Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

Melrose Industries’ H224 trading has been in line with management’s expectations despite the volatility in the civil aerospace market, highlighting the strength of the business, in particular in the aftermarket. As 2024 draws to a close and investors look to focus increasingly on FY25, Melrose’s valuation becomes increasingly attractive.

Melrose Industries’ H224 trading has been in line with management’s expectations despite the volatility in the civil aerospace market, highlighting the strength of the business, in particular in the aftermarket. As 2024 draws to a close and investors look to focus increasingly on FY25, Melrose’s valuation becomes increasingly attractive.

Melrose Industries - H224 progress in line with guidance

Melrose Industries’ impressive H1 performance demonstrates the strength of the business, assisted by aftermarket exposure, given the current supply chain issues in the aerospace sector. A new buyback programme and investment in future organic growth, along with positive market dynamics, offer further positive earnings drivers through the medium term.

Melrose Industries’ impressive H1 performance demonstrates the strength of the business, assisted by aftermarket exposure, given the current supply chain issues in the aerospace sector. A new buyback programme and investment in future organic growth, along with positive market dynamics, offer further positive earnings drivers through the medium term.

Melrose Industries - Positive progress continues

The crystallisation of the employee plan highlights the value created through the GKN acquisition, benefiting from the strong performance from the restructuring programme and current positive trends in the aerospace sector. The impact of the scheme on our forecasts will be limited, having already assumed the full value the scheme would accrue. There are no changes to our valuation of 654p per share as set out in our previous note.

The crystallisation of the employee plan highlights the value created through the GKN acquisition, benefiting from the strong performance from the restructuring programme and current positive trends in the aerospace sector. The impact of the scheme on our forecasts will be limited, having already assumed the full value the scheme would accrue. There are no changes to our valuation of 654p per share as set out in our previous note.

Melrose Industries - Crystallisation of the 2020 Employee Share Plan

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run up to the June 2023 Rebalance.</li>
<li>Based on latest prices, there could be one change for F100 and four changes in F250 between now and the June 2023 Rebalance including <a href="https://www.smartkarma.com/entities/al-noor-hospitals-group-plc" target="_blank" data-smartkarma-citation="entities:21813:1" rel="noopener">Mediclinic International (MDC LN)</a>'s intra-review change. </li>
<li>Many of the high-ranked F250 potential additions could have very high impact according to our estimates.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run up to the June 2023 Rebalance.
Based on latest prices, there could be one change for F100 and four changes in F250 between now and the June 2023 Rebalance including Mediclinic International (MDC LN)'s intra-review change. 
Many of the high-ranked F250 potential additions could have very high impact according to our estimates.


Quiddity Leaderboard for UK F100/​​250 June 23: 20+ Days to Buy for Top-Ranked F250 Potential ADDs

Melrose has a proven track record for creating shareholder value through its ‘buy, improve, sell’ model. Focus on financial returns and close management alignment with shareholders ensures tight discipline in the acquisition and disposal phase to combine with the key value enhancement achieved in the improvement phase of the strategy. The circularity of the model provides clarity: monies are raised to finance individual transactions with the disposal proceeds subsequently returned.

Melrose has a proven track record for creating shareholder value through its ‘buy, improve, sell’ model. Focus on financial returns and close management alignment with shareholders ensures tight discipline in the acquisition and disposal phase to combine with the key value enhancement achieved in the improvement phase of the strategy. The circularity of the model provides clarity: monies are raised to finance individual transactions with the disposal proceeds subsequently returned.


Melrose Industries - A proven, high-value creation model

United Kingdom

Melrose Industries PLC operates as a global aerospace business. The Company acquires and holds securities of under performing businesses primarily in the manufacturing sector.

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Melrose Industries (MRO LN)

Melrose Industries - H224 progress in line with guidance

Melrose Industries’ H224 trading has been in line with management’s expectations despite the volatility in the civil aerospace market, highlighting...

Edison Investment Research

Melrose Industries - Positive progress continues

Melrose Industries’ impressive H1 performance demonstrates the strength of the business, assisted by aftermarket exposure, given the current supply...

Edison Investment Research

Quiddity Leaderboard for UK F100/250 June 23: 20+ Days to Buy for Top-Ranked F250 Potential ADDs

On average, there could be around 20 days of volume to buy for the top four F250 potential ADDs according to our estimates and I see a decent...

Janaghan Jeyakumar, CFA

Melrose Industries - A proven, high-value creation model

Melrose has a proven track record for creating shareholder value through its ‘buy, improve, sell’ model. Focus on financial returns and close...

Edison Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Melrose Industries - H224 progress in line with guidance

Melrose Industries’ H224 trading has been in line with management’s expectations despite the volatility in the civil aerospace market, highlighting...

Edison Investment Research

Melrose Industries - Positive progress continues

Melrose Industries’ impressive H1 performance demonstrates the strength of the business, assisted by aftermarket exposure, given the current supply...

Edison Investment Research

Melrose Industries - Crystallisation of the 2020 Employee Share Plan

The crystallisation of the employee plan highlights the value created through the GKN acquisition, benefiting from the strong performance from the...

Edison Investment Research

Quiddity Leaderboard for UK F100/​​250 June 23: 20+ Days to Buy for Top-Ranked F250 Potential ADDs

On average, there could be around 20 days of volume to buy for the top four F250 potential ADDs according to our estimates and I see a decent...

Janaghan Jeyakumar, CFA

Melrose Industries - A proven, high-value creation model

Melrose has a proven track record for creating shareholder value through its ‘buy, improve, sell’ model. Focus on financial returns and close...

Edison Investment Research

Quiddity Leaderboard for UK F100/250 June 23: 20+ Days to Buy for Top-Ranked F250 Potential ADDs