18 Dec 2018
In line, forecasts unchanged: growth sustained
Redde has issued an in line trading update covering H1 to date. Revenues and trading profits have grown year on year. We already assume some growth in our forecasts, and so leave our estimates unchanged. We will review our model again at the interims (27/2) once the key winter trading period has been completed. Redde continues to offer a strong 7%+ dividend yield which we feel does not reflect earnings quality. At a 6% yield, this would imply a >200p/share intrinsic value.
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In line, forecasts unchanged: growth sustained
Redde Northgate PLC (21W:FRA) | 0 0 0.0% | Mkt Cap: 498.3m
- Published:
18 Dec 2018 -
Author:
Andrew Watson -
Pages:
3
Redde has issued an in line trading update covering H1 to date. Revenues and trading profits have grown year on year. We already assume some growth in our forecasts, and so leave our estimates unchanged. We will review our model again at the interims (27/2) once the key winter trading period has been completed. Redde continues to offer a strong 7%+ dividend yield which we feel does not reflect earnings quality. At a 6% yield, this would imply a >200p/share intrinsic value.