Edison Investment Research - Inchcape plc (INCH) Inchcape - Acceleration in FY23 but more cautious FY24

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Edison Investment Research

Toby Thorrington

Inchcape - Acceleration in FY23 but more cautious FY24

Inchcape’s (INCH’s) FY23 results highlighted strong revenue and margin progression, with 12% organic revenue growth and a 70bp uptick in adjusted operating margin, leading to 18% EPS growth. The Derco acquisition contributed its full first year, helping to boost profits despite margin compression in the Americas and Retail. INCH anticipates another year of growth in FY24, although with caution due to expected softness in certain markets, particularly Europe and Retail. INCH will continue its disciplined approach to capital allocation as it deleverages the balance sheet, and recently announced a strategic review of its UK Retail business.

12/03/2024 1 EN

Underlying

Inchcape plc

Inchcape is engaged as an automotive Distributor and Retailer with global scale. Co. has four operating segments: Asia, which is the Distributor and exclusive Retailer for Toyota, Lexus, Hino and Suzuki and operate Distribution and exclusive Retail for Jaguar Land Rover and Ford in Hong Kong; Australasia, which operates multi-franchise Retail operations in Sydney, Melbourne and Brisbane; U.K. and Europe, which Retail operations across the main regions of the U.K focused on premium and luxury brand; and Emerging Markets, which in South America, Co. has BMW Distribution businesses in Chile and Peru as well as Subaru and Hino operations across these markets, Colombia and Argentina.

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GB00B61TVQ02 London Stock Exchange United Kingdom

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Toby Thorrington

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Inchcape - Acceleration in FY23 but more cautious FY24

Inchcape: 1 director

Pon Holdings BV - Company Profile and SWOT Analysis

Pon Holdings B.V. - Mergers & Acquisitions (M&A), Partnerships & Alliances

Tetragon Financial Group - Termination of coverage

AFT Pharmaceuticals - Softer H1 on one-offs; recovery expected in H2

Argent Industrial - Following an established recipe

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