Business Support Services

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Applegreen

Catching a Break

Hats off to the Applegreen management team. The more we look at the Welcome Break deal, the more we like it. The Welcome Break portfolio is well invested with defensive cash flow...

Davy Conviction List

Removing Kingfisher and HeidelbergCement on earnings concerns

We are removing HeidelbergCement and Kingfisher from the Davy Research Conviction List. Both names had a disappointing performance in H1 due to challenging end-markets and associated...

DCC

Q1 trading update – Technology deals add c.30% to divisional earnings

The highlight of today’s Q1 release is DCC Technology’s acquisitions of Stampede and Kondor, both in attractive growth areas and the former representing the division’s first move into...

Davy Conviction List

Ryanair replaces easyJet on our Conviction List

We are replacing easyJet with Ryanair in our Conviction List. EasyJet is up over 30% since inclusion, and we believe that earnings momentum in Ryanair is now superior. The Conviction List...

Applegreen

Trading update: US progressing well; weather and fuel price headwinds are short-term noise

Applegreen has released a short trading update ahead of its AGM today. The key takeaway from our perspective is that development activity continues to progress well, with 24 new...

DCC

A world of opportunity! Deep dive into DCC’s LPG division

DCC LPG is a leading European player in the sales and marketing of propane and butane to commercial, industrial, domestic, retail and agricultural customers. The business has high...

Applegreen

H2 2017 results: thoughts post conference call

Applegreen enters FY2018 in excellent shape, delivering 23% constant currency EBITDA growth in H2 2017. The stand-out positive, in our view, was FY2017 operating cash conversion at 202%,...

Applegreen

An inflection point in the UK market?

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...