Proactiveinvestors United Kingdom Inchcape https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Inchcape RSS feed en Mon, 20 May 2019 13:28:03 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Directorate Change ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190510070006_14069044/ Fri, 10 May 2019 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190510070006_14069044/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190503154723_14063102/ Fri, 03 May 2019 15:47:23 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190503154723_14063102/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190501153552_14059873/ Wed, 01 May 2019 15:35:52 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190501153552_14059873/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190430161720_14057942/ Tue, 30 Apr 2019 16:17:20 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190430161720_14057942/ <![CDATA[News - Inchcape drives higher as Jefferies International starts coverage with a ‘buy’ rating and 845p target price ]]> https://www.proactiveinvestors.co.uk/companies/news/219363/inchcape-drives-higher-as-jefferies-international-starts-coverage-with-a-buy-rating-and-845p-target-price-219363.html Jefferies International gave a lift to shares in Inchcape PLC (LON:INCH) on Tuesday as it started coverage on the international car dealership group with a ‘buy’ rating and 845p target price, offering around 35% upside potential.

In a note to clients, analysts at the US broker said: “Inchcape's low valuation does not represent its repositioned business, strong cash flow and potential for upgrades, in our view.”

READ: Inchcape full-year profit drops as sales hit by stricter emissions rules, challenging retail market

They added: “After a period of estimate resetting we now expect Inchcape to positively re-rate from depressed valuation multiples (9.4% free cash flow yield; 10.3x PE; 5.7x EV/EBITDA; 4.4% dividend yield).”

Jefferies' analysts said they expect that the FTSE 250-listed firm will apply material surplus cash flow to M&A or share buy backs which could drive upgrades.

They pointed out that Inchcape now proactively seeks M&A targets and has completed eight distribution deals and two distribution acquisitions in the last few years.

The analysts added: “We estimate £0.9bn-£1.0bn of cumulative acquisition or share buyback firepower is possible over the next three years (end FY21E, assuming 1x net debt/EBITDA), with implied 23% (M&A) to 48% (buy back) EPS accretion.”

In late morning trading, Inchcape shares were 0.3% higher at 617p.

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Tue, 30 Apr 2019 11:52:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219363/inchcape-drives-higher-as-jefferies-international-starts-coverage-with-a-buy-rating-and-845p-target-price-219363.html
<![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190429161432_14056018/ Mon, 29 Apr 2019 16:14:32 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190429161432_14056018/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190426122105_14053843/ Fri, 26 Apr 2019 12:21:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190426122105_14053843/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190415151311_14041690/ Mon, 15 Apr 2019 15:13:11 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190415151311_14041690/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190415150840_14041682/ Mon, 15 Apr 2019 15:08:40 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190415150840_14041682/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190403150122_14027750/ Wed, 03 Apr 2019 15:01:22 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190403150122_14027750/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190327155408_14018310/ Wed, 27 Mar 2019 15:54:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190327155408_14018310/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190325155904_14014834/ Mon, 25 Mar 2019 15:59:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190325155904_14014834/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190307134314_13994404/ Thu, 07 Mar 2019 13:43:14 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190307134314_13994404/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190306154701_13992835/ Wed, 06 Mar 2019 15:47:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190306154701_13992835/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190305162550_13991176/ Tue, 05 Mar 2019 16:25:50 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190305162550_13991176/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190304161502_13989570/ Mon, 04 Mar 2019 16:15:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190304161502_13989570/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190304152928_13989516/ Mon, 04 Mar 2019 15:29:28 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190304152928_13989516/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190304152610_13989511/ Mon, 04 Mar 2019 15:26:10 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190304152610_13989511/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190304152448_13989508/ Mon, 04 Mar 2019 15:24:48 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190304152448_13989508/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190301155402_13987859/ Fri, 01 Mar 2019 15:54:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190301155402_13987859/ <![CDATA[RNS press release - Directorate Change ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190228181626_13986186/ Thu, 28 Feb 2019 18:16:26 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190228181626_13986186/ <![CDATA[News - Inchcape full-year profit drops as sales hit by stricter emissions rules, challenging retail market ]]> https://www.proactiveinvestors.co.uk/companies/news/215487/inchcape-full-year-profit-drops-as-sales-hit-by-stricter-emissions-rules-challenging-retail-market-215487.html Inchcape PLC (LON:INCH) saw its full-year profit drop as the international car dealership chain saw sales hit by stricter emissions rules and a challenging retail market.

