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May 19 2020, 07:10 IST/BST
DCC
Trading robustly during peak lockdown
- Sectors : Business Support Services
- Companies : DCC
DAVY VIEW
DCC has exited FY 20 with minimal debt and access to over £2bn in liquidity. It also appears to be trading better than we had expected through ‘peak’ lockdown. In contrast to many peers, it continues to close deals (two LPG bolt-ons) and has increased its dividend for the 26th consecutive year, currently yielding 2.5%. Given ongoing macro/COVID-19 uncertainty, we will prudently move our FY 21 EPS to c.315p (-15%), and FY 22 to c.355p (-5%). A conference call will take place at 09.00 UK time.
