EVENTS:   Best Equity Short Ideas Conference Call 12 - Zach Shannon/Corto Capital Advisors & Craig Huber/Huber Research Partners & Thomas Beevers /Forensic Alpha & Ed Steele/Iron Blue Financials & Bill Campbell/Paragon Intel - 12 Nov 25   Will AI Deflate the World? Macro Lessons from Three Industrial Revolutions and China - Manoj Pradhan/Talking Heads Macro - 13 Nov 25     ROADSHOWS: Forest Products Sector Equity and Commodity Research With Expertise in Distressed Debt - Kevin Mason /ERA Research   •   London   12 - 14 Nov 25       Buyside to Buyside Forum and Expert Calls across TMT, Consumer, Healthcare and Fintech - Andrew Peters /Revelare Partners   •   London   17 - 19 Nov 25       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   17 - 19 Nov 25      

Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

Woodward (WWD)

Industrials

Gradient Analytics

Initiates coverage with a negative outlook due to a variety of fundamental concerns and earnings quality issues including: 1) Demand headwinds in defence and industrial businesses are pressuring other units. 2) Margin targets appear disconnected from recent performance. 3) Inventory levels have diverged from near-term demand estimates. 4) Outsized growth in receivables. 5) An unusual spike in other current assets. 6) Trades at a significant premium to its closest industry peers.

Edition: 159

- 28 April, 2023