Business Support Services

Meet your Business Support Services Research team


Energy transition – the journey has already started

We think DCC is in an excellent position with respect to energy transition. It has a >40-year corporate track record built on entrepreneurship, change and agility. It also has deep...


Diversity delivers excellent profit growth and cash flow

DCC has delivered a H1 2021 performance that would be robust in a ‘normal’ year, but we think it is astonishingly strong given the backdrop through the half. Organic profit growth was...


The work is worth the prize

2020 has provided clear evidence of Applegreen’s cash generative business model, exiting August with a better balance sheet than at December 2019 despite severe lockdown disruptions....


H1 20 results: 50%+ near-term re-rating entirely feasible

We think Applegreen’s share price has been held back by residual liquidity/capital concerns and low visibility on the earnings power of the business through H1 20 and into 2021. We think...


Resilient trading through Q1

DCC’s Q1 trading update reinforces the resilience of the business model and the benefits of diversity; two of the divisions traded behind the prior year, but two also traded ahead....


Trading robustly during peak lockdown

DCC has exited FY 20 with minimal debt and access to over £2bn in liquidity. It also appears to be trading better than we had expected through ‘peak’ lockdown. In contrast to many...