Spirax Group (SPX)

Down
Share Price:
7,020.00p
Market Cap:
£5,183m
Change Today:
-115.00p
Sector:
Engineering

Jefferies 'cautiously optimistic' for UK industrials in 2025

By Benjamin Chiou

Date: Monday 20 Jan 2025

LONDON (ShareCast) - (Sharecast News) - Jefferies has upgraded its rating for Spirax Group as part of its annual review of the listed UK industrials sector, while downgrading its stance on Smiths Group, XP Power and Judges Scientific.
Jefferies said that the backdrop for the sector in 2024 was "mixed", with a highly anticipated recovery in the second half failing to emerge. Meanwhile, 2025 doesn't look a whole lot better, with "limited positive momentum and plenty of uncertainty".

"But we we are cautiously optimistic (more so than 12 months ago) that there will be improvement as the year progresses, PMI/IP improves, and interest rates move lower," the broker said.

"In the near-term, there are a number of attractive end markets, but inflation/interest rates/bond yields remain stubbornly high. Balance sheets are strong (36% of our universe is buying back its stock, and this will likely rise in 2025F) and valuations are generally appealing."

As for Spirax Group, the stock is now rated 'buy', up from 'hold' previously, after sentiment had turned too negative on the business. "While a number of the group's recent issues are not yet fully resolved, the group is through the worst and can recover nicely over the next two-three years," the broker said.

Nevertheless, Jefferies' most preferred stocks in the sector are Rotork, IMI, Bodycote, Hill & Smith, Victrex and Coats.

In contrast, Smiths Group, XP Power and Judges Scientific have all been cut from 'buy' to 'hold' due to limited potential upside.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Spirax Group Market Data

Currency UK Pounds
Price 7,020.00p
Change Today -115.00p
52 Week High 7,960.00p
52 Week Low 6,300.00p
Volume 136,558
Shares Issued 73.83m
Market Cap £5,183m

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