While both stocks have rallied, the drivers of each have been quite different, for two very different companies.

What’s been happening

Spectris is a precision measurement company with portfolio brands including HBK and Malvern Panalytical. The company’s valuation has surged after an all-cash takeover bid from an entity associated with KKR, which the board of directors and shareholders have backed.

The final price of £41.75 per share is almost double the pre-bid 6 June closing share price of £20.38. The stock surged after an initial offer was lobbed by Advent International. The stock is trading at £41.04 as I write on 28 October.

Goodwin’s gains have been driven by good old-fashioned fundamentals. The engineering group recently posted record trading profits of £35.5m for the year ended 30 April. That came on the back of rising revenues and strong profit margins.

Reduced net debt, promising nuclear and defence contracts, and a strong forward order book have given investors optimism.

The stock has surged again in recent days after announcing a bumper 532p per share special dividend. The company’s share price is sitting at £215 as I write, having gained 216% in six months.

Should investors consider buying?

What could go right from here? For Spectris, a firm, court-sanctioned deal would crystallise value swiftly. But once a cash offer is on the table and the shares trade near the bid price, there is limited room for share price growth. That means the return for potential gains is effectively limited to the bid price at the absolute maximum.

Institutional investors typically play in this space with significant leverage, but it’s not really a worthwhile game for the average retail investor.

If the transaction were delayed or fell through, the shares could drop significantly towards the pre-bid levels.

Goodwin, by contrast, remains driven by operational progress. The latest results showed trading profit up 47% year on year and net operating cash flow more than doubling to £58.2m alongside a robust outlook for its Mechanical division.

Clearly, there are risks to buying the stock. After the recent rally, its trailing price-to-earnings (P/E) ratio of 46 is well above the FTSE 250 average. The company also has many long-cycle, capital-intensive contracts, so future cash flows could be lumpy.

However, the strong order book and exposure in hot sectors like nuclear and defence are big positives in my view.

My verdict

Given Spectris’ gains are driven by the takeover bid rather than fundamentals, it’s not a stock that I want to be investing in right now. There may be some gains to be had but for the risk involved, I think there are better opportunities.

Goodwin, however, I think is worth considering. Patient, long-term investors who can look through some potential ups and downs through the economic cycle could purchase a really solid, cash-generative business.

There are certainly risks, but if it can continue building and converting opportunities in its strong pipeline, it’s one that I’m considering buying when I get some spare cash.

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That’s why I’ve been thinking about defensive stocks. Companies in sectors like utilities, consumer goods, and retail tend to have more predictable earnings because people need their products in good times and bad. They can provide stability when the stock market gets bumpy. While nothing is ‘crash-proof’, two FTSE-listed companies have caught my eye as potentially ‘crash-resistant’ picks worth checking out.

Spectris

Spectris (LSE: SXS) isn’t an obvious defensive stock at first glance. Its share price has seen plenty of volatility, and industrial companies often move with the wider economy. But Spectris makes advanced measurement tools used in industries ranging from pharmaceuticals to electronics. These are high-precision instruments with strong competitive moats, and that gives the company healthy profit margins.

One factor I particularly like is the recurring nature of its revenue. Maintenance contracts, services, and consumables make up a significant chunk of sales, which means the firm continues earning even if new equipment orders slow. That consistency helps explain why Spectris shares have delivered a 144% gain over the past decade, equating to an annualised return of around 9.3%.

Of course, it’s not risk-free. Spectris has exposure to the automotive sector, which can be cyclical. A slowdown in vehicle demand or production could weigh on results, making it less defensive than it first appears.

That said, I think it’s a company investors might want to weigh up, given the combination of recurring income and long-term demand for its products.

Reckitt Benckiser

Reckitt Benckiser (LSE: RKT) is a far more traditional defensive option. The consumer goods group owns some of the world’s most recognisable brands, including Dettol, Durex, Gaviscon, Air Wick, and Cillit Bang. These are products people continue to buy regardless of economic conditions, making its revenue stream steady even during downturns.

The company has delivered more than two decades of uninterrupted dividend payments, growing them at an average rate of 4.5% annually. The yield currently sits at 3.7%, and Reckitt often increases its payout during stronger economic periods. For income investors, that track record is worth thinking about.

