Inchcape’s Q1 2023 trading statement shows a strong start to the year. The Group expects adjusted PBT for FY23 to be in line with consensus estimates (£487m), which is in line with our forecast. Trading on 9.2x FY23 earnings, with high earnings quality and strong growth prospects, we think Inchcape shares are undervalued. Our SOTP analysis suggests a value of 1,258p per share, offering 65% upside.
27 Apr 2023
Inchcape (INCH LN) - Q1 on track
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
Inchcape (INCH LN) - Q1 on track
Inchcape plc (INCH:LON) | 726 0 0.0% | Mkt Cap: 2,997m
- Published:
27 Apr 2023 -
Author:
Carl Smith, CFA -
Pages:
8
Inchcape’s Q1 2023 trading statement shows a strong start to the year. The Group expects adjusted PBT for FY23 to be in line with consensus estimates (£487m), which is in line with our forecast. Trading on 9.2x FY23 earnings, with high earnings quality and strong growth prospects, we think Inchcape shares are undervalued. Our SOTP analysis suggests a value of 1,258p per share, offering 65% upside.