Davy Research

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Business Support Services

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...

March 22 2018 | Allan Smylie CFA , Ross Harvey | Company Report | 48 pages

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...

February 6 2018 | Allan Smylie CFA , Eoghan Reid | Company Report | 14 pages

Lessons from Quebec

Alimentation Couche-Tard Inc. (Couche-Tard), the world’s largest convenience forecourt retailer, held its first Capital Markets Day (CMD) this week. We think the event lends material...

January 26 2018 | Allan Smylie CFA , Eoghan Reid | Company Report | 13 pages

At your convenience!

Applegreen’s convenience retail proposition is a unique differentiator versus peers. It has facilitated rapid site growth in a consolidating forecourt market, delivering 15% EBIT CAGR in...

October 19 2017 | Eoghan Reid , Allan Smylie CFA | Company Report | 54 pages

Pump up the volume! An analysis of DCC Energy’s Retail & Fuel Card business

The Retail & Fuel Card business is one of DCC Energy’s three key growth drivers. It has already made substantial progress against a strategy first outlined in 2013 and is now, we...

January 31 2017 | Allan Smylie CFA , Ross Harvey | Company Report | 28 pages

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