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| Datum / Uhrzeit |
Titel |
Bewertung |
| 21.08.25 05:18:19 |
Die mäßigen Zahlen der Spirax Group zeigen nicht die ganze Geschichte. |
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**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!**
Here’s a 400-word summary of the text, followed by a German translation:
**Summary (English)**
Spirax Group plc (SPX) recently reported softer-than-expected profits, but the stock price remained strong, suggesting investor confidence. However, a key factor – £34 million in unusual items – significantly impacted the company’s earnings over the past year. The article emphasizes that these unusual items are often one-off occurrences, implying a potential rebound in profits next year if they don't recur.
The analysis focuses on the potential for improved profitability. While earnings per share decreased due to these unusual expenses, the authors believe the underlying earnings potential is at least as good as it appears, and possibly even better. They encourage readers to examine future profitability forecasts through an interactive graph (available through a link within the article).
Beyond the immediate impact of unusual items, the article highlights the importance of considering a company’s broader financial health. It suggests investors look for additional factors like return on equity and insider buying activity. The article also stresses the necessity of recognizing potential risks associated with Spirax Group, noting a single warning sign.
Importantly, the authors clearly state that this analysis represents a single data point. They emphasize the need for a holistic approach, urging readers to conduct thorough research. The article's disclaimer reinforces that it’s not financial advice and doesn’t account for individual investor circumstances. The analysis is grounded in historical data and analyst forecasts, and doesn't factor in the latest price-sensitive announcements. Finally, the author notes Simply Wall St holds no position in any of the stocks mentioned.
**German Translation**
**Spirax Group: Eine Bewertung der Gewinne und Ihre eigene Einschätzung**
Spirax Group plc (LON:SPX) hat kürzlich unerwartet geringere Gewinne veröffentlicht, doch der Aktienkurs blieb stark, was auf das Vertrauen der Anleger hindeutet. Dennoch hat ein Faktor – £34 Millionen an einmaligen Aufwendungen – die Unternehmensgewinne im vergangenen Jahr erheblich reduziert. Die Analyse betont, dass diese einmaligen Aufwendungen oft als Einmalzahlungen betrachtet werden, was auf eine Verbesserung der Gewinne im nächsten Jahr hindeutet, sofern sie nicht wiederholt werden.
Die Analyse konzentriert sich auf das Potenzial für eine gesteigerte Rentabilität. Obwohl der Gewinn je Aktie aufgrund dieser ungewöhnlichen Ausgaben gesunken ist, glauben die Autoren, dass das eigentliche Gewinnpotenzial mindestens so gut ist, wie es erscheint und möglicherweise sogar noch besser. Sie ermutigen die Leser, zukünftige Rentabilität anhand eines interaktiven Diagramms (über einen Link im Artikel verfügbar) zu prüfen.
Über den unmittelbaren Einfluss der einmaligen Aufwendungen hinaus, wird die Bedeutung einer umfassenden Betrachtung der Unternehmensfinanzlage hervorgehoben. Die Autoren empfehlen, zusätzliche Faktoren wie die Rendite auf das Eigenkapital und die Aktivitäten von Insider-Käufern zu berücksichtigen. Die Artikel weist außerdem darauf hin, dass die Notwendigkeit, potenzielle Risiken im Zusammenhang mit Spirax Group zu erkennen, und zwar eine einzelne Warnung hervorhebt.
Wichtig ist, dass diese Analyse nur einen einzelnen Datenpunkt darstellt. Die Autoren betonen die Notwendigkeit einer ganzheitlichen Herangehensweise und ermutigen die Leser, eine gründliche Recherche durchzuführen. Die Artikel-Haftungserklärung weist darauf hin, dass es sich nicht um Finanzberatung handelt und nicht Ihre Ziele oder Ihre finanzielle Situation berücksichtigt. Die Analyse basiert auf historischen Daten und Analystenprognosen und berücksichtigt keine aktuellen Preistätsigkeitseröffnungen. Schließlich stellt der Autor fest, dass Simply Wall St in keiner der genannten Aktien eine Position hält.
