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Dowlais Group (LSE: DWL)

Last close As at 22/11/2024

GBP0.54

▲ 0.80 (1.50%)

Market capitalisation

GBP734m

Dowlais Group is an automotive components group with two core divisions: GKN Automotive is the market leader in drive systems for both ICEs and EVs, and GKN Powder Metallurgy is the leader in sintered component manufacture and number two in metal powders.

Management is focused on shareholder value. The 10%+ margin target is the bedrock of this strategy. The disposal of the cash-consumptive hydrogen business highlights this focus, as does the announced strategic review of the Powder Metallurgy business (potential sale, JV for the development of the magnets business or other), which could unlock value.

Latest Insights

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Industrials | Flash note

Dowlais Group — Resilient performance in a soft automotive market

Industrials | Update

Dowlais Group — Driveline – the strong core

Industrials | Update

Dowlais Group — Powder Metallurgy in the spotlight

Industrials | Update

Dowlais Group — Margin expansion despite mixed auto markets
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Sector

Industrials

Equity Analyst

David Larkam

David Larkam

Analyst, Industrials

Key Management

  • Roberto Fioroni

    CFO

Balance Sheet

Forecast net debt (£m)

916

Forecast gearing ratio (%)

37

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (3.5) (15.5) (48.9)
Relative (0.1) (13.4) (52.8)
52 week high/low 107.3p/47.8p

Financials

Management action to reduce costs and drive commercial actions has enabled Dowlais Group to protect margins despite lower revenues from the weaker automotive market. Hence, management expectations for FY24 are confirmed. This should improve investor confidence and reduce the clear valuation gap.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 5246.0 594.0 212.0 (15.3) N/A N/A
2023A 5489.0 618.0 264.0 13.8 3.9 1.4
2024E 4987.0 584.0 207.0 11.0 4.9 1.4
2025E 4929.0 595.0 216.0 12.1 4.5 1.4

Research

Flash note

Industrials

Dowlais Group — Positive start to the year

Initiation

Industrials

Dowlais Group — A premium automotive business

Industrials

Update

Dowlais Group — Vigo: The benefits of restructuring and investment

Update

Industrials

Dowlais Group — Vigo: The benefits of restructuring and investment

Flash note

Industrials

Dowlais Group — Positive start to the year

Initiation

Industrials

Dowlais Group — A premium automotive business

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