DAVY VIEW

Cpl Resources will release its full-year 2019 results on September 10th. We forecast PBT of €21.2m for the full year, with upside to this likely given the company’s July update of trending ahead of market expectations. We expect the positive net fee income (NFI) growth across both divisions seen at H1 to continue for the full year. At current levels, Cpl is trading on 8.6x FY 2020 P/E, which we view as attractive relative to the sector, particularly considering the company’s recent record on cash generation.