New Risk • Jun 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 5.0% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (9.2% average weekly change). Announcement • Jun 25
Volex plc, Annual General Meeting, Aug 25, 2026 Volex plc, Annual General Meeting, Aug 25, 2026. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €6.45, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 23x in the Electrical industry in Germany. Total returns to shareholders of 100% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €4.01 per share. New Risk • Jun 05
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 8.5% 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. This is currently the only risk that has been identified for the company. Announcement • May 27
Volex plc to Report Fiscal Year 2026 Results on Jun 25, 2026 Volex plc announced that they will report fiscal year 2026 results Pre-Market on Jun 25, 2026 Announcement • Mar 26
Volex plc Provides Group Earnings Guidance for the Year Ending 31 March 2026 Volex plc provided group earnings guidance for the year ending 31 March 2026. For the year, the group expects revenue to be at least $1,220 million. Announcement • Oct 17
Volex plc Provides Group Earnings Guidance for the First Half Ended September 30, 2025 and Second Half of Year 2026 Volex plc provided group earnings guidance for the first half ended September 30, 2025 and second half of year 2026. For the first half ended September 30, 2025, revenues are expected to exceed $575 million with organic revenue growth for the period of at least 11%, driven by the Group's product offering and long-standing relationships with blue-chip customers across five end-markets. Operating profit margin for the first half is expected to remain within the upper half of the Board's through-cycle target range of 9-10%.
For the second-half of year 2026, the group expects revenues to be broadly similar to the first half, reflecting stable trading across most end-markets. Announcement • Oct 16
Volex plc to Report First Half, 2026 Results on Nov 12, 2025 Volex plc announced that they will report first half, 2026 results on Nov 12, 2025 Announcement • Aug 27
Credo Technology Group Holding Ltd and Volex plc Reach Settlement in Active Electrical Cable Patent Infringement Dispute Credo Technology Group Holding Ltd. has reached a license and settlement agreement with Volex plc related to Credo's patents covering Credo's active electrical cable technology. Based on this agreement, the lawsuit between the parties will be promptly withdrawn, bringing an end to their patent dispute. Announcement • Aug 08
Volex plc Approves Final Dividend for the the Financial Year Ended 30 March 2025 Volex plc announced that at the AGM held on 7 August 2025, approved to declare a final dividend of 3.0 pence per ordinary share for the financial year ended 30 March 2025. Announcement • Jun 06
PFN Group of Companies Inc. acquired 51% stake in Prodamex S.A De C.V./Terminal & Cable TC Inc. from Volex plc (AIM:VLX) PFN Group of Companies Inc. acquired 51% stake in Prodamex S.A De C.V./Terminal & Cable TC Inc. from Volex plc (AIM:VLX) on June 6, 2025.
PFN Group of Companies Inc. completed the acquisition of 51% stake in Prodamex S.A De C.V./Terminal & Cable TC Inc. from Volex plc (AIM:VLX) on June 6, 2025. Announcement • Jun 02
Volex plc to Report Fiscal Year 2025 Results on Jun 26, 2025 Volex plc announced that they will report fiscal year 2025 results on Jun 26, 2025 Announcement • Apr 08
Volex plc Provides Earnings Guidance for the Financial Year Ended 30 March 2025 Volex plc announced that revenue for financial year 2025 is now expected to be at least $1,060 million, representing a year-on-year increase of at least 16%, and organic constant currency growth of at least 8%. Underlying operating margins are anticipated to be at the upper end of the target corridor of 9% to 10%, with operating profit of at least $100 million, well ahead of the top end of market estimates. Announcement • Mar 14
Credo Files AEC Patent Infringement Complaint Against Amphenol, Molex, TE Connectivity, and Volex Credo Technology Group Holding Ltd. has filed a complaint alleging patent infringement on March 13, 2025, asking the United States International Trade Commission to initiate an investigation against Amphenol Corporation, Molex LLC, TE Connectivity PLC, and Volex PLC and to block the importation of products that infringe Credo’s patents related to Active Electrical Cables (AECs). In addition, Credo is filing parallel complaints in Federal District Court alleging willful infringement as Credo provided notice of its patents to each of these companies in September 2023. The action against these companies reflects Credo’s commitment to protecting its foundational innovations in AEC technology. Since its founding in 2008, Credo has developed, created, and delivered to U.S. customers a variety of high-speed wired connectivity solutions in the data infrastructure market, including its series of distinctive purple HiWire AECs. New Risk • Nov 17
