Northbridge Industrial Services
Ticker: NBI Exchange: AIM

Northbridge Industrial Services is now focused on Crestchic,  a specialist provider of electrical equipment used primarily to commission, test and service within power reliability and power security markets globally. It has substantially disposed of its Tasman division and is seeking to change its name to Crestchic Plc.

Another significant increase in our estimates

Front page 30 Sept 2021

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Strong interim results, combined with good visibility on the outlook into Q1 2022, cause us to revisit estimates for the second time in as many months. A favourable outlook for Crestchic continues to be driven by a combination of strong data centre markets globally and, a return of large projects.

The proposed disposal of Tasman is ongoing, with management engaged in discussions with third parties and an expectation that following its sale the Group will be debt free. A positive outlook is underpinned by the Board’s desire to return to the dividend list, seeking to create distributable reserves at a forthcoming General Meeting.

This encouraging news has resulted in our adj. EPS expectation for FY2021 rising by 24.3% to 8.7p, hot on the heels of the 24.9% increase in August. We have also introduced estimates for the FY22 financial year, with adjusted EPS of 10.9p and a dividend of 1.5p, the first since 2014.

With the shares only trading on a sector average, we feel that this fails to factor in the positives above, nor does it properly value the rental assets. Pending the confirmation of the final terms of the Tasman disposals, our current Fair Value / share rises to reflect our forecast EPS upgrade: from 152p to 189p.


You can hear the note summarised here: 

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