Irish Continental Grp

Audere est Facere – to dare is to do; market leaders double down focus on strategic development in a crisis

  • Sectors : Transport Logistics
  • Companies : Irish Continental Grp

Ratings and price correct at time of issue.

  • Irish Continental Grp

    Closing Price: 428c

  • RATING 30/08/18

  • PREVIOUS RATING 19/02/18

    NEUTRAL

DAVY VIEW

After operating all its conventional ferry services in the pandemic, we think Irish Continental Group (ICG) will emerge with a range of growth avenues: (i) passenger/car recovery; (ii) RoRo growth; (ii) Container/Terminal business; (iv) duty free; and (v) Dover-Calais route. The English Channel ‘Short Straits’ market is a multiple of the size of the Ireland-UK market, where ICG currently offers services; it also provides the opportunity to significantly scale up its existing ferries’ business model. The latter has caused us to reassess medium-term growth, and we are therefore raising our price target to €6.5 (from €5.5) based on our DCF, peer infrastructure asset valuations and low-teen EV/EBITDA multiples.

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Sep 2 2021, 07:00 IST/BST

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