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| 14.08.25 05:07:20 |
Spirax Group First Half 2025 Ergebnis: EPS: UK£0.85 (vs UK£1.24 in 1H 2024) |
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**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!**
Okay, here’s a summary of the Simply Wall St article about Spirax Group’s first half 2025 results, capped at 400 words, followed by the German translation of the comments.
**Spirax Group: A Mixed First Half with Future Growth Prospects**
Spirax Group (LON:SPX) released its first-half 2025 results showing a challenging period with a flat revenue of UK£822.2m, but a significant 31% drop in net income to UK£62.7m. This resulted in a reduced profit margin of 7.6% compared to 11% in the previous period, and a decrease in Earnings Per Share (EPS) to UK£0.85. While shares are up 16% in the last week, reflecting investor confidence, the company’s immediate financial performance was weak.
Looking ahead, the company anticipates revenue growth of 4.3% annually over the next three years, slightly below the 4.9% predicted for the broader UK machinery industry. Despite this, Spirax Group is aiming to maintain its momentum.
**Key Takeaways & Risks:**
* **Revenue Flat:** No significant growth observed in the recent period.
* **Profit Margin Decline:** Increased costs are impacting profitability.
* **Growth Forecasts:** Moderate growth expected, but lower than the industry average.
* **Risk Factor:** The article highlights one key warning sign, though the specific nature of this risk isn't detailed within the summary.
**Disclaimer:** This analysis is based on historical data and analyst forecasts, and is presented by Simply Wall St as an unbiased commentary. It’s crucial to acknowledge that this isn’t financial advice and shouldn't be used as the sole basis for investment decisions. The company has no declared position in any of the stocks mentioned.
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**German Translation of Comments (Assuming typical investor feedback)**
**Hinweis:** *Diese Übersetzung geht von typischen Kommentaren von Investoren aus. Da der Artikel keine Kommentare enthält, wird hier ein Beispiel zur Illustration gegeben.*
**Feedback auf diesen Artikel? Besorgt über den Inhalt?** *Kontaktieren Sie uns direkt.* *Alternativ können Sie uns eine E-Mail an editorial-team (at) simplywallst.com senden.
**Beispielhafte Kommentare (als Illustration):**
* "Die Zahlen sind enttäuschend. Die Gewinnmarge ist alarmierend niedrig. Ich bin skeptisch, ob die Wachstumsprognosen realistisch sind."
* "Die Aktie ist gestiegen, aber ich bin immer noch besorgt über die langfristige Nachhaltigkeit der Unternehmensstrategie."
* "Ich war früher ein großer Fan von Spirax Group, aber diese Ergebnisse haben meine Erwartungen unterboten."
* "Es wäre hilfreich, die spezifische Warnung, über die gesprochen wird, genauer zu definieren."
**Wichtiger Hinweis:** *Diese Übersetzung ist eine Annäherung und basiert auf typischen Kommentaren. Der ursprüngliche Artikel enthält keine Kommentare.*
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| 10.08.25 07:02:42 |
Aktionäre in der Spirax Group (LON:SPX) sind rot, wenn sie vor drei Jahren investiert haben |
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**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!**
Okay, here's a German translation of the provided text, aiming for clarity and a natural flow, within the 400-word limit:
**Spirax Group: Bewertung aus der Community und Ihre Wahl**
Für viele Investoren liegt der Sinn des Aktienauswahlsprozesses darin, höhere Renditen zu erzielen als der Gesamtmarkt. Allerdings birgt das Aktien-Picking das Risiko, unterdurchschnittliche Unternehmen zu erwerben. Dies hat sich für langfristige Aktionäre von Spirax Group plc (LON:SPX) in den letzten drei Jahren gezeigt, da der Aktienkurs um 46 % gefallen ist, deutlich unter der Marktrendite von etwa 62 %.
Lassen Sie uns die Unternehmensgrundlagen betrachten und prüfen, ob die langfristige Shareholder-Rendite mit der Leistung des zugrunde liegenden Geschäfts übereinstimmt.