That doesn’t mean the business is without challenges. Inflation has put pressure on consumers, with many trading down to cheaper alternatives. This has weighed on Reckitt’s share price and forced management to consider ways of cutting costs to stay competitive. If it fails to do so, its margins could be under more pressure.

Even so, its portfolio of household brands makes it a stock I think investors should consider checking out.

Playing it safe

With stock markets reaching record highs, I think it’s sensible for investors to think about adding defensive names to their portfolios.

Spectris and Reckitt Benckiser both bring different strengths: one with recurring industrial revenues and the other with consumer brands and steady dividends.

Neither is immune to risks but both look like solid candidates to weigh up if markets turn choppy in 2025.

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Naturally, investing in mid-cap stocks comes with extra risk, as they can be more sensitive to economic headwinds than global giants. But for long-term investors willing to do the research, the index offers plenty of compelling opportunities.

Some shares could even turn a £10,000 investment into £20,000 — or more — over the next 10 years.

Here are three that I think are worth considering.

Primary Health Properties 

Primary Health Properties (LSE: PHP) is a real estate investment trust (REIT) focused on modern, purpose-built healthcare facilities – many of which are leased long term to NHS tenants. That makes its income about as reliable as it gets in the REIT space.

Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice.

The dividend yield currently sits around 7%, and with compounding via reinvestment, a £10,000 investment could grow to roughly £22,000 over a decade. What’s more, dividends have grown consistently at an average of 3.5% annually, providing a nice cushion against inflation.

There are a few red flags, though. The shares look expensive with a price-to-earnings (P/E) ratio of 30, and the dividend payout ratio is worryingly high. If earnings falter, the dividend could be vulnerable. Still, its defensive sector and government-backed income streams are hard to ignore.

Spectris

Spectris (LSE: SXS) makes precision instrumentation and controls used in high-tech industrial settings. It’s a name that doesn’t often trend. But quietly, this FTSE 250 firm has been making long-term shareholders very happy. Over the past three decades, Spectris has delivered triple-digit gains each decade — and then some.

Despite its strong track record, it still trades at a price-to-earnings growth (PEG) ratio of just 0.26, suggesting it could be undervalued relative to its growth prospects. Operating margins are high, and return on equity sits close to 18%.

The dividend yield is modest, but payments have grown for 19 straight years and remain well covered by earnings. Risks include a slowdown in industrial demand or underperformance in key end markets. But for a steady growth stock with a quality track record, it’s one I’d keep an eye on.

OSB Group

OSB Group (LSE: OSB) is one of the UK’s best-kept secrets in financial services, combining growth with generous dividends. Over the past decade, the share price has climbed 90% and it currently yields 6%. If the same growth and yield held for the next 10 years (which isn’t guaranteed), it could turn £10k into £28,200.

However, the business is heavily exposed to the specialist mortgage market. If house prices tumble or bad debts spike, profits could take a hit. Its debt load is already quite high – almost double its equity – so a dip in profit could shift priorities away from dividends.

Importantly, the payout ratio is a manageable 43%, giving it plenty of headroom. That valuation also looks compelling: a P/E ratio of just 7.4 and a price-to-book (P/B) ratio below 1.

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In hopes that it may still catch up, I decided to look for undervalued shares on the mid-cap index.

I found that while the broader market has improved, some dividend stocks still appear surprisingly undervalued. That could present a rare opportunity for income investors seeking to secure strong yields without overpaying.

Two stocks in particular seem too good to be true. But of course, there’s always a catch — so I decided to dig deeper.

Spectris

Spectris (LSE: SXS) is a precision instrumentation and controls company supplying high-tech measurement tools and software to industries including pharmaceuticals, electronics and manufacturing. Its market cap of £3.25bn has increased 13% in the past year and CEO Andrew Heath spent 30 years at Rolls-Royce, bringing deep operational experience to the role.

The firm recently made headlines with its acquisition of Micromeritics Instrument Corporation, a US-based materials characterisation specialist — a move that expands its footprint in the high-margin life sciences sector.

