Irish Continental Grp

Steady as she goes again

  • Sectors : Transport Services
  • Companies : Irish Continental Grp

Ratings and price correct at time of issue.

  • Irish Continental Grp

    Closing Price: 449c

  • RATING 30/08/18

  • PREVIOUS RATING 19/02/18

    NEUTRAL

DAVY VIEW

There is remarkable similarity between ICG’s interim statement (end-August) and this morning’s trading update. We are unlikely to change estimates in any material way – implying record EBITDA of c.€131m in a tough market, which is broadly flat on the freight side. ICG continues to outperform and has been executing buybacks (c.€14m or 2% since interims) and yet continues to invest and deleverage – net debt/EBITDA will be c.1x at year-end.

Download full report with analyst certification and important disclosures

Nov 23 2023, 07:20 GMT

Download