Davy Research

Irish Continental Grp

Trading affected by dry-docking; unchanged expectations for the year but balance sheet event more robust
Transport Logistics
Irish Continental Grp

DAVY VIEW

Consolidated group revenue for the first four months was €95.1m, up 4%, although car and freight volume declines (-0.7%, -1.7%) reflect dry-docking schedules. We expect to keep our forecasts broadly unchanged (EBITDA €81.7m, car growth +1%, RoRo +5%). The balance sheet should move into a significant net cash position with a chartered ship sale in New Zealand – again illustrating efficient capital allocation and market timing. We retain our ‘Outperform’ rating with a 600c price target.

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  • RATINGS AND PRICE CORRECT AT TIME OF ISSUE


  • Irish Continental Grp

    Closing Price: 539c

  • RATING 30/06/09

  • PREVIOUS RATING N/A

Analyst(S)

COMPANY DATA

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