**Hinweis: US Öl und Gas – 15 Aktien mit Entwicklungspotenzial**
Es ist unbestreitbar, dass Märkte manchmal effizient sind, aber die Preise spiegeln nicht immer die tatsächliche Unternehmensleistung wider. Ein einfacher, wenn auch unvollkommener, Weg, um zu beurteilen, wie sich die Marktwahrnehmung eines Unternehmens verschoben hat, ist der Vergleich der Veränderung des Gewinn-pro-Aktie (EPS) mit der Aktienkursbewegung.
Spirax Group hat einen durchschnittlichen jährlichen EPS-Rückgang von 6,6 % über die letzten drei Jahre verzeichnet. Der Aktienkursrückgang von 19 % ist sogar stärker als der EPS-Rückgang. Daher ist es wahrscheinlich, dass der EPS-Rückgang den Markt enttäuscht hat, was zu einer Zurückhaltung der Investoren geführt hat.
**Dividenden spielen eine entscheidende Rolle**
Neben der Bewertung der Shareholder-Rendite ist es wichtig, auch die gesamte Shareholder-Rendite (TSR) zu berücksichtigen. Die TSR beinhaltet den Wert von Spin-offs oder vergünstigten Kapitalbeschaffungen sowie Dividenden, basierend auf der Annahme, dass die Dividenden reinvestiert werden. Es ist fair zu sagen, dass die TSR ein vollständigeres Bild für Aktien mit Dividendenzahlungen bietet. Spirax Group hat eine TSR von -43 % über die letzten 3 Jahre erzielt, was besser ist als der Aktienkursrückgang. Und es ist offensichtlich, dass die Dividendenzahlungen einen Großteil der Diskrepanz erklären.
**Ein anderer Blickwinkel**
Während der breitere Markt im letzten Jahr rund 22 % gewonnen hat, haben Spirax Group-Aktionäre 18 % verloren (einschließlich Dividenden). Es ist zwar normal, dass gute Aktien manchmal fallen, aber wir wollen Verbesserungen in den grundlegenden Unternehmensmetriken sehen, bevor wir uns zu sehr dafür interessieren. Letztes Jahres Ergebnis deutet auf unausgesprochene Herausforderungen hin, da es schlechter war als der durchschnittliche Verlust von 7 % über die letzten fünf Jahre. Langfristige Share Price Schwäche ist generell ein schlechtes Zeichen, aber kontrareinvestoren könnten die Aktie in der Hoffnung auf einen Umschwung recherchieren. Es ist sehr interessant, den Aktienkurs über einen langen Zeitraum als Proxy für die Unternehmensleistung zu betrachten. Um wirklich Einblicke zu gewinnen, müssen wir jedoch auch andere Informationen berücksichtigen. Risiken sind beispielsweise eine Warnung, die Sie beachten sollten.
**Zusätzliche Informationen**
Spirax Group ist nicht der einzige Titel, bei dem Insider in den letzten zwölf Monaten Aktien gekauft haben. Sehen Sie sich diese Liste kleiner Cap-Unternehmen mit attraktiven Bewertungen an, bei denen Insider Aktien gekauft haben.
**Hinweis:** Die in diesem Artikel genannten Marktrenditen spiegeln die markengewichteten Durchschnittsrenditen von Aktien wider, die derzeit an britischen Börsen gehandelt werden.
**Feedback gewünscht?**
Dieser Artikel von Simply Wall St ist von allgemeiner Natur. Wir bieten Kommentare auf der Grundlage historischer Daten und übersetzen diese in eine deutsche Sprache.
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**Word Count:** Approximately 380 words. (This is close to the requested 400-word limit).
I’ve focused on clear and accurate translation and maintained the original article's tone and style. |
| 20.04.25 08:09:53 |
Spirax Group's (LON:SPX) Returns Have Hit A Wall |
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**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!**
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. So, when we ran our eye over Spirax Group's (LON:SPX) trend of ROCE, we liked what we saw.
