Personal group (PGH) has confirmed FY18E trading has closed in-line with our forecasts, implying a return to YoY EPS growth this year (+6% forecast). This is despite a number of challenges emerging over H2/18E, some of which are expected to play out more fully in FY19E. This leads to a weaker than expected outlook, which causes us to revise our FY19E forecasts down (EPS -15%), such that earnings return to levels witnessed in FY17A.
10 Jan 2019
Cenkos: Personal Group Holdings Plc - FY18E in-line; weaker FY19E outlook
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Cenkos: Personal Group Holdings Plc - FY18E in-line; weaker FY19E outlook
Personal Group Holdings Plc (PGH:LON) | 164 2.2 0.8% | Mkt Cap: 51.2m
- Published:
10 Jan 2019 -
Author:
Cavendish Research -
Pages:
8
Personal group (PGH) has confirmed FY18E trading has closed in-line with our forecasts, implying a return to YoY EPS growth this year (+6% forecast). This is despite a number of challenges emerging over H2/18E, some of which are expected to play out more fully in FY19E. This leads to a weaker than expected outlook, which causes us to revise our FY19E forecasts down (EPS -15%), such that earnings return to levels witnessed in FY17A.