博迪科特4个月更新：收入下降6%，但核心业务环比增长4%，成本节约目标有上调空间，2025财年指引符合预期

Restricted - External First LookBOY.L/BOY LNUK Capital GoodsPrice TargetPrice (23-May-25)Potential Upside/DownsideSource: Bloomberg, Barclays ResearchUK Capital GoodsJonathan Hurn, CFA+44 (0)20 3134 0468jonathan.hurn@barclays.comBarclays, UKNeelesh Gattani+91 (0)22 6175 1816neelesh.gattani@barclays.comBarclays, UK EQUAL WEIGHTNEUTRALGBp 560GBp 527+6.4% •Supply chain conditions improved in Civil Aerospace with segment growing YoY (notable•acceleration in March and April particularly within Engines ). Defence seen continued growthled by Western Europe. Conditions remain challenging in Automotive and Industrial Markets.As expected based on BOY's local for local approach there is no material direct exposure fromTariffs.Financial Positions•Cost savings on track for £4-£5m this year with management now stating full savings could be•above £12-£14m target. This will come from incremental actions focused on plantrationalisation and overhead reduction.•Net debt at the end of April was £90m vs. £68m at Y/E FY24.•Outlook & Consensus•EBITA 2H weighted but FY25 guidance inline with market expectation. FY25 company cons. is•revenue £718m, EBITA £121.5m, EBITA margin 16.9%, with BARC £713m, £118m, 16.5%.Valuation•Bodycote is trading at FY25 EV/EBITA 9.9x vs sector of 12.2x•2 Analyst(s) Certification(s):I, Jonathan Hurn, CFA, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of thesubject securities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to thespecific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Research analysts employed outside the US byaffiliatesof Barclays Capital Inc. are not registered/qualified as research analysts with FINRA. Such non-US research analysts may not be associated persons of Barclays Capital Inc., which is a FINRA member, and therefore may not be subject to FINRA Rule2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst’s account.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Primary Stocks (Ticker, Date, Price)Bodycote(BOY.L, 23-May-2025, GBp 527), Equal Weight/Neutral, J/K/NUnless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the relevant trading market, which may not be the lastavailable closing price at the time of publication.Disclosure Legend:A:Barclays Bank PLC and/or anaffiliatehas been lead manager or co-lead manager of a publicly disclosedofferof securities of the issuer in theprevious 12 months.B:An employee or non-executive director of Barclays PLC is a director of this issuer.CD:Barclays Bank PLC and/or anaffiliateis a market-maker in debt securities issued by this issuer.CE:Barclays Bank PLC and/or anaffiliateis a market-maker in equity securities issued by this issuer.CH:Barclays Bank PLC and/or its group companies mak