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 43% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (43% net debt to equity). Shareholders have been diluted in the past year (13% increase in shares outstanding). Announcement • Nov 16
Volex Announces Possible Offer for TT Electronics Volex plc (AIM:VLX) announced that it has submitted two proposals to the Board of TT Electronics plc (LSE:TTG) regarding a possible cash and shares offer for the entire issued and to be issued share capital of TT Electronics. The first proposal comprised 62.9 pence in cash and 0.203 new Volex shares per TT Electronics share which implied, at the time of the first proposal, a price of 129.0 pence per TT Electronics share, and the second proposal comprised 62.9 pence in cash and 0.223 new Volex shares per TT Electronics share which implied, at the time of the second proposal, a price of 135.5 pence per TT Electronics share (together, the "Volex Proposals"). The Board of TT Electronics has declined to engage with Volex and rejected each of the Volex Proposals. Based on the price of Volex shares as at the close of business on 14 November 2024 (being the latest practicable date prior to the date of this announcement), Volex's latest proposal, consisting of 62.9 pence in cash and 0.223 new Volex shares per TT Electronics share (the "Second Proposal"), now implies a value of 139.6 pence per TT Electronics share, values the fully diluted share capital of TT Electronics at £248.6m and implies a premium of: 76.7% to TT Electronics closing price of 79.0 pence as at the close of business on 14 November 2024 (being the latest practicable date prior to the commencement of the offer period on 15 November 2024); and 73.2% to the one month volume weighted average price for TT Electronics shares as at the close of business on 14 November 2024. The Board of Volex therefore firmly believes that the terms of the Second Proposal offer a highly attractive opportunity for TT Electronics shareholders to realise both an immediate partial cash exit following the ongoing operational and end market challenges faced by TT Electronics and the opportunity to share meaningfully in the upside of a highly attractive enlarged business. If any offer were made on the basis of the Second Proposal, Volex expects it would offer a mix-and-match facility to provide TT Electronics shareholders with flexibility. Lord Rothschild, Executive Chairman of Volex, commented: "We believe that bringing Volex and TT Electronics together in a highly synergistic transaction would create a scaled and diversified leader in the specialist electronics market which would act as a platform for future organic and inorganic growth and significant value creation. TT Electronics would provide the Group with further exposure to structural growth markets, such as medical and industrial technology, and add a new end-market, aerospace and defence, to progress Volex's successful strategy of diversification. At the same time, TT Electronics would benefit from being part of a larger group with stronger performance and the associated opportunities for revenue and cost synergies to deliver higher profitability. Despite the resilience of TT Electronics' underlying business, it has faced persistent challenges in recent years, which Volex believes have been exacerbated by execution missteps by the Board, including former and current executive leadership. As a result TT Electronics' shares are trading at a 10 year low. Since the disposal of the former Transportation Sensing and Control division in 2017 for c.£119 million, TT Electronics has spent approximately the same amount on acquisitions (for which the purchase prices have been disclosed), paying elevated multiples in an effort to develop a higher quality business. Instead, TT Electronics has delivered a series of inconsistent annual results with adjusted operating profit only improving 60 bps since 2019 to 8.6% for the financial year ended 31 December 2023, well below the 10%+ margin target set by TT Electronics management in 2019. This is before factoring in restructuring charges, which amounted to a total of £43.9m over the same period. In comparison, Volex's adjusted operating margin increased by 170 bps to 9.8% from 2020 to 2024 (financial year ending 31 March), achieving and sustaining the higher end of management's guidance for 9-10% margin. Volex's only restructuring charge during this period was £0.8 million recognised in 2022. TT Electronics' acquisition strategy has also resulted in very disappointing outcomes. In early 2024, TT Electronics disposed of three sites with a write-down of £32.5 million, including the company's activities at Hartlepool and Dongguan, which it had acquired through its takeover of Stadium plc in 2018. Furthermore, TT Electronics now has operational issues at two North American sites serving aerospace and defence, a market that TT Electronics has targeted through its acquisitions of Torotel and Covina in the US. Announcement • Nov 15
