Davy Research

Applegreen

An inflection point in the UK market?
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Applegreen

DAVY VIEW

The UK market is a large exposure for Applegreen (28% of gross profit) and a potentially larger opportunity, with almost 5x the number of forecourts in its domestic market. While we think the opportunities in the US market are more significant, the UK still has the potential to be a meaningful contributor to group profit growth over the medium term. In this brief update, we highlight changes in the UK competitive backdrop, which we think could be a net positive for Applegreen. Shorter term, we also suggest that ‘out of town’ retail exposure is proving more resilient than current weakness in the UK high street. FY results are out on March 13th.

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  • RATINGS AND PRICE CORRECT AT TIME OF ISSUE


  • Applegreen

    Closing Price: 580c

  • RATING 23/07/15

  • PREVIOUS RATING N/A

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