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HTG

Hunting PLC

Energy First-pass screen £778m
320/1000 Overall fit
AI beneficiary 35% 18
Operating leverage 25% 27
Valuation 25% 38
Downside protection 15% 60

First-pass take

Oil & gas equipment manufacturer with zero AI exposure and deteriorating operating leverage: EBITDA declined 1.8% despite 5.3% revenue growth, margins compressed. Strong net cash ($123.1m) and FCF ($149.4m) provide financial cushion, but business is highly cyclical to operator capex spending with uncertain 2020 outlook.

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