Volex plc Declares an Interim Dividend, Payable on 9 January 2025 The Board of Volex plc has declared an interim dividend of 1.5 pence, an increase of 7.1% on the previous year, and remains committed to a progressive dividend policy, striking a balance between delivering growth through investment and returning cash to shareholders. The interim dividend will be paid on 9 January 2025 to those shareholders on the register on 29 November 2024. The ex-dividend date will be 28 November 2024. Announcement • Oct 16
Volex plc to Report First Half, 2025 Results on Nov 15, 2024 Volex plc announced that they will report first half, 2025 results on Nov 15, 2024 Announcement • Aug 02
Volex plc Declares Final Dividend for the Financial Year Ended 31 March 2024 Volex plc at its annual general meeting held on August 1, 2024, declared a final dividend of 2.8 pence per ordinary share for the financial year ended 31 March 2024. Upcoming Dividend • Jul 18
Upcoming dividend of UK£0.028 per share Eligible shareholders must have bought the stock before 25 July 2024. Payment date: 30 August 2024. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (1.7%). Declared Dividend • Jun 28
Final dividend of UK£0.028 announced Shareholders will receive a dividend of UK£0.028. Ex-date: 25th July 2024 Payment date: 30th August 2024 Dividend yield will be 1.1%, which is lower than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (24% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 17% per year over the past 5 years and payments have been stable during that time. EPS is expected to grow by 63% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 27
Volex plc, Annual General Meeting, Aug 01, 2024 Volex plc, Annual General Meeting, Aug 01, 2024. Reported Earnings • Jun 27
Full year 2024 earnings released: EPS: US$0.22 (vs US$0.23 in FY 2023) Full year 2024 results: EPS: US$0.22. Revenue: US$912.8m (up 26% from FY 2023). Net income: US$39.3m (up 6.8% from FY 2023). Profit margin: 4.3% (down from 5.1% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Electrical industry in Germany. Announcement • Jun 26
Volex plc Proposes Final Dividend, Payable 30 August 2024 Volex plc announced that subject to approval by shareholders at the upcoming AGM on 1 August 2024, the company proposed a final dividend of 2.8 pence per ordinary share will be paid on 30 August 2024 to shareholders on the register on 26 July 2024. The ex-dividend date will be 25 July 2024. Announcement • May 25
Volex plc to Report Fiscal Year 2024 Results on Jun 26, 2024 Volex plc announced that they will report fiscal year 2024 results on Jun 26, 2024 Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €3.66, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 17x in the Electrical industry in Germany. Total loss to shareholders of 3.7% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3.95 per share. Announcement • Apr 19
Volex plc Provides Revenue Guidance for the Financial Year Ended 31 March 2024 Volex plc announced that revenue is now expected to be at least $900 million for the financial year ended 31 March 2024, representing an increase of at least 25% over the prior year, including seven months contribution from the acquisition of Murat Ticaret, while underlying operating profit1 is also now anticipated to be slightly ahead of analyst expectations. Announcement • Feb 07
Spectra7 and Volex Announce Successful Demonstration of Industry Leading Performance for 800G Active Copper Interconnects Spectra7 Microsystems Inc. and Volex plc announced that they successfully demonstrated industry leading performance of 800G Active Copper Cables (ACCs) at this year's annual DesignCon Conference Exhibition held last week in Santa Clara, California. In the demonstration, Volex 800Gbps QSFP-DD ACCs with Spectra7's embedded GC1122 chips successfully interoperated with test equipment from several vendors to produce very robust low pre-FEC bit error rates (BERs) significantly below standard required BER. Spectra7's analog based GaugeChanger GC1122 chips are used in ACCs and offer significant cost, size, and energy consumption value versus competing Active Electrical Cables (AECs) and Active Optical Cables (AOCs) that use Digital Signal Processing (DSP) technologies. Reported Earnings • Nov 24
First half 2024 earnings released: EPS: US$0.089 (vs US$0.10 in 1H 2023) First half 2024 results: EPS: US$0.089 (down from US$0.10 in 1H 2023). Revenue: US$397.5m (up 11% from 1H 2023). Net income: US$15.1m (down 7.4% from 1H 2023). Profit margin: 3.8% (down from 4.6% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Electrical industry in Germany. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 7% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 23
