First Read IMI Plc Good call with clear strength in power generation. Mgmt. confident in achieving guidance despite a tough comp in H2.

研报英文原文证据摘录

First Read IMI Plc Good call with clear strength in power generation. Mgmt. confident in achieving guidance despite a tough comp in H2.

Global Research

31 July 2026ab

First Read

EquitiesIMI Plc

Good call with clear strength in power United Kingdom

generation. Mgmt. confident in achieving Industrial, Diversified

12-month rating Neutral

guidance despite a tough comp in H2.

12m price target 2,925p

Bottom line Price (30 Jul 2026) 2,946p

Overall a confident call from management. The business continues to perform well and RIC: IMI.L BBG: IMI LN

above consensus expectations. Interestingly, one of the questions on the call referred to

potentially increasing guidance given the strong performance in H1. However, we Trading data and key metrics

question whether guidance of MSD for FY26 is more likely to be too difficult to achieve 52-wk range 3,050p-2,150

rather than too easy given the significantly tougher comp from H2 last year. The tough Market cap. £7.28b/US$9.81b

comp is due to IMI catching up on revenues following the cyber attack in H1. Shares o/s 247m (ORD)

Management framed the answer to this question in terms of sequential performance, Free float 99%

explaining that they see the 45/55 H1/H2 EPS split that guidance implies as reasonable. Avg. daily volume ('000) 1,123

Avg. daily value (m) £31.9

Key takeaways from the call: Common s/h equity (12/26E) £0.82b

Medium-term drop-through: IMI guided to a 30% drop-through in the medium P/BV (12/26E) 8.5x

term and their gross margins is now getting close to 50%. Mgmt reiterated that Net debt to EBITDA (12/26E) 1.1x

with a 30% drop-through they intend to bring margins up to around 22% over

the next 5 years. EPS (UBS, diluted) (GBX)

UBS Cons.

AM opportunity in Power: When the question was asked about when that 12/26E 141.24 140.24