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Research Tree offers INCHCAPE PLC research coverage from 2 professional analysts, and we have 12 reports on our platform.
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|27/10/2016 17:19:09||London Stock Exchange||Transaction in Own Shares|
|27/10/2016 07:00:11||London Stock Exchange||Trading Update|
|26/10/2016 17:05:09||London Stock Exchange||Transaction in Own Shares|
|25/10/2016 16:43:42||London Stock Exchange||Transaction in Own Shares|
|24/10/2016 17:35:31||London Stock Exchange||Transaction in Own Shares|
|21/10/2016 17:08:17||London Stock Exchange||Transaction in Own Shares|
|20/10/2016 18:09:23||London Stock Exchange||Transaction in Own Shares|
Frequency of research reports
Research reports on INCHCAPE PLC
Providers covering INCHCAPE PLC
28 Jul 16
H1 results from Inchcape are 3% ahead of our expectations and consensus at the adjusted PBT level reflecting robust YOY growth at the revenue and operating profit level. Cash generation remains strong and a further £100m share buyback programme has been launched. We would not anticipate significant movement in consensus estimates post results, albeit expectations in North Asia are likely to fall offset by better than expected growth in Australasia. Greater uncertainty is expected in its UK business in H2, but it’s too early to call the longer term impact post Brexit. As ever these results are mixed, but should be largely well received.
07 Jul 16
The sector has come under severe pressure following the Brexit vote with investors clearly pricing in distressed economic scenarios with share prices falling between 15% and 51% across the sector. We believe the dealer groups are better businesses this time around, albeit the uncertainty in the economy is likely to adversely impact both new and used car sales. We would favour those stocks that have been oversold with flexible balance sheets. We see significant long-term upside in Cambria and Vertu as fitting these criteria. We are also becoming more positive on Inchcape as its overseas exposure against a weak Sterling backdrop should give it some protection, backed by a strong balance sheet. We believe that Lookers and Pendragon have also been oversold, but remain nervous on Marshall Motor Holdings following its recent decision to gear up by purchasing Ridgeway.
Solid trading update
26 May 16
Inchcape has delivered a robust trading update, essentially confirming it continues to trade in line with expectations. We are not changing our forecasts at present. Within the mix, it looks like North Asia has weakened further albeit the growth in South Asia more than offsets this. Elsewhere, Inchcape continues to trade well in Australasia and the Emerging Markets. The UK continues to trade well and Europe remains stable. We maintain our view that the valuation remains full relative to the UK dealer groups and we therefore believe there are better ways to play the sector.
Taking the temperature
08 Apr 16
We believe that the UK motor sector has had a strong Q1 2016, which should position most companies well for H1. Consumers are still responding well to attractive financing deals, and we anticipate a strong H1 performance from dealers as a result. Valuations amongst the dealer groups remain undemanding in our view, and we see scope for further consolidation during the coming year.
New strategy unfolds
17 Mar 16
Inchcape is a unique, high-quality business with a consistent record over many years. The strategy announced this week by the new CEO points positively to the future, building on many of the group’s existing qualities. Downstream operations in the distribution and retail activities limit the likely impact of any global recession. The shares offer strong medium-term attractions.
Results 2% ahead at PBT level
15 Mar 16
Inchcape release their final results for 2015 this morning which have come in marginally ahead of expectations. A strong performance in emerging markets has driven a robust constant currency revenue performance across the group. We leave our forecasts unchanged and continue to view the valuation as full at current levels.
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Panmure Morning Note 25-09-2016
25 Oct 16
Whitbread released interim results a little ahead of expectations with Revenues £1,556m (PGe £1,548m), giving underlying PBT £307.0 (PGe £301.3) and EPS of 133.9p (PGe 130.9p) with interim dividend of 29.9p (PGe 28.6p) however the outlook statement is fairly cautious and we do not expect to adjust our estimates ahead of the call. LFL sales of 2.0% was an improvement from 1.8% in Q1 but is increasingly being driven by room extensions rather than RevPAR or Costa LFL - hence is likely to be a drag on returns. UK room target is being scaled back 3,700 (from 4,000-4,500) and there is ££43.3m exceptional items relating to Premier Inn’s withdrawal from some international markets. No change to our view and we retain Hold recommendation.
Time to grab a late season holiday bargain?
22 Sep 16
Dart Group’s AGM update contained two good news messages. Trading in the first half of the current year has continued to be strong and is ahead of our forecasts. Also, in addition to the new base at Birmingham Airport announced in July, the company revealed that it was opening a base at London Stansted, which would also start operations in spring 2017. The considerable costs of setting up these two bases falls in the current financial year and the company therefore guided that reported profits are likely to be slightly behind market expectations. We think that the market has misconstrued the reasons for the forecast downgrade, leading to unwarranted share price weakness, which provides an excellent buying opportunity.
Construction delays have limited impact on value
14 Sep 16
PPHE’s 2016 interim results disappointed the market, as construction delays will affect 2016 profitability. The key point for long term investors is that, although the loss of profits and cash flow is disappointing, the business outlook for 2017 and on is unaffected, while property values are above expectations. Our forecasts for 2016 and 2017 are reduced for this and other reasons. The shares trade at a significant discount to book value as adjusted for the real value of the assets, and this value will be further boosted when the new hotels open, and we expect the discount to narrow.
29 Sep 16
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28 Sep 16
In H1 2016, the Group reported a like-for-like revenue decline of 3.9%, which was its worst performance for over a decade. Although the Concessions and Pub divisions delivered a ‘good’ performance, problems have arisen in the Leisure division, most notably with Frankie & Benny’s, but also with some of the other brands prompting management changes and a strategic review of the business.