Unlocking exceptional shareholder value
Through a combination of forecast high growth from its core Aviation, Energy and Rail businesses, and cash realisations from its legacy Infrastructure and Investments divisions, Stobart Group (STOB) offers an attractive equity proposition. We forecast three-year group EBITDA CAGR of 18% as management executes its growth plans. Further asset disposals will likely return more than enough capital to cover the more than £60m annual cash dividend payout and further strengthen the group balance sheet. Over the long term, we believe the group could unlock significant value from its core assets, especially Southend Airport, which is set to be a major beneficiary of airport capacity constraints in the South East.Stobart Group is a U.K. infrastructure and support service business and has investments in a national property and logistics portfolio. Co.'s operating segments are: Stobart Energy, which supplies sustainable biomass for the generation of renewable energy; Stobart Aviation, which operates commercial airports, airline operations and leases aircraft; Stobart Rail, which delivers internal and external civil engineering development projects; Stobart Investments, which holds a non-controlling interest in a transport and distribution business; and Stobart Infrastructure, which focuses on management, development and realization of property assets and investments in biomass energy plants.
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