Volex plc Declares Interim Dividend, Payable on 10 January 2024 Volex plc has declared an interim dividend of 1.4 pence, an increase of 7.7% on the previous year. Since the Group recommenced dividend distributions in 2020, it has progressively increased payments by 40% in that time. The Board is committed to a progressive dividend policy, striking a balance between delivering growth through investment and returning cash to shareholders. The interim dividend will be paid on 10 January 2024 to those shareholders on the register on 1 December 2023. The ex-dividend date will be 30 November 2023. Announcement • Oct 25
Volex plc Provides Group Earnings Guidance for the 52 Weeks Ending 31 March 2024 Volex plc provided group earnings guidance for the 52 weeks ending 31 March 2024. The Group continues to maintain strong financial momentum and is well positioned to achieve full-year results in line with market expectations. The Company has compiled forecasts from four analysts with current market forecasts for the 52 weeks ending 31 March 2024 for revenue to be in the range of $849.8 million to $891.0 million, with a consensus of $864.6 million, and for underlying operating profit to be in the range of $82.3 million to $87.0 million, with a consensus of $84.3 million. Announcement • Oct 20
Volex plc Announces Directorate Changes Volex plc announced the following changes to its Board. John Wilson has been appointed to the Board, as an independent non-executive Director, with effect from 19 October 2023. John is a globally experienced Boardroom Director, with a strong background in the technology, components and connectivity solutions sectors. He is currently CEO of Bulgin Limited, a global leading manufacturer of sealed connectors and components, and was formerly Senior Independent Director, Chair of the Audit Committee and Chair of the Remuneration Committee of Checkit plc (previously Elektron Technology plc). John has a degree in Engineering from the University of Durham. Dean Moore, senior non-executive Director, has notified the Board of his decision to resign with immediate effect, in order to pursue other business interests. Sir Peter Westmacott has been appointed as Senior Independent Director, and Jeffrey Jackson has been appointed as a member of the Nominations Committee, both with immediate effect. Following his appointment, John Wilson will assume the role of Chair of the Audit Committee. Announcement • Sep 02
Volex plc (AIM:VLX) completed the acquisition of Murat Ticaret Kablo Sanayi Anonim Sirketi. Volex plc (AIM:VLX) agreed acquire Murat Ticaret Kablo Sanayi Anonim Sirketi for approximately €180 million on June 22, 2023. The consideration of up to approximately €178.1 million will be satisfied through €136.5 million in initial cash consideration; and up to €41.6 million of deferred contingent consideration payable over two years subject to financial performance in each of the two years, to catch up rights and to satisfy the deferred contingent consideration entirely in cash, or up to approximately 50% in Volex ordinary shares, at its discretion. In related transaction, Volex is raising approximately €69.91 million to part-fund the initial cash consideration for the Acquisition. The initial cash consideration of €136.5 million will be satisfied by the net cash proceeds from the Fundraising of approximately €68.4 million and the remaining €68.1 million balance will be funded from existing and amended debt facilities. The year ended December 31, 2022, Murat Ticaret generated consolidated revenue and underlying EBITDA of approximately €158 million and €33 million respectively and net assets of approximately €69 million. The Acquisition is expected to complete in two to three months, subject to approval by the Turkish and Macedonian competition authorities. Ed Allsopp, Mike Bell, Tom Ballard, Ben Harrington, Sohail Akbar and Jock Maxwell Macdonald of Peel Hunt LLP acted as a nominated financial advisor to Volex. Elvan Aziz and Serdar Ildirar and Togan Turan of Paksoy Ortak Avukat Burosu acted as a legal advisor to Volex plc. Gowling WLG acted as a legal advisor to Volex. As on August 7, 2023, Turkey and Macedonia competition authorities approved the deal. All conditions have been fulfilled. The transaction is expected to complete at the end of August.Volex plc (AIM:VLX) completed the acquisition of Murat Ticaret Kablo Sanayi Anonim Sirketi on September 1, 2023. New Risk • Aug 30
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 14% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Buying Opportunity • Aug 01
Now 21% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be €4.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 40% in 2 years. Earnings is forecast to grow by 53% in the next 2 years. Announcement • Jul 29