The stock surged an eye-watering 63% in the past month, yet still trades on a not-excessive price-to-earnings (P/E) ratio of 14.2. It also boasts a very low P/E growth (PEG) ratio of 0.22, which suggests strong growth potential, if you ask me.

Income-wise, the dividend yield of 2.5% may not seem exciting at first glance. However, it’s grown at an average rate of 5% for over 20 years, backed by a low payout ratio of only 35%. Financially, the business looks solid, with a low debt-to-equity ratio of 0.53 and a strong net margin of 18%.

The catch? Recent acquisitions sent debt levels soaring in 2024, presenting execution risk if the bets fail to pay off. Also, operating income dipped 32% in 2024, while net income rose 60% — a gap that suggests this year’s results may have been skewed by a one-off capital gain rather than operational performance.

Still, I think it’s a strong stock that’s worth considering. It looks like a quality business offering both growth potential and steadily rising income.

Johnson Matthey

Johnson Matthey (LSE: JMAT) is a speciality chemicals firm focused on sustainable technologies and emission control solutions. The shares are up 21% in the past month, yet the stock remains deeply discounted, with a P/E ratio of just 8.45 and an ultra-low PEG ratio of 0.04.

It offers a healthy dividend yield of 4.56%, supported by a 38% payout ratio. The company has paid dividends for over two decades, although the payout has remained flat for the past three years.

However, the catch on this one is slightly more concerning. Its operating margin is low at 3.2% and Standard Investments, its largest shareholder, has raised concerns about the profitability of the automotive catalyst business. There’s also the risk that losses from the hydrogen technology segment could weigh heavily on future earnings.

So while the valuation looks compelling, the pause in dividends combined with questionable profitability leaves me uncertain. For long-term investors seeking passive income, there are more promising FTSE 250 dividend stocks to consider, I feel.

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The share price had been falling for some time and it caught my attention a little while ago. So the question I’m now asking myself is why I didn’t buy it before?

Precision instruments

Spectris is a manufacturer of high-tech instruments. There are a few businesses of this type listed on the UK stock market, including Renishaw (which I don’t own) and Judges Scientific (which I do). 

Recently, the precision manufacturing industry has had a problem. A lot of it happens in China and a combination of trade uncertainty and a weak Chinese economy has created demand uncertainty.

In terms of Spectris specifically, the company has an outstanding history of growing its dividend over time. But its free cash flows in 2024 came in at just over half the amount it returns to shareholders.

Obviously, a firm can’t pay out more in dividends than it generates in cash. So unless the situation improves, investors should be very cautious around the likely future returns.

In its financial statements, Spectris reports that it generates around 18% of its overall revenues from China. But it doesn’t provide a geographical breakdown of operating profits (only by division). 

That’s why I didn’t get around to investing in the stock before – I didn’t think I could accurately evaluate the risk of a (likely) recession in China. But that now looks like quite a bad move. 

Takeover

Unsurprisingly, the Spectris share price has jumped significantly on the news. But investors might still think it’s not too late to consider buying the stock ahead of a possible takeover.

The company currently has a market value of around £3.3bn, which is 33% short of the £4.4bn that’s being quoted as the potential takeover price. And that might look like an arbitrage opportunity. 

There is, however, a catch – the £4.4bn figure is an enterprise value that includes the FTSE 250 company’s debt. In terms of what shareholders might receive, the offer is closer to £3.7bn.

In other words, the stock is trading about 10% below the value of the acquisition bid. That’s much less of an opportunity – and there are still risks involved that investors need to be wary of.

On top of this, there’s also a risk that the deal might not go through. Spectris might not accept the offer, or it could fall through further along the line. 

In that situation, the share price might well fall back to where it was before today’s sudden jump. And that’s something else investors should be prepared for.

Final Foolish thought

I’ve avoided investing in Spectris recently, because I didn’t have a clear enough long-term thesis for the business. Specifically, I wasn’t able to assess the risk of a potential recession in China accurately. 

I could have had a quick win on my investment, but I don’t think I have anything to regret with my decision. A takeover bid isn’t something I could have foreseen.

