We were, on balance, reassured by Stobart’s interim results. The 7.8% yield, supported by the continuing disposal plan, gives equity holders more than enough compensation before operations in Energy and Aviation fully ramp up to their FY19e/CY18 objectives. We adjust our near-term forecasts upwards slightly to reflect the observed H117 margin expansion, but leave our FY19 target year estimates largely unchanged. We believe in the deliverability of Stobart’s FY19e growth targets bu
10 Nov 2016
Disposal-driven returns plus underlying growth
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Disposal-driven returns plus underlying growth
We were, on balance, reassured by Stobart’s interim results. The 7.8% yield, supported by the continuing disposal plan, gives equity holders more than enough compensation before operations in Energy and Aviation fully ramp up to their FY19e/CY18 objectives. We adjust our near-term forecasts upwards slightly to reflect the observed H117 margin expansion, but leave our FY19 target year estimates largely unchanged. We believe in the deliverability of Stobart’s FY19e growth targets bu