Nov 19 2020
Business Support Services
Recent Research
Applegreen, The work is worth the prize
Oct 9 2020
DCC, Resilient trading through Q1
Jul 17 2020
DCC, Trading robustly during peak lockdown
May 19 2020
Applegreen, When the going gets tough
Mar 27 2020
Meet your Business Support Services Research team
DCC
Energy transition – the journey has already started
We think DCC is in an excellent position with respect to energy transition. It has a >40-year corporate track record built on entrepreneurship, change and agility. It also has deep...
DCC
Diversity delivers excellent profit growth and cash flow
DCC has delivered a H1 2021 performance that would be robust in a ‘normal’ year, but we think it is astonishingly strong given the backdrop through the half. Organic profit growth was...
Applegreen
The work is worth the prize
2020 has provided clear evidence of Applegreen’s cash generative business model, exiting August with a better balance sheet than at December 2019 despite severe lockdown disruptions....
Applegreen
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...
DCC
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....
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...
