THRG - Ticker AI Digest

THRG 12:52

Throgmorton Trust Plc

Half-year Report

Open AI Digest

Go Back To AI Charts

Return to today’s catalyst cards, chart beacons and AI charts.

Positive contributors to performance over the last six months have come from a broad range of companies, with no one company or theme driving an outsized portion of the overall Company return. The largest contributor to performance was the position in Games Workshop, which continued to deliver strong results through the period. Only recently described by some as nothing more than a “work-from-home winner” which caused their shares to halve in early 2022, Games Workshop has continued to grow revenues and profits <mark style="background-color:yellow">ahead</mark> of expectations and indeed looks likely to close out their fiscal 2023 (May year-end) with sales and profits considerably higher than those achieved during the work-from-home era. In a year of limited new product launches (this is ahead of us) and rising costs, the strength of these results should not be underestimated. The recent news of a potential deal with Amazon to develop a TV series (specific details still unknown) should create a significant positive halo effect on marketing for the brand, in addition to the possible cash flow benefit from licensing.

Go Back To AI Charts

THRG 15:54

Throgmorton Trust Plc

Portfolio Update

Open AI Digest

Go Back To AI Charts

Return to today’s catalyst cards, chart beacons and AI charts.

Games Workshop has continued to grow revenues and profits <mark style="background-color:yellow">ahead</mark> of expectations with sales and profits considerably higher than those achieved during the work-from-home era. In a year of limited new product launches and rising costs, the strength of these results should not be underestimated. The recent news of a potential deal with Amazon (specific details still unknown) to develop a TV series should create a significant positive halo effect on marketing for the brand, in addition to the cashflow benefit from licensing. Herc Holdings was a beneficiary of stronger US macro data as fears of a hard landing receded. We have written before about our view that the current industry dynamics in US equipment rental are strongly favouring the largest players in the industry (Herc, United Rentals and Ashtead, all of which we own across the Emerging Companies team). The underlying secular story is the continued transition from contractors owning construction equipment to renting it. On top of this is overlaid strong demand trends coming from “megaprojects” which have been driven by the twin tailwinds of re-shoring and the Inflation Reduction Act. Mega projects favour the larger players as they were able to continue to invest through the last 2 years and secure supply of new equipment from OEMs (original equipment manufacturers) and as a result they have a much better invested fleet than smaller regional competitors, while their national scale leaves them best placed to pick up the most work. Despite recent moves and the positive outlook for the industry Herc Holdings still only trades on 9x PE (price to earnings ratio). Shares in Alfa Financial Software rose on the back of the announced bid, which has subsequently been withdrawn, from private equity business EQT.

Go Back To AI Charts

THRG 15:54

Throgmorton Trust Plc

Portfolio Update

Open AI Digest

Go Back To AI Charts

Return to today’s catalyst cards, chart beacons and AI charts.

Games Workshop has continued to grow revenues and profits <mark style="background-color:yellow">ahead</mark> of expectations with sales and profits considerably higher than those achieved during the work-from-home era. In a year of limited new product launches and rising costs, the strength of these results should not be underestimated. The recent news of a potential deal with Amazon (specific details still unknown) to develop a TV series should create a significant positive halo effect on marketing for the brand, in addition to the cashflow benefit from licensing. Herc Holdings was a beneficiary of stronger US macro data as fears of a hard landing receded. We have written before about our view that the current industry dynamics in US equipment rental are strongly favouring the largest players in the industry (Herc, United Rentals and Ashtead, all of which we own across the Emerging Companies team). The underlying secular story is the continued transition from contractors owning construction equipment to renting it. On top of this is overlaid strong demand trends coming from “megaprojects” which have been driven by the twin tailwinds of re-shoring and the Inflation Reduction Act. Mega projects favour the larger players as they were able to continue to invest through the last 2 years and secure supply of new equipment from OEMs (original equipment manufacturers) and as a result they have a much better invested fleet than smaller regional competitors, while their national scale leaves them best placed to pick up the most work. Despite recent moves and the positive outlook for the industry Herc Holdings still only trades on 9x PE (price to earnings ratio). Shares in Alfa Financial Software rose on the back of the announced bid, which has subsequently been withdrawn, from private equity business EQT.

Go Back To AI Charts

THRG 12:52

Throgmorton Trust Plc

Half-year Report

Open AI Digest

Go Back To AI Charts

Return to today’s catalyst cards, chart beacons and AI charts.

Positive contributors to performance over the last six months have come from a broad range of companies, with no one company or theme driving an outsized portion of the overall Company return. The largest contributor to performance was the position in Games Workshop, which continued to deliver strong results through the period. Only recently described by some as nothing more than a “work-from-home winner” which caused their shares to halve in early 2022, Games Workshop has continued to grow revenues and profits <mark style="background-color:yellow">ahead</mark> of expectations and indeed looks likely to close out their fiscal 2023 (May year-end) with sales and profits considerably higher than those achieved during the work-from-home era. In a year of limited new product launches (this is ahead of us) and rising costs, the strength of these results should not be underestimated. The recent news of a potential deal with Amazon to develop a TV series (specific details still unknown) should create a significant positive halo effect on marketing for the brand, in addition to the possible cash flow benefit from licensing.

Go Back To AI Charts