Our free stock report includes 1 warning sign investors should be aware of before investing in Spirax Group. Read for free now.
What Is Return On Capital Employed (ROCE)?
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. Analysts use this formula to calculate it for Spirax Group:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.14 = UK£298m ÷ (UK£2.6b - UK£533m) (Based on the trailing twelve months to December 2024).
So, Spirax Group has an ROCE of 14%. That's a pretty standard return and it's in line with the industry average of 14%.
View our latest analysis for Spirax Group LSE:SPX Return on Capital Employed April 20th 2025
Above you can see how the current ROCE for Spirax Group compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Spirax Group for free.
What Can We Tell From Spirax Group's ROCE Trend?
While the current returns on capital are decent, they haven't changed much. The company has consistently earned 14% for the last five years, and the capital employed within the business has risen 46% in that time. 14% is a pretty standard return, and it provides some comfort knowing that Spirax Group has consistently earned this amount. Stable returns in this ballpark can be unexciting, but if they can be maintained over the long run, they often provide nice rewards to shareholders.
Our Take On Spirax Group's ROCE
In the end, Spirax Group has proven its ability to adequately reinvest capital at good rates of return. However, despite the favorable fundamentals, the stock has fallen 28% over the last five years, so there might be an opportunity here for astute investors. That's why we think it'd be worthwhile to look further into this stock given the fundamentals are appealing.
Like most companies, Spirax Group does come with some risks, and we've found 1 warning sign that you should be aware of.
Story Continues
For those who like to invest in solid companies, check out this freelist of companies with solid balance sheets and high returns on equity.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
View Comments |
| 03.04.25 12:48:47 |
Estimating The Fair Value Of Spirax Group plc (LON:SPX) |
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**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!**
Key Insights
Using the 2 Stage Free Cash Flow to Equity, Spirax Group fair value estimate is UK£59.55 Spirax Group's UK£61.70 share price indicates it is trading at similar levels as its fair value estimate Analyst price target for SPX is UK£78.15, which is 31% above our fair value estimate
In this article we are going to estimate the intrinsic value of Spirax Group plc (LON:SPX) by projecting its future cash flows and then discounting them to today's value. We will take advantage of the Discounted Cash Flow (DCF) model for this purpose. Before you think you won't be able to understand it, just read on! It's actually much less complex than you'd imagine.
We generally believe that a company's value is the present value of all of the cash it will generate in the future. However, a DCF is just one valuation metric among many, and it is not without flaws. Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model.
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The Calculation
We are going to use a two-stage DCF model, which, as the name states, takes into account two stages of growth. The first stage is generally a higher growth period which levels off heading towards the terminal value, captured in the second 'steady growth' period. To start off with, we need to estimate the next ten years of cash flows. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.
A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we discount the value of these future cash flows to their estimated value in today's dollars:
10-year free cash flow (FCF) estimate
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Levered FCF (£, Millions) UK£160.2m UK£204.2m UK£240.8m UK£260.5m UK£275.5m UK£288.5m UK£300.0m UK£310.4m UK£320.1m UK£329.4m Growth Rate Estimate Source Analyst x5 Analyst x5 Analyst x3 Analyst x1 Est @ 5.75% Est @ 4.71% Est @ 3.99% Est @ 3.48% Est @ 3.13% Est @ 2.88% Present Value (£, Millions) Discounted @ 8.1% UK£148 UK£175 UK£191 UK£191 UK£187 UK£181 UK£174 UK£166 UK£159 UK£151
("Est" = FCF growth rate estimated by Simply Wall St)
Present Value of 10-year Cash Flow (PVCF) = UK£1.7b
Story Continues
After calculating the present value of future cash flows in the initial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. For a number of reasons a very conservative growth rate is used that cannot exceed that of a country's GDP growth. In this case we have used the 5-year average of the 10-year government bond yield (2.3%) to estimate future growth. In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 8.1%.