In general, I view my investment decisions as mistakes when I miss something I ought to have seen. But I don’t think that was the case with Spectris, so I’m looking to other long-term opportunities.

The post This FTSE 250 stock is up 66% in a day! Why didn’t I buy it when I had the chance?! appeared first on The Motley Fool UK.

Since the ‘Liberation Day’ news, various announcements of suspensions or exemptions have caused share prices to rise. I’ve been buying shares for my own portfolio throughout the volatility, but investors do need to be careful.

What’s been going on?

Exactly what’s caused the change of direction from the US government is hard to say. Some think this was the plan all along – the tariff regime was never realistic, but a negotiating move.

Others think the reaction of the markets has been a significant factor. Over the last 10 days, the yield on 10-year US government bonds has gone from below 4% to above 4.5%.

That might not seem like a big move, but it amounts to a 10% increase in borrowing costs. And that yield’s towards the upper end of where it has been over the last 20 years.

Investors can make up their own minds about what’s been going on. But those – like me – who aren’t fully convinced need to work out what to do at the moment.

Temporary relief

The 90-day suspension of tariffs on non-retaliatory countries and the exemption of certain products from China from import taxes have sent share prices higher. But both are temporary.

In other words, if nothing happens, things could revert back to where they were a week ago. And I think if something does happen, it’s as likely to be negative as positive. So I wouldn’t be at all surprised to see more volatility ahead.

Of course, whatever caused the recent recovery – the nuances of four-dimensional chess or the realities of the bond market – might do so again. So there’s plenty to factor in.

Be careful

One stock I think looks risky at the moment is Spectris (LSE:SXS). It’s a supplier of high-tech equipment used in precision manufacturing – a lot of which happens in China.

While there’s a lot of uncertainty, one thing I think is clear is the US is particularly hostile towards China. And that’s a risk for a company that does 16% of its business in the country.

There might however, also be a long-term opportunity. The stock comes with a dividend yield above 4% and around 35 years of consecutive dividend increases.

Nonetheless, I’m worried – the firm generated £44m in free cash flow last year and paid out almost twice this in dividends, by increasing its debt. That’s not sustainable over the long term.

Ups and downs

The tension between the US and its trading partners has eased somewhat, but this could still turn around very quickly. And it’s important to think about what this means for businesses.

Spectris operates in over 30 countries, so it might not be the end of the world for the firm if manufacturing shifts away from China. But it’s always important to think about the risks and that hasn’t changed.

I think investors need to be very careful in the stock market right now. The situation needs some careful thought, but I’m convinced there are still opportunities.

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Furthermore, the issues it has been facing look like short-term ones. So should investors seize a once-in-a-decade passive income opportunity?

A quality operation

Spectris has a lot of qualities that make it attractive. The first is it operates in a highly technical industry, which creates a barrier to entry for potential competitors.

In addition, the end markets it sells into – automotive, aerospace, and technology – look set to grow over the long term. This should mean sales and profits keep moving higher over time.

The firm has also looked to grow through acquisitions. This can lead to a rising share count, but (encouragingly) the number of shares outstanding has actually declined over the last 10 years.

Spectris shares outstanding 2015-2025

Created at TradingView

During that time, Spectris has increased its dividend by an average of around 5.5% per year. So passive income investors should probably at least have the stock on their radars.

What’s been going wrong?

Given this, it might be surprising to see the stock trading at its lowest price-to-book (P/B) multiple in the last 10 years. Especially when the problems facing the business look like short-term ones. 

Spectris P/B ratio 2015-2025

Created at TradingView

Spectris has had two major issues to contend with. The first is that a new payment processing system has caused sales from the first half of 2024 to be delayed. 

While this might make revenues drop, management expects all of the lost revenues from the first half of the year to be recovered in the second. So I don’t think this is a reason to avoid the stock. 

The bigger issue is China, where demand has fallen away sharply. This is the company’s second-largest market, so investors need to think carefully about the implications of this.

How to think about China

In terms of revenues, Spectris is reasonably well-diversified geographically. In 2023 (the last complete year), only around 17% of sales came from China. 