The FTSE 250-listed company reported a 2.6% fall in pre-exceptional pre-tax profit on a constant currency basis to £356.8mln for the year ended 31 December 2018, down from £381.6mln a year earlier as its operating margin declined to 4.2% from 4.5% in 2017.

READ: Inchcape third-quarter revenue flat, with rise in car distribution revenue balanced by fall in retail revenue

The firm saw its full-year reported revenue rise 5.8% on a constant currency basis to £9.277bn, up from £8.953bn a year earlier.

Inchcape also reported good free cash flow conversion, generating £281mln, compared to £314mln in 2017.

Stefan Bomhard, Inchcape’s group CEO commented: “Margins in our Retail channel came under further pressure due to the continued UK market supply and demand imbalance, the incremental impact of the new Worldwide Harmonised Light Vehicle Testing Procedure (WLTP) regulation, and a slowing Australia market.”

He added: “Given the continuation of the market trends that we discussed at the Q3 trading update, we expect a resilient performance in 2019 before the impact of a meaningful transactional currency headwind.”

The group maintained its total dividend at 26.8p per share for 2018.

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Thu, 28 Feb 2019 07:50:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215487/inchcape-full-year-profit-drops-as-sales-hit-by-stricter-emissions-rules-challenging-retail-market-215487.html
<![CDATA[RNS press release - Final Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190228070008_13984420/ Thu, 28 Feb 2019 07:00:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190228070008_13984420/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190201120004_13955623/ Fri, 01 Feb 2019 12:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190201120004_13955623/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190201115902_13955615/ Fri, 01 Feb 2019 11:59:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190201115902_13955615/ <![CDATA[RNS press release - Notice of Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190117070005_13937378/ Thu, 17 Jan 2019 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20190117070005_13937378/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20181211155857_13899828/ Tue, 11 Dec 2018 15:58:57 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20181211155857_13899828/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20181203144158_13889430/ Mon, 03 Dec 2018 14:41:58 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20181203144158_13889430/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20181203143615_13889419/ Mon, 03 Dec 2018 14:36:15 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20181203143615_13889419/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20181203143202_13889412/ Mon, 03 Dec 2018 14:32:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20181203143202_13889412/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20181127125551_13882210/ Tue, 27 Nov 2018 12:55:51 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20181127125551_13882210/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20181127125401_13882207/ Tue, 27 Nov 2018 12:54:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20181127125401_13882207/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20181122161651_13877661/ Thu, 22 Nov 2018 16:16:51 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20181122161651_13877661/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20181119155154_13872410/ Mon, 19 Nov 2018 15:51:54 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20181119155154_13872410/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20181116143923_13870566/ Fri, 16 Nov 2018 14:39:23 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20181116143923_13870566/ <![CDATA[News - Inchcape third-quarter revenue flat, with rise in car distribution revenue balanced by fall in retail revenue ]]> https://www.proactiveinvestors.co.uk/companies/news/208827/inchcape-third-quarter-revenue-flat-with-rise-in-car-distribution-revenue-balanced-by-fall-in-retail-revenue-208827.html Inchcape PLC (LON:INCH) said its group revenue was flat in the third quarter with an increase in car distribution revenue balanced by a decline in revenue from its car retail business.

In a trading update for the three months to September 30, the FTSE 250-listed firm said group revenue was £2.28bn in the period, unchanged year-on-year at actual currency but up 2% at constant currency.

READ: Inchcape motors higher after double upgrade from Barclays

It added that Distribution revenue was up by 1% at actual currency and rose 3% at constant currency, while Retail revenue fell 1% at actual currency but was up 1% at constant currency.

The firm said margin pressure eased in Britain and Australia at a slower-than-anticipated pace.