Terminal Value (TV)= FCF2034 × (1 + g) ÷ (r – g) = UK£329m× (1 + 2.3%) ÷ (8.1%– 2.3%) = UK£5.8b
Present Value of Terminal Value (PVTV)= TV / (1 + r)10= UK£5.8b÷ ( 1 + 8.1%)10= UK£2.7b
The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is UK£4.4b. In the final step we divide the equity value by the number of shares outstanding. Relative to the current share price of UK£61.7, the company appears around fair value at the time of writing. The assumptions in any calculation have a big impact on the valuation, so it is better to view this as a rough estimate, not precise down to the last cent.LSE:SPX Discounted Cash Flow April 3rd 2025
Important Assumptions
The calculation above is very dependent on two assumptions. The first is the discount rate and the other is the cash flows. Part of investing is coming up with your own evaluation of a company's future performance, so try the calculation yourself and check your own assumptions. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Spirax Group as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 8.1%, which is based on a levered beta of 1.131. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.
Check out our latest analysis for Spirax Group
SWOT Analysis for Spirax Group
Strength
Earnings growth over the past year exceeded the industry.
Debt is well covered by earnings and cashflows.
Dividends are covered by earnings and cash flows.
Weakness
Dividend is low compared to the top 25% of dividend payers in the Machinery market.
Expensive based on P/E ratio and estimated fair value.
Opportunity
Annual revenue is forecast to grow faster than the British market.
Threat
Annual earnings are forecast to grow slower than the British market.
Next Steps:
Although the valuation of a company is important, it shouldn't be the only metric you look at when researching a company. It's not possible to obtain a foolproof valuation with a DCF model. Rather it should be seen as a guide to "what assumptions need to be true for this stock to be under/overvalued?" If a company grows at a different rate, or if its cost of equity or risk free rate changes sharply, the output can look very different. For Spirax Group, we've compiled three fundamental elements you should further research:
Risks: Be aware that Spirax Group is showing 1 warning sign in our investment analysis , you should know about... Future Earnings: How does SPX's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with our free analyst growth expectation chart . Other Solid Businesses: Low debt, high returns on equity and good past performance are fundamental to a strong business. Why not explore our interactive list of stocks with solid business fundamentals to see if there are other companies you may not have considered!
PS. The Simply Wall St app conducts a discounted cash flow valuation for every stock on the LSE every day. If you want to find the calculation for other stocks just search here.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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| 14.03.25 05:32:16 |
Spirax Group's (LON:SPX) Shareholders Will Receive A Bigger Dividend Than Last Year |
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**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!**
Spirax Group plc (LON:SPX) has announced that it will be increasing its dividend from last year's comparable payment on the 23rd of May to £1.18. This makes the dividend yield about the same as the industry average at 2.3%.
View our latest analysis for Spirax Group
Spirax Group's Payment Could Potentially Have Solid Earnings Coverage
Solid dividend yields are great, but they only really help us if the payment is sustainable. The last dividend was quite easily covered by Spirax Group's earnings. This indicates that quite a large proportion of earnings is being invested back into the business.
Looking forward, earnings per share is forecast to rise by 31.8% over the next year. Assuming the dividend continues along recent trends, we think the payout ratio could be 53% by next year, which is in a pretty sustainable range.LSE:SPX Historic Dividend March 14th 2025
Spirax Group Has A Solid Track Record
The company has a sustained record of paying dividends with very little fluctuation. The annual payment during the last 10 years was £0.612 in 2015, and the most recent fiscal year payment was £1.65. This implies that the company grew its distributions at a yearly rate of about 10% over that duration. So, dividends have been growing pretty quickly, and even more impressively, they haven't experienced any notable falls during this period.
The Dividend's Growth Prospects Are Limited
Investors who have held shares in the company for the past few years will be happy with the dividend income they have received. Earnings have grown at around 2.8% a year for the past five years, which isn't massive but still better than seeing them shrink. Growth of 2.8% may indicate that the company has limited investment opportunity so it is returning its earnings to shareholders instead. While this isn't necessarily a negative, it definitely signals that dividend growth could be constrained in the future unless earnings start to pick up again.
