DAVY VIEW

We will publish new estimates in due course as there is huge uncertainty over passenger numbers, notably with the quarantines in place. It may be a lost year; it may not be – the cruise ferry (W.B. Yeats) has moved to the French route for the summer as France opens up. What we can interpret from the statement is that we expect limited, if any, cash burn at the operating level and the balance sheet ex-exceptionals (return of deposits) is unlikely to be worse at year-end than end-2019. This would be a great result, leaving ICG as a key European infrastructure investment play. We reiterate our ‘Outperform’ rating.