Board of Volex plc Approves Final Dividend for the Financial Year Ended 2 April 2023 Volex plc announced that at its AGM held on July 27, 2023 approved a final dividend of 2.6 pence per ordinary share for the financial year ended 2 April 2023. Recent Insider Transactions • Jul 21
Executive Chairman recently bought €398k worth of stock On the 18th of July, Nathaniel Philip Victor Rothschild bought around 118k shares on-market at roughly €3.37 per share. This transaction amounted to less than 1% 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 Nathaniel Philip Victor's only on-market trade for the last 12 months. Upcoming Dividend • Jul 13
Upcoming dividend of UK£0.026 per share at 1.3% yield Eligible shareholders must have bought the stock before 20 July 2023. Payment date: 25 August 2023. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (2.1%). Reported Earnings • Jun 22
Full year 2023 earnings released: EPS: US$0.23 (vs US$0.19 in FY 2022) Full year 2023 results: EPS: US$0.23 (up from US$0.19 in FY 2022). Revenue: US$722.8m (up 18% from FY 2022). Net income: US$36.8m (up 21% from FY 2022). Profit margin: 5.1% (up from 4.9% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.8% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Electrical industry in Germany. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €3.18, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 20x in the Electrical industry in Germany. Total returns to shareholders of 19% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €3.25 per share. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to €2.76, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 22x in the Electrical industry in Germany. Total loss to shareholders of 3.6% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €2.92 per share. Reported Earnings • Nov 10
First half 2023 earnings released: EPS: US$0.10 (vs US$0.11 in 1H 2022) First half 2023 results: EPS: US$0.10 (down from US$0.11 in 1H 2022). Revenue: US$357.5m (up 22% from 1H 2022). Net income: US$16.3m (down 5.2% from 1H 2022). Profit margin: 4.6% (down from 5.9% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Electrical industry in Germany. Announcement • Nov 09
Volex plc Declares Interim Dividend, Payable on 16 December 2022 Volex plc declared an interim dividend of 1.3 pence, an increase of 8.3% on the previous year. Since the dividend was reintroduced in 2020, it has increased every year and is now 30% higher. The interim dividend will be paid on 16 December 2022 to those shareholders on the register on 18 November 2022, the ex-dividend date will be 17 November 2022. Announcement • Oct 13
Volex plc to Report Q2, 2023 Results on Nov 09, 2022 Volex plc announced that they will report Q2, 2023 results on Nov 09, 2022 Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €2.78, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 28x in the Electrical industry in Germany. Total loss to shareholders of 46% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €3.55 per share. Announcement • Aug 20
Volex plc Approves Final Dividend for the Financial Year Ended 3 April 2022 Volex plc at the Annual General Meeting, approved to declare a final dividend of 2.4 pence per ordinary share for the financial year ended 3 April 2022. Upcoming Dividend • Jul 14
Upcoming dividend of UK£0.024 per share Eligible shareholders must have bought the stock before 21 July 2022. Payment date: 26 August 2022. Payout ratio is a comfortable 24% but the company is paying out more than the cash it is generating. Trailing yield: 1.3%. Lower than top quartile of German dividend payers (4.5%). In line with average of industry peers (1.2%). Announcement • Jun 30
Volex plc to Report Fiscal Year 2022 Final Results on Jul 11, 2022 Volex plc announced that they will report fiscal year 2022 final results on Jul 11, 2022 Reported Earnings • Jun 24
Full year 2022 earnings released: EPS: US$0.19 (vs US$0.26 in FY 2021) Full year 2022 results: EPS: US$0.19 (down from US$0.26 in FY 2021). Revenue: US$614.6m (up 39% from FY 2021). Net income: US$30.4m (down 22% from FY 2021). Profit margin: 4.9% (down from 8.8% in FY 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 13%, compared to a 12% growth forecast for the industry in Germany. Announcement • Jun 08
Volex plc to Report Fiscal Year 2022 Results on Jun 23, 2022 Volex plc announced that they will report fiscal year 2022 results on Jun 23, 2022 Valuation Update With 7 Day Price Move • May 19
Investor sentiment improved over the past week After last week's 22% share price gain to €3.18, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 25x in the Electrical industry in Germany. Total loss to shareholders of 11% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €3.48 per share. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improved over the past week After last week's 21% share price gain to €3.50, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 29x in the Electrical industry in Germany. Total loss to shareholders of 8.5% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €3.07 per share. Announcement • Apr 20