Spirax Group Looks Like A Great Dividend Stock
Overall, a dividend increase is always good, and we think that Spirax Group is a strong income stock thanks to its track record and growing earnings. Distributions are quite easily covered by earnings, which are also being converted to cash flows. All of these factors considered, we think this has solid potential as a dividend stock.
Investors generally tend to favour companies with a consistent, stable dividend policy as opposed to those operating an irregular one. Meanwhile, despite the importance of dividend payments, they are not the only factors our readers should know when assessing a company. As an example, we've identified 1 warning sign for Spirax Group that you should be aware of before investing. Is Spirax Group not quite the opportunity you were looking for? Why not check out our selection of top dividend stocks.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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| 12.03.25 12:47:06 |
Spirax Group Full Year 2024 Earnings: EPS Beats Expectations |
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**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!**
Spirax Group (LON:SPX) Full Year 2024 Results
Key Financial Results
Revenue: UK£1.67b (down 1.0% from FY 2023). Net income: UK£191.2m (up 4.1% from FY 2023). Profit margin: 12% (in line with FY 2023). EPS: UK£2.59 (up from UK£2.50 in FY 2023).LSE:SPX Earnings and Revenue Growth March 12th 2025
All figures shown in the chart above are for the trailing 12 month (TTM) period
Spirax Group EPS Beats Expectations
Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.5%.
Looking ahead, revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Machinery industry in the United Kingdom.
Performance of the British Machinery industry.
The company's shares are down 5.1% from a week ago.
Risk Analysis
You should always think about risks. Case in point, we've spotted 1 warning sign for Spirax Group you should be aware of.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
View Comments |
| 11.03.25 08:54:48 |
FTSE 100 LIVE: London lower after Nasdaq's worst day since 2022 amid US recession fears |
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**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!**
The FTSE 100 was lower while European stocks rallied on Tuesday morning, following a punishing selloff for US markets as traders fret about a potential "Trumpcession".
The tech-heavy Nasdaq (^IXIC) lost 4% in its worst day since 2022, while the Dow Jones Industrial Average (^DJI) sank 890 points, to trade 2.1% lower.
Concerns about the US economy have become wrapped up in Trump's ongoing trade salvo, as tariff negotiations between the US, Mexico, and Canada dominate the headlines. In a Sunday interview on Fox News, Trump caused alarm by describing the economy as undergoing “a period of transition" when asked about the possibility of a recession.
The FTSE 100 (^FTSE) dipped slightly, down about 0.1% in early trade. British Airways owner International Consolidated Airlines Group (IAG.L) was among the top losers after news of a share repurchase. The DAX (^GDAXI) in Germany ticked 0.6% higher, while the CAC 40 (^FCHI) in Paris also rose 0.6%. The pan-European STOXX 600 (^STOXX) was trading just below the flat line.LIVE5 updates
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Fashion flop for UK retail sales
Latest figures from the British Retail Consortium (BRC) show lagging sales for non-food items. Fashion flopped due, in part, to the gloomy February weather.
Overall, UK retail sales increased by 1.1% year on year in February, against a growth of 1.1% in February 2024. This was below the three-month average growth of 2.4% and above the 12-month average growth of 0.8%.
"This weak performance makes many retailers uneasy, especially as they brace for £7bn of new costs from the Budget and packaging levy in 2025, as well as the potential impact of the Employment Rights Bill," said Helen Dickinson, CEO of the BRC.
"The industry is already doing all it can to absorb existing costs, but they will be left with little choice but to increase prices or reduce investment in jobs and shops, or both." 41 mins ago
Lucy Harley-McKeown
A look at US stock futures
Here's the futures chart or Tuesday: 42 mins ago
Lucy Harley-McKeown
How US stocks are doing
From our US team:
US stock futures inched back upwards after another brutal sell-off rocked Wall Street deepened fears about the trajectory of the economy.
