Davy Research

Applegreen

H1 2017: Strength at the core
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Applegreen

DAVY VIEW

Applegreen has delivered c.10% year-on-year (yoy) growth in like-for-like (lfl) non-fuel gross profits (excluding FX) in H1 2017. This is an impressive achievement, underpinning the strength of the Applegreen brand and validating management’s food-led retail strategy. Following recent deals and a step up in single site additions, the company owned estate is on track to expand c.40% this year. We will publish revised forecasts with a detailed re-initiation of coverage in due course, however, we expect consensus earnings estimates to track c.4-5% higher post the results. Given the rate of growth in H1 2017, this could prove conservative.

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  • Applegreen

    Closing Price: 557c

  • RATING 23/07/15

  • PREVIOUS RATING N/A

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