We update our model following recently announced FY18 results. Double-digit top-line growth to £527.0m was ahead of market consensus and in-line with the bull case introduced in our 24 August note: “Not just a steady Redde”. As such, we upgrade our numbers in line with this momentum. We believe this fully supports our Buy recommendation and demonstrates the continuing ability of the Group to generate organic growth. The investment case is bolstered by our upgraded dividend o
07 Sep 2018
Upgrading forecasts and price target
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Upgrading forecasts and price target
Redde Northgate PLC (21W:FRA) | 0 0 0.0% | Mkt Cap: 498.3m
- Published:
07 Sep 2018 -
Author:
Michael White -
Pages:
4
We update our model following recently announced FY18 results. Double-digit top-line growth to £527.0m was ahead of market consensus and in-line with the bull case introduced in our 24 August note: “Not just a steady Redde”. As such, we upgrade our numbers in line with this momentum. We believe this fully supports our Buy recommendation and demonstrates the continuing ability of the Group to generate organic growth. The investment case is bolstered by our upgraded dividend o