EVENTS:   The Roaring 2020s or a Rerun of the 1970s? - Edward Yardeni/Yardeni Research - 24 Mar 26   Best Equity Short Ideas Conference Call 13 - Thomas Chanos/Badger Consultants & Dr. Aaron Fletcher/Bios Research & Jonathan Telgener/Channel Dynamics & Ed Steele/Iron Blue Financials & John Zolidis/Quo Vadis Capital & Mark Hiley/The Analyst - 26 Mar 26     ROADSHOWS: Chinese Equity Ideas & Channel Checks Across 50 sub-sectors - Don Ma /Horizon Insights   •   London   23 - 27 Mar 26       Long Short European Equity Research - Harry Grist /The Analyst   •   New York   26 Mar 26       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   27 - 27 Mar 26      
Filters

Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

Mid Cap Tech Stocks: Expectations analysis

Technology

Willis Welby

Revisions across Hardware, Semis and Telco Equipment stocks are poor and getting worse. The median move in consensus Y2 EBIT over the last 3 months is now a cut of 6.0%. There is a wide range of expectations, but median consensus Y3 revenue growth is a remarkable 13% and there are stocks that look to be decent growth and serious value. SeSa stands out. The stock could treble. Meanwhile, Internet and IT Services is the low growth piece of Willis Welby’s Tech coverage. Consensus Y3 revenue growth is only 6.0%, but the median implied to Y3 EBITM ratio is just 49 and revisions remain positive. Indra Sistemas looks interesting. Trading has been good. There is potentially a massive transformation. Finances are strong and the implied to Y3 EBITM ratio means they can see upside of over 100%.

Edition: 204

- 07 February, 2025


FTSEurofirst 80 Index: Bullish & Bearish Themes

Technical Analysis

Messels

Recycling and Renewable Energy stocks such as Umicore, Vestas Wind and Siemens Gamesa are rallying from medium term support. Selective Seafood and Tobacco stocks remain defensive including SalMar, Mowi and Scandinavian Tobacco. Banks are generally rallying in ranges; favours CaixaBank and Sabadell which have already broken out and extend relative bases.

Industrials have broken uptrends and are now losing relative momentum such as Schneider, Atlas Copco and Alfa Laval. Luxury Goods renew their 4-month price and relative tops including Pandora, LVMH, Dior and Hermes. IT Hardware and Semiconductors renew their 5-month price and relative tops; SeSa, BE Semiconductor, Infineon and Nordic Semiconductor are highlighted.

Edition: 136

- 27 May, 2022