May 19 2020
Business Support Services
Recent Research
Applegreen, When the going gets tough
Mar 27 2020
DCC, Q1 IMS: steady as she goes
Jul 12 2019
DCC, FY 2019: Diversity delivers
May 14 2019
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DCC
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...
DCC
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...
DCC
H1 20 results, new US Health and Beauty acquisition
DCC has reported another strong set of results, delivering both underlying organic growth and a c.8% contribution from M&A. The key highlight is the acquisition of Ion Laboratories in...
DCC
Q1 IMS: steady as she goes
DCC has delivered good operating profit growth through the first quarter. We expect to make no changes to our underlying assumptions for the group, which highlights the resilience of...
DCC
FY 2019: Diversity delivers
DCC Group has exited its 25th year of trading with double-digit growth across all four divisions and strategically important transactions in DCC LPG, DCC Technology and DCC Retail & Oil...
DCC
Opportunity knocks!
We think consistency of strategy and execution has been the key driver of DCC’s performance for the last two-and-a-half decades as a listed plc. In this report, we argue that DCC...
Applegreen
Thoughts post results and conference call
Applegreen has delivered another year of 20% EBITDA growth and despite UK macro headwinds, estimates currently look well underpinned for 2019 and 2020. The company also has €50m...
DCC
Q3 2019 IMS – ‘Defensive growth’
DCC has delivered a positive trading update for its third quarter, with each of the four divisions performing well and management comfortable with FY 2019 consensus expectations. With a...