Volex plc Provides Earnings Guidance for the Year Ended 3 April 2022 Volex plc provided earnings guidance for the year ended 3 April 2022. The Group expects, subject to finalisation of the accounts and audit, revenues to be in excess of $605 million (fiscal 2021: $443 million) and underlying operating profit2 to be in excess of $55.0 million (fiscal 2021: $42.9 million). Recent Insider Transactions • Mar 17
Chief Operating Officer recently bought €296k worth of stock On the 14th of March, Dom Molloy bought around 95k shares on-market at roughly €3.11 per share. This was the largest purchase by an insider in the last 3 months. Dom has been a buyer over the last 12 months, purchasing a net total of €573k worth in shares. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 20% share price decline to €2.72, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 26x in the Electrical industry in Germany. Total loss to shareholders of 22% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €2.95 per share. Announcement • Jan 06
Volex plc (AIM:VLX) completed the acquisition of Prodamex S.A De C.V. and Terminal & Cable TC Inc. from TCP Cable Inc. Volex plc (AIM:VLX) signed a share purchase agreement to acquire Prodamex SA de CV and Terminal & Cable TC Inc for CAD 22.5 million from TCP Cable Inc on October 8, 2021. Prodamex and TC are autonomous operating businesses being acquired from an investment holding company based in Canada and will expand Volex's capabilities in the key North American market. Consideration represents 7.7x EBITDA for the year ended May 31, 2021. For the year ended May 31, 2021 combined revenues were CAD 31.4 million, EBITDA was CAD 2.9 million and profit before tax was CAD 2.4 million. Net assets at May 31, 2021 were CAD 6.4 million. Volex expects to retain the operational management teams at each business following the completion of the acquisition. The consideration will be paid in cash from the Company's existing debt facilities at completion, expected to be in the quarter three of FY2022 subject to customary closing conditions including regulatory approvals in Canada. The transaction will be earnings enhancing from completion.
Volex plc (AIM:VLX) completed the acquisition of Prodamex S.A De C.V. and Terminal & Cable TC Inc. from TCP Cable Inc on January 4, 2022. The transaction has received requisite regulatory approvals. Reported Earnings • Nov 13
First half 2022 earnings released: EPS US$0.11 (vs US$0.10 in 1H 2021) The company reported a solid first half result with improved earnings and revenues, although profit margins were weaker. First half 2022 results: Revenue: US$292.7m (up 45% from 1H 2021). Net income: US$17.2m (up 11% from 1H 2021). Profit margin: 5.9% (down from 7.6% in 1H 2021). The decrease in margin was driven by higher expenses. Recent Insider Transactions • Oct 13
Executive Chairman recently bought €296k worth of stock On the 11th of October, Nathaniel Philip Victor Rothschild bought around 60k shares on-market at roughly €4.93 per share. This was the largest purchase by an insider in the last 3 months. Nathaniel Philip Victor has been a buyer over the last 12 months, purchasing a net total of €578k worth in shares. Valuation Update With 7 Day Price Move • Sep 04
Investor sentiment improved over the past week After last week's 16% share price gain to €5.25, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 22x in the Electrical industry in Germany. Simply Wall St's valuation model estimates the intrinsic value at €3.26 per share. Recent Insider Transactions • Sep 02
Chief Operating Officer recently bought €277k worth of stock On the 27th of August, Dom Molloy bought around 61k shares on-market at roughly €4.55 per share. This was the largest purchase by an insider in the last 3 months. This was Dom's only on-market trade for the last 12 months. Announcement • Aug 27
Volex plc (AIM:VLX) signed a share purchase agreement to acquire Irvine Electronics Inc. for $16.4 million. Volex plc (AIM:VLX) signed a share purchase agreement to acquire Irvine Electronics Inc. for $16.4 million on August 26, 2021. The acquisition will be satisfied in cash at completion from the Volex existing debt facilities. Consideration represents 3.5x adjusted1 EBITDA for the year ended 31 December 2020. In the year ended December 31, 2020, Irvine generated revenues of $26.6 million, EBITDA of $8.4 million and net assets were $4.3 million. The transaction is subject to customary closing conditions including regulatory approvals in the US, and is expected to complete in Q3 of FY2022. The transaction will be earnings enhancing from completion. Shaun Dobson and George Tzimas of Nplus1 Singer Capital Markets Limited acted as legal advisors to Volex. Upcoming Dividend • Jul 08