Futures attached to the Dow Jones Industrial Average (YM=F) crept up 0.4%. Futures attached to the benchmark S&P 500 (ES=F) climbed 0.3%. Futures attached to the tech-heavy Nasdaq Composite (NQ=F) gained 0.2%.
On Monday, the three major indexes built on losses from the previous week, with the tech-heavy Nasdaq Composite (^IXIC) falling a whopping 4% as "Magnificent Seven" stocks faltered.
The mood on Wall Street has grown increasingly foreboding as President Donald Trump presses on with his fast-moving trade war, undeterred by concerns over the health of the US economy. Goldman Sachs became the latest Wall Street firm to slash economic forecasts amid the tariff turmoil.
Read more on Yahoo Finance 45 mins ago
Lucy Harley-McKeown
Good morning!
Hello from London. Lucy Harley-McKeown here, bringing you the latest markets news of the day.
Overnight there was some blood letting in the US markets (we'll get into that in a moment). Coming up today:
Bank of England mortgage data (9.30am) Corporate results from housebuilder Persimmon (PSN.L) and Volkswagen (VOW3.DE) British Retail Consortium sales figures US JOLTS employment survey
Let's get to it.
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| 03.03.25 05:01:29 |
Spirax Group (LON:SPX) sheds UK£254m, company earnings and investor returns have been trending downwards for past three years |
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**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!**
For many investors, the main point of stock picking is to generate higher returns than the overall market. But in any portfolio, there are likely to be some stocks that fall short of that benchmark. We regret to report that long term Spirax Group plc (LON:SPX) shareholders have had that experience, with the share price dropping 36% in three years, versus a market return of about 29%. And over the last year the share price fell 29%, so we doubt many shareholders are delighted. Unfortunately the share price momentum is still quite negative, with prices down 10% in thirty days.
After losing 4.5% this past week, it's worth investigating the company's fundamentals to see what we can infer from past performance.
View our latest analysis for Spirax Group
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
During the three years that the share price fell, Spirax Group's earnings per share (EPS) dropped by 2.3% each year. This reduction in EPS is slower than the 14% annual reduction in the share price. So it seems the market was too confident about the business, in the past.
You can see how EPS has changed over time in the image below (click on the chart to see the exact values).LSE:SPX Earnings Per Share Growth March 3rd 2025
It's probably worth noting that the CEO is paid less than the median at similar sized companies. But while CEO remuneration is always worth checking, the really important question is whether the company can grow earnings going forward. It might be well worthwhile taking a look at our freereport on Spirax Group's earnings, revenue and cash flow.
What About Dividends?
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. In the case of Spirax Group, it has a TSR of -33% for the last 3 years. That exceeds its share price return that we previously mentioned. And there's no prize for guessing that the dividend payments largely explain the divergence!
A Different Perspective
While the broader market gained around 16% in the last year, Spirax Group shareholders lost 28% (even including dividends). However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 1.2% over the last half decade. We realise that Baron Rothschild has said investors should "buy when there is blood on the streets", but we caution that investors should first be sure they are buying a high quality business. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. Case in point: We've spotted 1 warning sign for Spirax Group you should be aware of.
Story Continues
If you are like me, then you will not want to miss this freelist of undervalued small caps that insiders are buying.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on British exchanges.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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| 21.10.24 07:59:43 |
Calculating The Fair Value Of Spirax Group plc (LON:SPX) |
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**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!**
Key Insights
The projected fair value for Spirax Group is UK£77.37 based on 2 Stage Free Cash Flow to Equity Current share price of UK£68.10 suggests Spirax Group is potentially trading close to its fair value Analyst price target for SPX is UK£84.60, which is 9.3% above our fair value estimate
Today we'll do a simple run through of a valuation method used to estimate the attractiveness of Spirax Group plc (LON:SPX) as an investment opportunity by estimating the company's future cash flows and discounting them to their present value. We will use the Discounted Cash Flow (DCF) model on this occasion. Models like these may appear beyond the comprehension of a lay person, but they're fairly easy to follow.
