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Nov 23 2023, 07:20 GMT
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.
Nov 23 2023, 07:20 GMT