That makes a 29% drop in the stock look like an overreaction – even if revenues from China went to zero, the effect on group sales couldn’t be a 29% decline. But the situation is more complicated than this.

In its annual report, Spectris provides a breakdown of revenues by geography, but it doesn’t do this for profits. And I think it’s highly unlikely that margins are the same across all regions. 

That makes it difficult to assess the potential impact of China’s underperforming economy on the firm’s earnings. This means the risk is almost impossible to quantify accurately. 

A once-in-a-decade opportunity?

Spectris is a Dividend Aristocrat and this hasn’t come about by luck. Furthermore, while the stock is trading at an unusually low multiple, the underlying business doesn’t look to be in terminal decline.

In fact, management is expecting operating margins to grow from 13% to 20% over time. If this happens, the current share price will look like a bargain. 

Without a breakdown of profits by geography, though, the risk of slowing demand from China is very difficult to quantify accurately. As a result, I think there are better opportunities at the moment.

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But I do think there are a number of UK shares that stand a better chance than most of delivering the goods year-after-year.

How I find top dividend shares

I look for a number of things when it comes to dividend stocks. The first would be a good record of returning cash to shareholders in the past.

Sure, that one’s a bit obvious. But I’m not looking for perfection here. Every company’s earnings are cyclical to some extent and one or two blips in a record aren’t sufficient to put me off. But I do want to see at least some consistency.

I also want to see more money being paid out as the years pass. This suggests everything is being well-managed and that earnings are growing nicely. Put another way, dividends can’t be fudged. So I can probably sleep easy if I’m receiving extra pennies per share every year.

This is why I’m fine with investing in a stock with only an average or even small dividend yield so long as it’s growing. Compounded over many years, the returns can stack up. To me, this is infinitely better than buying stakes in companies with only the highest cash handouts. ‘What looks too good to be true…’ and all that.

Best in class

Using the above criterion gives me FTSE 100 juggernauts like health and safety firm Halma, international distributor Bunzl and defence giant BAE Systems. From the FTSE 250, there’s meat supplier Cranswick. All score very well on those things I look for.

Also from the mid-tier index is high-tech instrument, test equipment and software provider Spectris (LSE: SXS). This might seem odd — its share price is down over 30% in 2024. What gives?

Well, at least some of this tumble has been caused by weaker demand in China and falling sales of electric vehicles (EVs) reducing profits. Although stimulus measures have been announced to revive the former’s slowing economy, it’s too early to say how effective these will be. This could mean that Spectris stays in the doldrums for a while.

Then again, these headwinds strike me as temporary. Moreover, the company has excellent form when it comes to distributing more money to shareholders every year. Analysts have the firm yielding 3.2% in 2024. This payout also looks like it will be easily covered by profit.

Rear mirror investing

Of course, hindsight’s a wonderful thing. There’s no guarantee that the dividend demons I’ve mentioned will continue throwing off cash in the future.

This is why I still make a point of checking that any money I’ve invested isn’t overly focused on any one sector. Otherwise, I could experience the nightmare of having multiple holdings cancelling or reducing their dividends. That’s hardly ideal, even if I plan to hold for the long term.

All that said, I can see myself buying these stocks in the future, as and when investing for dividends becomes my core strategy.

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However, I believe I have found two, in Michelmersh Brick Holdings (LSE: MBH) and Spectris (LSE: SXS).

Here’s why I’d be willing to buy some shares in both stocks and hold them for the long haul.

Bricks and mortar

The clue as to what Michelmersh Brick Holdings does is in the name, and although bricks are hardly exciting, they’re essential across many aspects of day-to-day life.

The shares have meandered up and down during the past 12 months, mainly due to economic issues. They’re down 2% over this period, from 97p at this time last year, to current levels of 95p.

For me, economic issues are the biggest risk to the firm’s growth aspirations, earnings, and returns. For example, higher inflation and interest rates could dampen demand for bricks for infrastructure and house building. This is something I’ll keep an eye on.

On the other side of the coin, the rising population of the country, and demand for homes outstripping supply, as well as the need for further infrastructure, is good news for Michelmersh. This could all translate into heightened demand, and hopefully boosted earnings and returns for years to come.