Upcoming dividend of UK£0.022 per share Eligible shareholders must have bought the stock before 15 July 2021. Payment date: 06 August 2021. Trailing yield: 0.9%. Lower than top quartile of German dividend payers (3.1%). Lower than average of industry peers (1.6%). Reported Earnings • Jun 19
Full year 2021 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: US$443.3m (up 13% from FY 2020). Net income: US$38.9m (up 165% from FY 2020). Profit margin: 8.8% (up from 3.8% in FY 2020). Announcement • Apr 15
Volex plc Provides Revenue Guidance for the Full Year of 2021 Volex plc provided revenue guidance for the full year of 2021. For the full year, revenue for the full year will be ahead of market expectations and be at least $440 million. Announcement • Feb 18
Volex plc (AIM:VLX) completed the acquisition of De-Ka Elektroteknik Sanayi Ve Ticaret Anonim Sirketi. Volex plc (AIM:VLX) signed a share purchase agreement to acquire De-Ka Elektroteknik Sanayi Ve Ticaret Anonim Sirketi for €61.8 million on November 12, 2020. Volex will acquire De-Ka Elektroteknik Sanayi Ve Ticaret Anonim Sirketi on a debt-free basis. Volex will pay an initial cash consideration of €37 million and €9.8 million to be satisfied by the issue of 3.32 million ordinary shares in Volex on completion. In addition, Volex will pay a deferred cash consideration of €2.0 million payable in January 2022 and a deferred contingent cash consideration of up to €13.0 million in cash, which may be payable within two years of completion based on certain profit targets of De-Ka Elektroteknik Sanayi Ve Ticaret Anonim Sirketi being met. The consideration shares are subject to a six-month lock-up, and an application will be made to the London Stock Exchange for the admission of the consideration shares to trading on AIM ('Admission') on completion. The initial and deferred cash consideration will be funded through new debt facilities. For the year ended December 31, 2019, De-Ka Elektroteknik Sanayi Ve Ticaret Anonim Sirketi generated audited sales of €44.3 million and operating profit of €6.5 million. The transaction is subject to the approval by the Turkish Competition Authority. As of February 17, 2021, the transaction has been approved by Turkish Competition Authority. The transaction is expected to close in January 2021. Acquisition is expected to be earnings enhancing after the first full year of ownership. Shaun Dobson and Iqra Amin of Nplus1 Singer Advisory LLP acted as nominated advisor to Volex plc.
Volex plc (AIM:VLX) completed the acquisition of De-Ka Elektroteknik Sanayi Ve Ticaret Anonim Sirketi on February 17, 2021. Announcement • Jan 26
Volex plc Announces Board Changes Volex plc announced changes to its Board, with Amelia Murillo joining the Board as an Independent Non-Executive Director effective 26 January 2021. Amelia is currently Vice President of FP&A and Treasurer at global manufacturer Carlisle Companies Incorporated. Prior to this, over a 16-year period, Amelia has held other notable senior financial and management roles at Carlisle Interconnect Technologies, a subsidiary of CSL, in addition to leading CSL's management and development initiatives as Vice President of Human Resources. Separately, Adrian Chamberlain, who joined Volex as a Non-Executive Director in June 2016, has stepped down from the Board as part of an orderly transition process. Following the implementation of these changes, the Company's Board will continue to consist of four non-executive directors and two executive directors. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improved over the past week After last week's 16% share price gain to US$3.86, the stock is trading at a trailing P/E ratio of 32.5x, up from the previous P/E ratio of 27.9x. This compares to an average P/E of 41x in the Electrical industry in Germany. Valuation Update With 7 Day Price Move • Nov 23
Market bids up stock over the past week After last week's 18% share price gain to US$3.23, the stock is trading at a trailing P/E ratio of 25.5x, up from the previous P/E ratio of 21.5x. This compares to an average P/E of 35x in the Electrical industry in Germany. Recent Insider Transactions • Nov 20
Executive Chairman recently bought €282k worth of stock On the 16th of November, Nathaniel Philip Victor Rothschild bought around 100k shares on-market at roughly €2.82 per share. In the last 3 months, they made an even bigger purchase worth €915k. Nathaniel Philip Victor has been a buyer over the last 12 months, purchasing a net total of €1.3m worth in shares. Reported Earnings • Nov 15
First half 2021 earnings released: EPS US$0.10 The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: US$202.5m (up 3.5% from 1H 2020). Net income: US$15.4m (up 99% from 1H 2020). Profit margin: 7.6% (up from 4.0% in 1H 2020). The increase in margin was primarily driven by higher revenue.