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Mar 19 2019, 14:25 GMT
Applegreen has delivered another year of 20% EBITDA growth and despite UK macro headwinds, estimates currently look well underpinned for 2019 and 2020. The company also has €50m (est.) scope for incremental capex/M&A through this year, while the UK PFS (petrol filling station) and hotel portfolios provide additional optionality to fund growth should the opportunities arise. The stock is trading on 17.6x 2019 and 14.9x 2020 P/E. We retain our ‘Outperform’ rating.