As well as the potential for growth, the current investment case is pretty enticing too. The shares offer a dividend yield of 4.7%, which is higher than the FTSE 100 average of 3.9%. However, I do understand that dividends are never guaranteed.

Furthermore, the shares look excellent value for money to me on a price-to-earnings ratio of just nine.

The icing on the cake for me is that Michelmersh manufactures its own bricks out of its own landfill site in Telford. This is key, as controlling the manufacturing process could result in better margins and profit levels.

Testing and software

Another potentially mundane, yet vital industry, is instrument testing and software, which is what FTSE 250 incumbent Spectris does.

Spectris shares haven’t had the best 12-month period, down 19% from 3,529p at this time last year, to current levels of 2,908p.

A big reason for this is the economic slowdown in China, which has hurt demand and earnings. In fact, profit warnings in Spectris’ recent updates haven’t helped sentiment. In addition to this, the slowdown of electric vehicle (EV) sales hasn’t helped either. These are the types of cyclical and external risks that could hurt the firm and that I’ll be keeping an eye on.

Conversely, the investment case and future prospects look good to me. To start with, the shares falling means I could snap them up cheaper than before. They trade on a price-to-earnings ratio of 15, which is significantly lower than the five-year average of 21.

Next, Spectris offers a dividend yield of 2.8% at present. However, I’m more buoyed by its multi-year record of increasing payouts, which tells me the firm believes in shareholder value.

From a growth perspective, the firm’s global presence and market position, as well as its ability to offer a multitude of applications to the increasingly digital world we live in, make me believe that its future is bright.

The post 2 exciting growth stocks I’m looking to buy and hold for a decade! appeared first on The Motley Fool UK.

Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice. Readers are responsible for carrying out their own due diligence and for obtaining professional advice before making any investment decisions.

Tough times

One example has been high-tech instrument, test equipment and software provider Spectris (LSE: SXS).

This FTSE 250 member has an excellent multi-decade history when it comes to raising its dividends. You don’t manage that without doing a lot of things right.

That said, it’s been pretty tough going for holders lately. The share price has dropped 25% in 2024 alone.

The latest leg down came this month following a poorly received update on trading. On June 19, the company said that it now expected full-year adjusted operating profit to be “at, or marginally below, the bottom end” of analyst expectations of between £232m and £259m. Reasons included weaker demand in China and a slowing of sales of electric vehicles.

Looking cheap!

Glass half-full, this period of stodgy trading has brought the valuation down to what might turn out to be an attractive entry point.

Right now, I can pick up the shares for 15 times forecast FY24 earnings. That’s something of a bargain relative to it’s five-year average of 21.

Of course, there’s always a chance that the share price has further to fall. This is quite possible if trading over the second half of the year proves even more sluggish.

For now, however, I think there are reasons to be optimistic. The most recent final dividend (for FY23) was up 5% up on the previous year. Moreover, the payout for 2024 is expected to be covered well over twice by profit.

The shares currently yield 3%.

Green shoots

Another dividend growth hero has been AIM-listed investment manager Brooks Macdonald (LSE: BRK). It’s been raising its payouts consistently since it first listed on the market back in 2005.

I’m confident this trend will continue, even if the tricky economic conditions since the pandemic have made for a rather volatile share price.

On a positive note, it was announced in April that funds under management stood at £17.9bn by the end of Q3. This was an increase on the £17.6bn held at the end of the previous quarter, thanks to “the improving macroeconomic outlook“.

With this in mind, news of a first cut to interest rates by the Bank of England could see sentiment in minnows like Brooks Macdonald radically improve.

Should this happen, the current valuation of 12 times forecast FY25 earnings will look a steal. Again, this is significantly below the five year average price-to-earnings (P/E) ratio of 21.

Above-average yield

This is not to say that I’d necessarily be in for an easy ride if I bought the shares today. While flat in 2024 to date, I can see the price heading south again if inflation comes back to bite.

Still, the 4.3% dividend yield for the next financial year is higher than most small-cap companies. Although not guaranteed, it’s also likely to be covered twice by earnings.

Like Spectris, I’m considering an investment here when funds become available.

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