Redde has published in line FY17 results which reflect continued growth in underlying case volumes from new and existing relationships with blue chip insurers. We upgrade our forecasts by 5% at PBT level. We review the market backdrop and conclude that with a strong offering Redde has the opportunity to capitalise on a market leading position. With a broader perspective on valuation, we see scope for intrinsic value of >200p/share on a yield basis underpinned by sustainable and growing earnings.
07 Sep 2017
N+1 Singer - Redde - In line, continued growth in volumes drives earnings
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N+1 Singer - Redde - In line, continued growth in volumes drives earnings
Redde Northgate PLC (21W:FRA) | 0 0 0.0% | Mkt Cap: 498.3m
- Published:
07 Sep 2017 -
Author:
Andrew Watson -
Pages:
17
Redde has published in line FY17 results which reflect continued growth in underlying case volumes from new and existing relationships with blue chip insurers. We upgrade our forecasts by 5% at PBT level. We review the market backdrop and conclude that with a strong offering Redde has the opportunity to capitalise on a market leading position. With a broader perspective on valuation, we see scope for intrinsic value of >200p/share on a yield basis underpinned by sustainable and growing earnings.