DWF has issued a trading update, indicating that its Commercial business has been hit by COVID-19, with International also not growing to our expectations. While we believe DWF remains capable of delivering its medium-term guidance implying an attractive long-term investment proposition, the earnings downgrade of 34% is no doubt disappointing. We are suspending our forecasts from 2021E, with the 2020E dividend under consideration.
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DWF Group Plc (DWF LN) - Trading Update
- Published:
27 Mar 2020 -
Author:
Rachel Birkett, CFA -
Pages:
3
DWF has issued a trading update, indicating that its Commercial business has been hit by COVID-19, with International also not growing to our expectations. While we believe DWF remains capable of delivering its medium-term guidance implying an attractive long-term investment proposition, the earnings downgrade of 34% is no doubt disappointing. We are suspending our forecasts from 2021E, with the 2020E dividend under consideration.