FY19 prelims have come in line. Key highlights include: NRI ~3% below our forecasts, but offset by disposal profits being ~6% ahead, resulting in an adj. op. profit beat of 3.4% . Adj. PBT was in line with our estimates, and 3% ahead of BB cons. EPRA NNNAV grew 1% LFL to 272p (post rights-issue). With the shares up 33% YTD, and tracking close to our 290p PT (unchanged), we acknowledge the shares are up with events. However, we leave our Buy stance unchanged noting the potential that exists fo

27 Nov 2019
FY19 prelims – earnings 3% ahead of consensus

Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
FY19 prelims – earnings 3% ahead of consensus
Grainger plc (GRI:LON) | 0 0 0.0% | Mkt Cap: 1,604m
- Published:
27 Nov 2019 -
Author:
Kunal Walia -
Pages:
3 -
FY19 prelims have come in line. Key highlights include: NRI ~3% below our forecasts, but offset by disposal profits being ~6% ahead, resulting in an adj. op. profit beat of 3.4% . Adj. PBT was in line with our estimates, and 3% ahead of BB cons. EPRA NNNAV grew 1% LFL to 272p (post rights-issue). With the shares up 33% YTD, and tracking close to our 290p PT (unchanged), we acknowledge the shares are up with events. However, we leave our Buy stance unchanged noting the potential that exists fo