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Renishaw Equity Research Summary
Rating: HOLD
Price Target: 2,450p (down from previous 2,725p, a 10% decrease)
Key Conclusion: Renishaw is positioned positively with shareholder-friendly actions, including a £20m annualised labour cost reduction program expected to improve margins and EBITA. The company is also rationalizing its business segments.

Positive Developments

• £20m annualised cost savings, equivalent to ~250bps margin improvement and ~15% upgrade to consensus EBITA for FY27F.
• Decision to exit the drug delivery business and sell the remainder of the neurological business.
• New divisional structure: Industrial Metrology, Position Measurement, and Specialized Technology are designed to align with key markets.
• Strong focus on innovation, growth, and shareholder returns ahead of the upcoming CMD.

Key Assumptions

• Guidance provided at recent Capital Markets Day, emphasizing portfolio rationalization and op margin improvements.
• Analyst expects the share price to react positively to these developments.

Risks

• Negative pressures: Revenue mix impact, competitive threats, global tariff uncertainties, investments (tariffs), slowdown in aerospace/semiconductor markets.
• Valuation: SOTP-driven price target based on FY26F EV/EBITA of 13.0x.
• Analysts include certifications confirming views are independent and compensation not tied to recommendations.
• Rating history shows fluctuation, but recent actions support stability.

Additional Details

• Float information: 49.1% ADV, MARKET CAP ~£2B / $2.7B.
• Analyst coverage and related research reports available on the firm.
• Continuous market monitoring and periodic valuation updates.