DAVY VIEW

2023 was a solid year for Irish Continental Group (ICG) in a challenging environment, particularly for the Container and Terminal division. However, EBITDA grew again by 4.2% to €132.6m (Davy: €131m) and net debt came in broadly in line at €143.7m (net debt/EBITDA was 1x under banking covenant definitions). Although still early, there has been a promising start to the year. We see no reason to change our estimates at this stage (EBITDA €137.7m). ICG’s balance sheet strength and market position leave it very well placed for growth.