reports
Inchcape: 2 directors
A director at Inchcape bought 7,000 shares at 637p and the significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Cl...
- 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 dis...
- Carl Smith
- MarketLine Department
Pon Holdings B.V. - Mergers & Acquisitions (M&A), Partnerships & Allia...
Summary Marketline's Pon Holdings B.V. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Pon Holdings B.V. - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments...
- Carl Smith
- Carl Smith
Audio Note: Inchcape - Strategic progress, strong returns
In this audio note, Zeus’ Carl Smith summarises the investment case for Inchcape. Inchcape’s interim results for the period to 30 June show strong revenue and profit increases, supported by major acquisitions and robust organic growth. Listen to the audio note below, and read the full research here.
- Carl Smith
- Mike Allen
Inchcape (INCH LN) - Strategic progress, strong returns
Inchcape’s interim results for the period to 30 June show strong revenue and profit increases, supported by major acquisitions and robust organic growth. The Group’s market-leading, digital-led approach continues to drive positive trading momentum. Inchcape expect FY23 results to be at the top end of current consensus ranges, so we upgrade underlying PBT estimates by 2.8% to £500.8m and see further potential for high quality earnings growth. Trading on 9.3x FY23 earnings, we think Inchcape share...
- MarketLine Department
Pon Holdings BV - Strategy, SWOT and Corporate Finance Report
Summary Pon Holdings BV - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Pon Holdings BV (Pon Holdings) is a trading and service company based in the Netherlands. The company primarily retails passenger cars, commercial vehicles, trucks, buses, material handling, r...
- Mike Allen
- Carl Smith
- Mike Allen
Inchcape (INCH LN) - Q1 on track
Inchcape’s Q1 2023 trading statement shows a strong start to the year. The Group expects adjusted PBT for FY23 to be in line with consensus estimates (£487m), which is in line with our forecast. Trading on 9.2x FY23 earnings, with high earnings quality and strong growth prospects, we think Inchcape shares are undervalued. Our SOTP analysis suggests a value of 1,258p per share, offering 65% upside.
- Mike Allen
Video Note: Automotive Retail sector analysis
In this video note, Zeus’ Mike Allen summarises the investment case for the automotive retail sector. This report provides an updated view on the key themes facing the motor retail sector in 2023. Watch the video note below, and read the full research here.
- Carl Smith
- Mike Allen
Zeus: Automotive Retail sector analysis - April 2023
This report provides an updated view on the key themes facing the motor retail sector in 2023. On page 4 we discuss the conclusions of our July 2022 research and compare them to what happened in H2 2022. It is clear that many of the same themes (supply shortages, high inflation, sector consolidation, etc.) still apply – here we discuss how these themes have evolved.
- Mike Allen
- Carl Smith
- Mike Allen
Inchcape (INCH LN) - FY22 results, strong execution
Inchcape’s FY22 results last week came in slightly ahead of our expectations on most headline measures. The Group continues to deliver on its strategy and is generating high returns and cash conversion. Due to acquisition related outflows, the Group’s net debt balance (£377.7m, 0.6x pro-forma EBITDA) was greater than we expected (£286.1m), but still well below the Group’s stated comfortable leverage level (1.0x EBITDA). We update forecasts for guidance on higher interest cost and tax rates, whic...
- Carl Smith
- Mike Allen
Inchcape PLC (INCH LN) - FY22 results – small beat to forecasts
Inchcape’s FY22 results are ahead of Zeus forecasts on most measures, with a strong performance across all regions. Underlying trading is said to be in line with expectations, and we don’t anticipate much change to headline forecasts. We remain comfortable with our medium-term SOTP valuation estimate of 1,436p.
- Andy Hanson
- Bob Liao
- Carl Smith
- Mike Allen
- Rachel Birkett
- Robin Byde
- Robin Savage
- Mike Allen
Video Note: Inchcape - Upgrade following major deal
In this video note, Zeus’ Mike Allen summarises the investment case for Inchcape. Inchcape has announced the completion of the £1.3bn acquisition of Derco, Latin America’s largest independent automotive distributor by share of volume. Watch the video note below, and read the full research here.
- Andy Hanson
- Bob Liao
- Carl Smith
- Mike Allen
- Rachel Birkett
- Robin Byde
- Robin Savage
Zeus Top Picks for 2023
On 10 January last year, we set out our ten top stock picks for 2022, in what turned out to be a very poor twelve months for global equities, due to war, accelerating inflation, political instability and recession fears. Between 7 January 2022 and 31 December 2022, the AIM All-Share Index declined 30.0%, whilst the average performance of our ten top picks was -24.7%, a modest relative outperformance. In this note we discuss the performance of our 2022 top picks, equities trends in 2022, and our ...
- Carl Smith
- Mike Allen
Inchcape PLC (INCH LN) - Upgrade following major deal
Inchcape has announced the completion of the £1.3bn acquisition of Derco, Latin America’s largest independent automotive distributor by share of volume. The deal combines two best-in-class distributors in a fast-growing region, providing a step-change to Group revenue and adding five new OEM brand partners. We upgrade our FY23 and FY24 adjusted EPS estimates by 15.2% and 20.5%, respectively. Using our updated forecasts, SOTP analysis provides a valuation estimate of 1,436p per share (previously ...
- Mike Allen
Audio Note: Inchcape - Spotlight on Digital & Data
In this audio note, Zeus’ Mike Allen summarises the investment case for Inchcape. Inchcape held the second of its ‘In The Driving Seat’ webinars, this time focusing on how Digital & Data is supporting the Group’s growth ambitions. Listen to the audio note below, and read the full research here.
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