Davy Research

Irish Continental Grp

Business model awaits new ship in July 2018
Transport Logistics
Irish Continental Grp

DAVY VIEW

Irish Continental Group (ICG) reported a very much “as is” trading statement for 2017 with decent September and October numbers. The business recoups broadly half the fuel increases through surcharges. Into 2018, we see a high-single-digit fuel hit – or c.€4m to our EBITDA or c.4/5% to our numbers – implying unchanged €79.3m this year and c.€84m next year. Looking ahead to the July arrival of the W.B Yeats vessel, we believe market share gains are very likely. In addition, the balance sheet should be close to €45m in net cash by year-end – leaving it well positioned for the new ship’s arrival. We reiterate our ‘Outperform’ rating.

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  • RATINGS AND PRICE CORRECT AT TIME OF ISSUE


  • Irish Continental Grp

    Closing Price: 553c

  • RATING 30/06/09

  • PREVIOUS RATING N/A

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