Crestchic is a specialist provider of electrical equipment used primarily to commission, test and service within power reliability and power security markets globally. It changed its name from Northbridge Industrial Services in June 2022.

29 Sep 2022

Spectacular H1 report leads to 4th upgrade this year

Adj. PBT for the half-year to 30 June increased at a remarkable rate, exceeding FY21 levels. With Q3 to date performing ahead of expectations and two additional contracts secured, we have raised FY22 and FY23 estimates for the fourth time YTD.

Focusing expansionary capex on loadbanks and targeting sectors with exciting growth prospects (such as data centres and renewable energy) has proven extremely fruitful. Evidence of that success is visible in the dividend payout during H1, ahead of the total FY21 level.

With two significant contracts secured early in Q3, new records within the manufacturing order book and improving visibility in hire services, H2 ’22 is set to deliver further records. We feel confident enough to increase our estimates again by an average of 26% across FY22 and FY23.

Our fair value calculation based on a combination of our DCF and peer group comparison models increases to 360p / share, up from 283p.

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