Irish Continental Grp

Managing through the crisis

  • Sectors : Transport Services
  • Companies : Irish Continental Grp

Ratings and price correct at time of issue.

  • Irish Continental Grp

    Closing Price: 327c

  • RATING 30/08/18

  • PREVIOUS RATING 19/02/18

    NEUTRAL

DAVY VIEW

The interims, like last month’s AGM, point to a strong freight and cost performance in a pandemic which has clearly seen a lost summer for tourism. We continue to see Irish Continental Group (ICG) having the balance sheet and market/strategic position to emerge a winner in its industry. ICG notes that the reduction in passenger revenue will be material, though recovering freight activity from July 1st to date is encouraging. The group remains in a strong financial position to weather this COVID-19 storm, with cash and undrawn committed lending facilities totalling €222.9m at June 30th. We are likely to maintain our forecasts – €35m EBITDA in 2020 and €5.5 price target, as pointed to in our recent report “Audentes fortuna iuvat -fortune favours the bold”.

Download full report with analyst certification and important disclosures

Aug 27 2020, 07:20 IST/BST

Download