote plc to Report Fiscal Year 2025 Results on Mar 11, 2026 Bodycote plc announced that they will report fiscal year 2025 results on Mar 11, 2026 Announcement • Nov 19
Bodycote plc Provides Earnings Guidance for the Year 2024 Bodycote plc provided earnings guidance for the year 2024. Operating profit for Fiscal Year 2024 is expected to be in line with market consensus. Recent Insider Transactions • Oct 30
Independent Non-Executive Chair recently bought €236k worth of stock On the 25th of October, Daniel Dayan bought around 36k shares on-market at roughly €6.57 per share. This transaction amounted to 59% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Daniel's only on-market trade for the last 12 months. Upcoming Dividend • Sep 26
Upcoming dividend of UK£0.069 per share Eligible shareholders must have bought the stock before 03 October 2024. Payment date: 07 November 2024. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of German dividend payers (4.7%). In line with average of industry peers (3.6%). Declared Dividend • Aug 02
First half dividend of UK£0.069 announced Shareholders will receive a dividend of UK£0.069. Ex-date: 3rd October 2024 Payment date: 7th November 2024 Dividend yield will be 3.1%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by both earnings (69% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 5.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 87% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 01
First half 2024 earnings released: EPS: UK£0.10 (vs UK£0.22 in 1H 2023) First half 2024 results: EPS: UK£0.10 (down from UK£0.22 in 1H 2023). Revenue: UK£399.0m (down 5.0% from 1H 2023). Net income: UK£19.3m (down 54% from 1H 2023). Profit margin: 4.8% (down from 10% in 1H 2023). Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Jul 30
Bodycote plc Declares Interim Dividend for the Year Ending 31 December 2024, Payable on 7 November 2024 The Board of Bodycote plc approved the payment of an interim dividend for 2024 of 6.9 pence for the year ending 31 December 2024 to those shareholders on the register of Bodycote plc on 4 October 2024 to be paid on 7 November 2024. Buy Or Sell Opportunity • Jun 12
Now 20% undervalued Over the last 90 days, the stock has risen 17% to €8.45. The fair value is estimated to be €10.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 45%. For the next 3 years, revenue is forecast to grow by 4.7% per annum. Earnings are also forecast to grow by 9.6% per annum over the same time period. Announcement • May 31
Bodycote plc Announces Board Change Bodycote plc announced that Jim Fairbairn has now succeeded Stephen Harris as Group Chief Executive. The Company confirms that Mr. Harris has stepped down from the Board and leaves the Company immediately. Upcoming Dividend • Apr 18
Upcoming dividend of UK£0.16 per share Eligible shareholders must have bought the stock before 25 April 2024. Payment date: 06 June 2024. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of German dividend payers (4.8%). In line with average of industry peers (3.2%). Buy Or Sell Opportunity • Apr 04
Now 23% undervalued Over the last 90 days, the stock has risen 18% to €7.95. The fair value is estimated to be €10.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 45%. For the next 3 years, revenue is forecast to grow by 3.7% per annum. Earnings are also forecast to grow by 9.6% per annum over the same time period. Announcement • Apr 03
Bodycote plc to Report Q2, 2024 Results on Jul 30, 2024 Bodycote plc announced that they will report Q2, 2024 results on Jul 30, 2024 Board Change • Apr 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director James Fairbairn was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Mar 18
Final dividend of UK£0.16 announced Shareholders will receive a dividend of UK£0.16. Ex-date: 25th April 2024 Payment date: 6th June 2024 Dividend yield will be 3.3%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by both earnings (50% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 6.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 39% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: UK£0.45 (vs UK£0.39 in FY 2022) Full year 2023 results: EPS: UK£0.45 (up from UK£0.39 in FY 2022). Revenue: UK£802.5m (up 7.9% from FY 2022). Net income: UK£85.6m (up 16% from FY 2022). Profit margin: 11% (in line with FY 2022). Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Mar 13
Bodycote plc to Report Fiscal Year 2023 Results on Mar 15, 2024 Bodycote plc announced that they will report fiscal year 2023 results on Mar 15, 2024 Announcement • Jan 23
Bodycote plc (LSE:BOY) completed the acquisition of Lake City Heat Treating Corp. from Davis family for $66.5 million. Bodycote plc (LSE:BOY) agreed to acquire Lake City Heat Treating Corp. from Davis family on October 6, 2023. In a related transaction, Bodycote agreed to acquire Stack Metallurgical Group on October 6, 2023. The combined gross consideration for the acquisitions is $145 million on a cash and debt free basis and will be subject to customary closing adjustments. The combined acquisition multiple is less than 9x expected 2024 EBITDA, taking into account tax benefits and synergies. Completion of the acquisitions is subject to regulatory clearance and will be funded out of existing Group credit facilities. They will be accretive to Group margins and earnings per share from the first year post completion and are expected to exceed Bodycote's cost of capital in 2025. Lazard acted as exclusive financial advisor to Bodycote on the acquisition of Lake City HT and Stack Metallurgical Group.
