Inchcape has delivered a strong set of H1 results, which are 8% ahead of our forecasts at the adjusted PBT level. Underlying assumptions remain unchanged following the earnings upgrade last month. The Derco transaction looks good value, and is expected to be c.15-20% EPS enhancing over time as synergies are realised in what remains an exciting and fragmented growth market. Overall, we believe Inchcape continues to be well positioned as it makes strong progress on multiple fronts.
28 Jul 2022
Inchcape (INCH LN) - Strong H1 results, continued execution
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Inchcape (INCH LN) - Strong H1 results, continued execution
Inchcape plc (INCH:LON) | 731 -47.5 (-0.9%) | Mkt Cap: 3,020m
- Published:
28 Jul 2022 -
Author:
Carl Smith, CFA -
Pages:
4
Inchcape has delivered a strong set of H1 results, which are 8% ahead of our forecasts at the adjusted PBT level. Underlying assumptions remain unchanged following the earnings upgrade last month. The Derco transaction looks good value, and is expected to be c.15-20% EPS enhancing over time as synergies are realised in what remains an exciting and fragmented growth market. Overall, we believe Inchcape continues to be well positioned as it makes strong progress on multiple fronts.