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Aug 27 2020, 07:20 IST/BST
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”.
Aug 27 2020, 07:20 IST/BST