Bodycote plc (LSE:BOY) completed the acquisition of Lake City Heat Treating Corp. from Davis family for $66.5 million on January 22, 2024. Bodycote announced the termination of its agreed purchase of another US HIP company, Stack Metallurgical Group, after certain closing conditions outlined in the agreement have not been met. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €7.65, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Machinery industry in Germany. Total returns to shareholders of 9.7% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €10.99 per share. Announcement • Oct 19
Bodycote plc, Annual General Meeting, May 31, 2024 Bodycote plc, Annual General Meeting, May 31, 2024. Upcoming Dividend • Sep 28
Upcoming dividend of UK£0.067 per share at 3.3% yield Eligible shareholders must have bought the stock before 05 October 2023. Payment date: 10 November 2023. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of German dividend payers (4.9%). Higher than average of industry peers (2.9%). Buying Opportunity • Aug 20
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 3.2%. The fair value is estimated to be €9.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years. Earnings per share has grown by 45%. Revenue is forecast to grow by 5.2% in 2 years. Earnings is forecast to grow by 9.7% in the next 2 years. Reported Earnings • Jul 28
First half 2023 earnings released: EPS: UK£0.22 (vs UK£0.17 in 1H 2022) First half 2023 results: EPS: UK£0.22 (up from UK£0.17 in 1H 2022). Revenue: UK£420.1m (up 17% from 1H 2022). Net income: UK£42.3m (up 31% from 1H 2022). Profit margin: 10% (up from 9.0% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Jun 03
Bodycote plc Announces Retirement of Eva Lindqvist, A Non-Executive Director Keller Group plc announced that Eva Lindqvist, a Non-executive Director of Keller, retired from her position as Non-executive Director of Bodycote plc on 31 May 2023. Announcement • Jun 01
Bodycote plc Announces Board Changes Bodycote plc announced that Patrick Larmon, having joined the Board on 13 September 2016, will be appointed as the Senior Independent Director with effect from 31 May 2023 in succession to Ian Duncan. Having served for nine years, Ian will retire on 17 November 2023 as a non-executive director. Announcement • May 31
Stephen Harris to Step Down Group as Chief Executive from Board of Bodycote plc Bodycote plc announced that Stephen Harris has decided to retire next year. Stephen joined Bodycote in November 2008 and became Chief Executive in January 2009. Stephen has informed the Board that he intends to step down as Group Chief Executive and retire from the Board and the Company in 2024, following an orderly transition to his successor. A formal process to recruit Stephen's successor will now commence, led by the Nomination Committee of the Board, and will consider a range of internal and external candidates. Upcoming Dividend • Apr 13
Upcoming dividend of UK£0.15 per share at 3.2% yield Eligible shareholders must have bought the stock before 20 April 2023. Payment date: 02 June 2023. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of German dividend payers (4.7%). In line with average of industry peers (3.0%). Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: UK£0.39 (vs UK£0.31 in FY 2021) Full year 2022 results: EPS: UK£0.39 (up from UK£0.31 in FY 2021). Revenue: UK£743.6m (up 21% from FY 2021). Net income: UK£73.7m (up 24% from FY 2021). Profit margin: 9.9% (in line with FY 2021). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Machinery industry in Germany. 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 11% per year. Announcement • Nov 18
Bodycote plc Provides Earnings Guidance for the Full Year of 2022 Bodycote plc provided earnings guidance for the full year of 2022. The board expects the group to deliver a full year result for 2022 in-line with market expectations. Upcoming Dividend • Sep 29