Stefan Bomhard, Inchcape’s group CEO commented: "Our revenue performance over the third quarter has been stable in the prior year, with trends consistent with our comments throughout the year.  Margin pressure in our Retail businesses also persisted.”

He added: “Given trading over the quarter we now expect a resilient constant currency profit performance for 2018. We anticipate some easing of the current market pressures in 2019, although current spot rates suggest that there will be a transactional currency headwind in Australasia over the year.”

In mid-morning trading, Inchcape shares were 2.9% higher at 575p.

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Thu, 08 Nov 2018 09:55:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/208827/inchcape-third-quarter-revenue-flat-with-rise-in-car-distribution-revenue-balanced-by-fall-in-retail-revenue-208827.html
<![CDATA[RNS press release - Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20181108070004_13859247/ Thu, 08 Nov 2018 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20181108070004_13859247/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20181107143546_13858880/ Wed, 07 Nov 2018 14:35:46 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20181107143546_13858880/ <![CDATA[News - Inchcape motors higher after double upgrade from Barclays ]]> https://www.proactiveinvestors.co.uk/companies/news/208222/inchcape-motors-higher-after-double-upgrade-from-barclays-208222.html Now might be a good time for car and car parts distributor and retailer Inchcape PLC (LON:INCH) shares, suggested Barclays.

The bank issued a research note in which it went to ‘overweight’ from ‘underweight’ without passing “Go” or bothering with a spell with a neutral rating.

READ: Inchcape shares in reverse gear after broker starts coverage of car retailer with a negative call

It has not taken long for the British bank to change its view; it initiated coverage at the beginning of February with a slightly bearish note and that has proven to be the right call, with the shares falling from 724p at the end of January to 586p last night; the shares were up 38p this morning after the Barclays double-upgrade.

“Inchcape now trades much below what we calculate to be its intrinsic value,” Barclays asserted.

During the bull cycle, investors tend to think of Inchcape as a distributor, with a high return on invested capital (ROIC), low capital expenditure commitments and strong free cash flow, and accord the stock a high-earnings multiple.

“This was the cycle until July 2018. During the bearish cycle, investors tend to group Inchcape with cyclical and low-multiple auto OEMs [original equipment manufacturers]. This is the part of the cycle we are in now,” Barclays said.

“Even at our below-consensus and highly conservative numbers, we expect Inchcape to generate 14% ROIC and 17% ROE [return on equity], arguing for 1.7x P/B [price/book value] (vs. 1.3x currently),” Barclays said, as it explained the reasoning behind its 700p price target.

Inchcape has bought two businesses in the last couple of years but Barclays said it would now be better off using its war chest to buy back its own shares.

It thinks management can buy back shares worth £200mln a year and still keep net debt below annual underlying earnings (EBITDA).

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Wed, 31 Oct 2018 10:06:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/208222/inchcape-motors-higher-after-double-upgrade-from-barclays-208222.html
<![CDATA[RNS press release - Director Declaration ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20181024115832_13840893/ Wed, 24 Oct 2018 11:58:32 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20181024115832_13840893/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20181008131200_13820383/ Mon, 08 Oct 2018 13:12:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20181008131200_13820383/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20180927090308_13806807/ Thu, 27 Sep 2018 09:03:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20180927090308_13806807/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20180924155340_13802511/ Mon, 24 Sep 2018 15:53:40 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20180924155340_13802511/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20180917161345_13793691/ Mon, 17 Sep 2018 16:13:45 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20180917161345_13793691/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20180829155212_13771905/ Wed, 29 Aug 2018 15:52:12 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20180829155212_13771905/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20180829092448_13771160/ Wed, 29 Aug 2018 09:24:48 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20180829092448_13771160/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20180822093803_13764373/ Wed, 22 Aug 2018 09:38:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20180822093803_13764373/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20180801130441_13740008/ Wed, 01 Aug 2018 13:04:41 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20180801130441_13740008/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20180801130354_13740006/ Wed, 01 Aug 2018 13:03:54 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20180801130354_13740006/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20180801130049_13740002/ Wed, 01 Aug 2018 13:00:49 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3206/LSE20180801130049_13740002/