2025-06-13-Jefferies-杰富瑞英国工业-本周图表_9页_277kb

报告摘要

Spectris received a conditional takeover offer from Advent at a ~20x premium to the 10-year average EV/EBITA.
Halma reported FY25 results and provided details on expected earnings accretion from M&A and faster revenue growth.
Oxford Instruments disposed of its Quantum business and reported delayed FY25 results.
Renishaw is hosting its Capital Markets Day.

Next week's focus includes Renishaw's Capital Markets Day and a fireside chat with SDI Group.
The Diary of Events details UK Industrials calendar, including numerous upcoming trading updates and results for firms like AB Dynamics, TT Electronics, and larger entities like AB Dynamics and Renishaw. Full list provided.

Halma: PT 2,490p (EV/EBITA: 17.6x); risks include lower interest rates, M&A execution, and overhead reduction potential. Current recommendation: Underperform.
QinetiQ: PT 420p (using EV/Sales + EV/EBITA); risks include defense budgets, M&A execution, contract conversions, and terms/CPAs. Current recommendation: Hold.
Spectris: PT 3,135p (EV/EBITA: 12.5x); risks include global volumes, seasonal dips, stalled sales, and unfavorable M&A. Current recommendation: Buy.

Renishaw Capital Markets Day: June 17, 2025.
17-Jul 25: QinetiQ Trading Update.
29-Jul 25: Essentra, RHI Magnesita, and Elementis interim reports.
Aug 2025: Numerous trading updates for Spectris, Spirax Group, Dowlais, Hill & Smith, Coats, among others.

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