In today’s briefing:
- Quiddity Leaderboard for UK F100/250 June 23: 20+ Days to Buy for Top-Ranked F250 Potential ADDs
- QANTM Intellectual Property (ASX:QIP) – Registering Potential Operating Leverage
- QANTM Intellectual Property Ltd – Registering Potential Operating Leverage
- Otis Worldwide: Equipment Growth & Acceleration Of Service Portfolio – Key Drivers
Quiddity Leaderboard for UK F100/250 June 23: 20+ Days to Buy for Top-Ranked F250 Potential ADDs
- 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.
QANTM Intellectual Property (ASX:QIP) – Registering Potential Operating Leverage
- Initiation of Coverage with a DCF valuation of $1.57/share. QIP is trading at a 60% discount to its nearest peer, IPH (ASX:IPH)
- Key areas of focus are completing its business transformation programme and expanding geographically.
- Success will lead to EBITDA margin expansion, greater exposure to Asia, and a growing exposure to automated and IP technology.
QANTM Intellectual Property Ltd – Registering Potential Operating Leverage
- QANTM Intellectual Property Ltd (ASX:QIP) owns a group of intellectual property (IP) services businesses operating under the independent brands of Davies Collison Cave (DCC), FPA Patent Attorneys and Sortify.tm.
- It is a major player in the mature and regulated Australian patent, trade marks and IP legal services market with 16.5% market share (H1 FY23) in its key patents segment (68% of revenue) and a diversified mix of local and foreign clients (~45%/55% split; ~50% US$ revenue).
- QIP produces ~$97m service revenue (3.7% five-year CAGR) primarily via various workstreams underlying the patent and trade marks lifecycles, and has a history of profitability and cash flow generation which facilitates high dividend pay-outs.
Otis Worldwide: Equipment Growth & Acceleration Of Service Portfolio – Key Drivers
- Otis entered the year with good momentum and delivered an all-around beat with improved organic growth in its last result as it continues to execute its four strategic pillars – advancing digitization, accelerating service portfolio growth, and sustaining new equipment growth while focusing on and empowering the organization.
- Strong service performance, particularly on price and volume, was partially offset by commodities in new equipment, mixed headwinds, and higher corporate costs.
- The pricing on new equipment orders in the quarter rose, led by the Americas, with a solid performance in APAC and EMEA.
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