Upcoming dividend of UK£0.064 per share Eligible shareholders must have bought the stock before 06 October 2022. Payment date: 04 November 2022. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of German dividend payers (5.5%). Higher than average of industry peers (3.3%). Reported Earnings • Jul 30
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down UK£31.2m from profit in 1H 2021). Profit margin: (down from 10.0% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 6.0%, compared to a 9.5% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Jul 29
Bodycote plc Declares Interim Dividend for 2022, Payable on November 4, 2022 The Board of Bodycote plc has declared an interim dividend for 2022 of 6.4 pence (2021: 6.2 pence) which will be paid on 4 November 2022 to all shareholders on the register at close of business on 7 October 2022. Announcement • Jul 24
Bodycote plc to Report First Half, 2022 Results on Jul 29, 2022 Bodycote plc announced that they will report first half, 2022 results on Jul 29, 2022 Announcement • May 26
Bodycote plc Provides Earnings Guidance for the Fiscal Year 2022 Bodycote plc provided earnings guidance for the fiscal year 2022. The company expects fiscal year 2022 operating profit of £103.8 million to £117.0 million. Upcoming Dividend • Apr 14
Upcoming dividend of UK£0.14 per share Eligible shareholders must have bought the stock before 21 April 2022. Payment date: 01 June 2022. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of German dividend payers (3.9%). Higher than average of industry peers (2.5%). Announcement • Apr 06
Bodycote plc Proposes Dividend, Payable on 01 June 2022 Bodycote plc at its Annual General Meeting to be held on 25 May 2022 proposed Dividend Per Share of 13.8 pence. Ex-Dividend Date is 21 April 2022. Record Date is 22 April 2022. Payment Date is 01 June 2022. Reported Earnings • Mar 15
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: UK£615.8m (up 3.0% from FY 2020). Net income: UK£59.5m (up UK£59.1m from FY 2020). Profit margin: 9.7% (up from 0.1% in FY 2020). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 9.8%, compared to a 11% growth forecast for the industry in Germany. Announcement • Feb 08
Bodycote plc Announces Dominique Yates, Intention to Retire from the Company Bodycote plc announced that Dominique Yates, currently Chief Financial Officer, has advised the Board of his intention to retire from the Company and the Board once a successor has been appointed and an orderly handover of duties has been completed. Dominique has been on the Board of Bodycote for over five years, having been appointed in November 2016, and will now pursue non-executive opportunities. Announcement • Feb 07
Bodycote plc Announces Dominique Yates Intention to Retire from the Board Bodycote plc announced that Dominique Yates, currently Chief Financial Officer, has advised the Board of his intention to retire from the Company and the Board once a successor has been appointed and an orderly handover of duties has been completed. Dominique has been on the Board of Bodycote for over five years, having been appointed in November 2016, and will now pursue non-executive opportunities. Announcement • Nov 24
Bodycote plc Revises Revenue Guidance for the Full Year of 2021 Bodycote plc revised revenue guidance for the full year of 2021. The company now expects full year Group revenue will be up to £10 million (1.6%) lower than its previous expectations as a result of lower automotive revenues. Upcoming Dividend • Sep 30
Upcoming dividend of UK£0.062 per share Eligible shareholders must have bought the stock before 07 October 2021. Payment date: 05 November 2021. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (3.2%). Higher than average of industry peers (1.0%). Announcement • Sep 25
Bodycote's ADR to Be Deleted from Other OTC Bodycote plc's Unsponsored ADR will be deleted from other OTC effective from September 24, 2021 due to ADR /GDR Program Terminated. Announcement • Sep 24
