DAVY VIEW

Unprecedented times demand unprecedented actions, and the Applegreen management team is moving aggressively to take out cost and shore up liquidity as the economic impact of COVID-19 hits. Key to navigating this crisis will be managing the swing in the group’s negative €198m working capital position as demand falls in the coming months. The group currently has access to €141.5m gross cash and the potential to draw down an additional €158m. Assuming that current severe restrictions on movement don’t extend into the summer, Applegreen is well positioned to trade through this. Our price target and forecasts are under review.