Post the Q3 trading update last week, we have reviewed our model and made some changes to our core assumptions. Our revenue assumptions were reshaped and reduced by 8.5% for 2020E to reflect the lockdown in UK/Belgium as well as FX pressures in the Americas and Russia. However, given the cost initiatives and underlying margin control/recovery in key areas (notably Retail), our earnings estimates increased by c7% for 2020E. We remain comfortable with the long-term investment case given its cash g ....
09 Nov 2020
Inchcape Plc (INCH LN) - Model update
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Inchcape Plc (INCH LN) - Model update
Inchcape plc (INCH:LON) | 731 -47.5 (-0.9%) | Mkt Cap: 3,020m
- Published:
09 Nov 2020 -
Author:
Rachel Birkett, CFA -
Pages:
8
Post the Q3 trading update last week, we have reviewed our model and made some changes to our core assumptions. Our revenue assumptions were reshaped and reduced by 8.5% for 2020E to reflect the lockdown in UK/Belgium as well as FX pressures in the Americas and Russia. However, given the cost initiatives and underlying margin control/recovery in key areas (notably Retail), our earnings estimates increased by c7% for 2020E. We remain comfortable with the long-term investment case given its cash g ....