Pendragon was making good progress in its turnaround when COVID-19 struck but appears to be coming through the crisis in good shape to date. Despite a £44m hit to profits during lockdown, we can envisage a modest underlying profit for the full year without further shocks. Today’s IMS is supportive of this view. The group’s new strategy should help deliver a transformation in the value of the business, long-term. The potential is not reflected in the current price which is weighed down by macro w ....

22 Oct 2020
Pendragon plc (PDG LN) - Initiation of Coverage - Ambitious but achievable

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Pendragon plc (PDG LN) - Initiation of Coverage - Ambitious but achievable
Pinewood Technologies Group PLC (PINE:LON) | 443 -31 (-1.6%) | Mkt Cap: 445.6m
- Published:
22 Oct 2020 -
Author:
Rachel Birkett, CFA -
Pages:
22 -
Pendragon was making good progress in its turnaround when COVID-19 struck but appears to be coming through the crisis in good shape to date. Despite a £44m hit to profits during lockdown, we can envisage a modest underlying profit for the full year without further shocks. Today’s IMS is supportive of this view. The group’s new strategy should help deliver a transformation in the value of the business, long-term. The potential is not reflected in the current price which is weighed down by macro w ....