Bodycote Unsponsored ADR to Be Deleted from Other OTC Bodycote plc Unsponsored ADR (Sweden) will be deleted from Other OTC effective from September 24, 2021, due to ADR /GDR Program Terminated. Reported Earnings • Aug 02
First half 2021 earnings released: EPS UK£0.16 (vs UK£0.013 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: UK£312.9m (up 2.0% from 1H 2020). Net income: UK£31.2m (up UK£33.6m from 1H 2020). Profit margin: 10.0% (up from net loss in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 15
Upcoming dividend of UK£0.13 per share Eligible shareholders must have bought the stock before 22 April 2021. Payment date: 04 June 2021. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (3.2%). Higher than average of industry peers (1.1%). Reported Earnings • Mar 13
Full year 2020 earnings released: EPS UK£0.002 (vs UK£0.49 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: UK£598.0m (down 17% from FY 2019). Net income: UK£400.0k (down 100% from FY 2019). Profit margin: 0.1% (down from 13% in FY 2019). Analyst Estimate Surprise Post Earnings • Mar 13
Revenue misses expectations Revenue missed analyst estimates by 0.4%. Over the next year, revenue is forecast to grow 4.3%, compared to a 6.9% growth forecast for the Machinery industry in Germany. Announcement • Mar 13
Bodycote plc Proposes Final Dividend for 2020, Payable on 4 June 2021 Bodycote plc announced that the board has recommended a final ordinary dividend of 13.4 pence per share for 2020 against 13.3 pence per share paid last year. The final ordinary dividend will be paid on 4 June 2021 to shareholders on the register at the close of business on 23 April 2021. Is New 90 Day High Low • Feb 26
New 90-day high: €8.60 The company is up 8.0% from its price of €8.00 on 27 November 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €11.20 per share. Valuation Update With 7 Day Price Move • Nov 12
Market bids up stock over the past week After last week's 15% share price gain to UK£8.42, the stock is trading at a trailing P/E ratio of 31.7x, up from the previous P/E ratio of 27.5x. This compares to an average P/E of 33x in the Machinery industry in Germany. Total return to shareholders over the past year is a loss of 9.5%. Is New 90 Day High Low • Nov 11
New 90-day high: €8.34 The company is up 25% from its price of €6.67 on 13 August 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.09 per share. Announcement • Sep 24
Bodycote plc Appoints Kevin Boyd as Non-Executive Director Polypipe Group plc announced that Kevin Boyd was also appointed as a Non-Executive director of Bodycote plc, with effect from 1 September 2020. Is New 90 Day High Low • Sep 24
New 90-day low: €6.11 The company is down 13% from its price of €7.04 on 26 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.52 per share. Announcement • Jul 30
Bodycote plc (LSE:BOY) completed the acquisition of Ellison Surface Technologies, Inc. Bodycote plc (LSE:BOY) entered into an agreement to acquire Ellison Surface Technologies, Inc for approximately $200 million on December 24, 2019. The consideration will be settled using Bodycote's existing committed credit facilities. For the year ended December 31, 2019, Ellison Surface Technologies, Inc reported revenues of $59 million and EBITDA of $12 million. Completion of the transaction is contingent on various regulatory filings processes. The transaction is expected to complete during the first quarter of 2020. It is anticipated that the Ellison business will be immediately earnings enhancing to the enlarged Bodycote business. Credit Suisse acted as financial advisor to Bodycote plc. Lazard acted as financial advisor to the sellers.
Bodycote plc (LSE:BOY) completed the acquisition of Ellison Surface Technologies, Inc on April 3, 2020. As part of the consideration, Bodycote plc paid $120 million on April 3, 2020 and remaining $80 million due for payment on April 3, 2021. Announcement • Jul 18
Bodycote plc to Report Q2, 2020 Results on Jul 23, 2020 Bodycote plc announced that they will report Q2, 2020 results on Jul 23, 2020