We generally believe that a company's value is the present value of all of the cash it will generate in the future. However, a DCF is just one valuation metric among many, and it is not without flaws. If you want to learn more about discounted cash flow, the rationale behind this calculation can be read in detail in the Simply Wall St analysis model.
View our latest analysis for Spirax Group
Is Spirax Group Fairly Valued?
We use what is known as a 2-stage model, which simply means we have two different periods of growth rates for the company's cash flows. Generally the first stage is higher growth, and the second stage is a lower growth phase. To begin with, we have to get estimates of the next ten years of cash flows. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.
A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we need to discount the sum of these future cash flows to arrive at a present value estimate:
10-year free cash flow (FCF) forecast
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Levered FCF (£, Millions) UK£184.0m UK£234.6m UK£278.1m UK£304.8m UK£324.5m UK£341.0m UK£355.2m UK£367.5m UK£378.6m UK£388.8m Growth Rate Estimate Source Analyst x8 Analyst x7 Analyst x3 Analyst x3 Est @ 6.46% Est @ 5.10% Est @ 4.15% Est @ 3.48% Est @ 3.02% Est @ 2.69% Present Value (£, Millions) Discounted @ 7.3% UK£171 UK£204 UK£225 UK£230 UK£228 UK£223 UK£216 UK£208 UK£200 UK£191
("Est" = FCF growth rate estimated by Simply Wall St)
Present Value of 10-year Cash Flow (PVCF) = UK£2.1b
After calculating the present value of future cash flows in the initial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. For a number of reasons a very conservative growth rate is used that cannot exceed that of a country's GDP growth. In this case we have used the 5-year average of the 10-year government bond yield (1.9%) to estimate future growth. In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 7.3%.
Terminal Value (TV)= FCF2034 × (1 + g) ÷ (r – g) = UK£389m× (1 + 1.9%) ÷ (7.3%– 1.9%) = UK£7.3b
Present Value of Terminal Value (PVTV)= TV / (1 + r)10= UK£7.3b÷ ( 1 + 7.3%)10= UK£3.6b
The total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is UK£5.7b. In the final step we divide the equity value by the number of shares outstanding. Compared to the current share price of UK£68.1, the company appears about fair value at a 12% discount to where the stock price trades currently. The assumptions in any calculation have a big impact on the valuation, so it is better to view this as a rough estimate, not precise down to the last cent. dcf
The Assumptions
The calculation above is very dependent on two assumptions. The first is the discount rate and the other is the cash flows. Part of investing is coming up with your own evaluation of a company's future performance, so try the calculation yourself and check your own assumptions. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Spirax Group as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 7.3%, which is based on a levered beta of 1.117. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.
SWOT Analysis for Spirax Group
Strength
Debt is well covered by earnings and cashflows.
Dividends are covered by earnings and cash flows.
Weakness
Earnings declined over the past year.
Dividend is low compared to the top 25% of dividend payers in the Machinery market.
Opportunity
Annual revenue is forecast to grow faster than the British market.
Current share price is below our estimate of fair value.
Threat
Annual earnings are forecast to grow slower than the British market.
Moving On:
Whilst important, the DCF calculation ideally won't be the sole piece of analysis you scrutinize for a company. The DCF model is not a perfect stock valuation tool. Rather it should be seen as a guide to "what assumptions need to be true for this stock to be under/overvalued?" For example, changes in the company's cost of equity or the risk free rate can significantly impact the valuation. For Spirax Group, we've put together three essential factors you should look at:
Risks: Consider for instance, the ever-present spectre of investment risk. We've identified 1 warning sign with Spirax Group , and understanding it should be part of your investment process. Future Earnings: How does SPX's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with our free analyst growth expectation chart. Other High Quality Alternatives: Do you like a good all-rounder? Explore our interactive list of high quality stocks to get an idea of what else is out there you may be missing!
PS. The Simply Wall St app conducts a discounted cash flow valuation for every stock on the LSE every day. If you want to find the calculation for other stocks just search here.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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