Business Support Services

Meet your Business Support Services Research team


H1 20 results: 50%+ near-term re-rating entirely feasible

We think Applegreen’s share price has been held back by residual liquidity/capital concerns and low visibility on the earnings power of the business through H1 20 and into 2021. We think...


Resilient trading through Q1

DCC’s Q1 trading update reinforces the resilience of the business model and the benefits of diversity; two of the divisions traded behind the prior year, but two also traded ahead....


Trading robustly during peak lockdown

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...


Q3 IMS: showcasing resilience; risk/reward materially positive

DCC has delivered a robust Q3 against the backdrop of a weak UK consumer and warmer weather. We are making no changes to our EPS forecasts, evidence in our view of the group’s...

Year-end Document

2020: Irish economy stocks primed for performance

The factors that impeded the performance of stocks exposed to the fast-growing Irish economy in 2019 are now largely factored into forecasts. With valuations remaining attractive in...