The disposal of Records Management is effectively the end of the current phase of restructuring, with net debt reduced from a peak of £270m to £45m in FY16e and Wincanton now back on the front foot. A programme of continuous improvements has increased the resilience of the core UK logistics business with improved margins and profits. Despite its market leadership the rating remains at a discount to its global peers and our valuation range (219-242p). Another potential catalyst is
09 Mar 2016
Focus on the core to pay dividends
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Focus on the core to pay dividends
Wincanton plc (WIN:LON) | 600 0 0.0% | Mkt Cap: 747.9m
- Published:
09 Mar 2016 -
Author:
Neil Basten -
Pages:
12
The disposal of Records Management is effectively the end of the current phase of restructuring, with net debt reduced from a peak of £270m to £45m in FY16e and Wincanton now back on the front foot. A programme of continuous improvements has increased the resilience of the core UK logistics business with improved margins and profits. Despite its market leadership the rating remains at a discount to its global peers and our valuation range (219-242p). Another potential catalyst is