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INCH your way above the 450 marker, looks solid to me.
Deutsche Bank Reaffirms Buy Rating on Inchcape (INCH) December 14th, 2012 - 0 comments - Filed Under - by Tyrone Williams Filed Under: Analyst Articles - UK - Stock Market Inchcape (LON: INCH)‘s stock had its “buy” rating reiterated by investment analysts at Deutsche Bank in a note issued to investors on Friday. Shares of Inchcape opened at 437.10 on Friday. Inchcape has a one year low of GBX 276.20 and a one year high of GBX 452.10. The company’s market cap is £2.011 billion. A number of other analysts have also recently weighed in on INCH. Analysts at Exane BNP Paribas reiterated an “outperform” rating on shares of Inchcape in a research note to investors on Tuesday, November 27th. They now have a $7.21 price target on the stock. Separately, analysts at Investec reiterated a “buy” rating on shares of Inchcape in a research note to investors on Monday, November 26th. They now have a $8.02 price target on the stock. Finally, analysts at Nomura reiterated a “neutral” rating on shares of Inchcape in a research note to investors on Thursday, November 22nd. They now have a $7.02 price target on the stock. Inchcape plc is an automotive retailer and distributor. As December 31, 2011, the Company operated in 26 markets, of which it operated as distributor in 22 of these, with retail only operations in the United Kingdom, Poland, Russia and China. http://www.dailypolitical.com/finance/stock-market/deutsche-bank-reaffirms-buy-rating-on-inchcape-inch.htm
Inchcape: Deutsche Bank raises target price from 480p to 515p and retains a buy rating.
INCH INCHCAPE 14 Dec Inchcape PLC INCH Deutsche Bank Buy 0.00 437.00 480.00 515.00 Retains SP Target 515p
Inchcape: UBS starts with a target price of 515p and a buy recommendation.
The full note...... Consumer, Cyclical Inchcape (INCH.L) Catriona O'Grady...........+44-20-7567 2892 Analyst catriona.o-grady@ubs.com Alex Hugh, CFA.............. +44-20-7567 5816 Analyst alexander.hugh@ubs.com Price (07 Dec 2012)..............436p/US$6.98 12-month rating..... Prior: Not Rated => Buy 12m price target...........- => 515p/US$8.26 Market cap...................£2.02bn/US$3.23bn Full-Year EPS 2012E................................................ 39.00p 2013E................................................ 42.18p <b>Getting into gear Initiate coverage with a Buy rating and 515p price target Inchcape is a leading global automotive distributor and retailer. It operates in 26 markets</b>, carrying out distribution activities in 22 and retail in four. Inchcape holds a premium weighted brand portfolio with six brands accounting for 90% of profits. We estimate APAC/emerging m.arkets will generate 70% of FY 12 EBIT. Structural attractions set to continue Inchcape offers exposure to three areas of structural growth: 1) We expect an increase in car penetration in Inchcape’s emerging markets, where current rates are 26% below global averages; 2) We forecast further premiumisation with 79% growth in premium sales across Inchcape’s emerging markets by 2019E; 3) We have dissected Inchcape’s revenue streams and believe aftersales is the most defensive and highest margin activity. We see it growing to 19% o.f sales and 54% of gross profit by 2016 as emerging markets car parcs’ grow and mature. Singapore and the UK offer cyclical upside Some 35% of the Singaporean car parc is 6-8 years old and will likely be replaced in the next two to four years – in line with the 10-year Certificate of Entitlement (COE) cycle. We see a recovery in 2014 with 18% like-for-like (LFL) growth forecast for South Asia. We estimate a return to peak revenues for the UK gives 12% potential upside to group EBIT, although this is a m.edium-term story. Valuation: 515p price target based on a blend of PE, EV/EBIT and SOTP Inchcape trades on 10.4x 2013E PE and 6.9x EV/EBIT, both below 10-year averages of 11x and 7.4x, respectively. Our sum-of-the-parts (SOTP) valuation implies a fair value of 526p. We calculate Inchcape delivers a 27% cross-cycle conversion ratio, attractive returns and is cash positive. We initiate with a Buy. - European Morning Meeting Highlights 11 December 2012 UBS
11 Dec Inchcape PLC INCH UBS Buy 0.00 436.50 - 515.00 Initiates/Starts Starts coverage with a 515p SP TARGET.
I'm happy with the profit I've made here and can't see this heading much further north in the foreseeable. Looking to stick the funds to boost my holdings in PINN or PCI - 2 hideously undervalued companies which should see a big correction in 2013 - just need to decide which basket to load!
UK Car Sales up again in November (2012) December 6, 2012 By Cars UK The Society of Motor Manufacturers and Traders has revealed that new car sales grew again in the UK in November – up by 11.3 per cent. At some point, new car sales in the UK must surely start to ease as the economic pressure bite, but so far in 2012 we’ve had an inexorable rise in numbers. The latest figures for November show new car sales (well, to be precise, new car registrations – which include Pre-Reg cars) up by an impressive 11.3 per cent, following on from a rise of 12.1 per cent in October, with private buyers driving sales rather than fleet. It also looks like Ford has been pushing the new Focus hard (or they’ve finally got supply up to speed) as the Ford Focus grabbed the top sales spot for November, narrowly beating the Fiesta in to second place by just 12 sales. The rise and rise of the UK car market also sees the UK overtaking France as the second biggest new car market in Europe, behind Germany, as the Euro zone car markets contract as Europe’s economies are in an even bigger mess than the UK’s. Paul Everitt, SMMT boss, said: New car registrations rose 11.3% in November, positioning the UK new car market as the second largest in Europe. The upward trend has been driven by private retail customers. The outlook for 2013 remains challenging, but vehicle manufacturers and their dealers will continue to work hard to attract motorists to their showrooms and deliver outstanding value. The SMMT says the UK new car market has grown to 1,921,052 cars so far in 2012, up by 5.4 per cent on 2011. Top Selling Cars November 2012 1.Ford Focus 2.Ford Fiesta 3.Vauxhall Corsa 4.Volkswagen Golf 5.Vauxhall Astra 6.Nissan Qashqai 7.BMW 3 Series 8.BMW 1 Series 9.Mercedes C Class 10.MINI Read more: http://www.carsuk.net/uk-car-sales-up-again-in-november-2012/#ixzz2EI18KoES
INCH Inchcape. Chart breakout and new 52 week high for INCH http://mycharts1.webs.com/Inchcape%208.JPG Looking for 500p SP going into the new year 2013.
Extract form a large broker note from Deutsche Bank refering to stocks to watch 2013........ Deutsche Bank Markets Research Europe Periodical European Daily Focus Tuesday, 4th December 2012 European Equity Strategy 2013 Outlook: Pro Cyclicals Companies Mentioned Telecom Italia (TLIT.MI),EUR0.7 Buy Price Target EUR1.24 Intesa SanPaolo (ISP.MI),EUR1.31 Buy Price Target EUR1.6 AXA (AXAF.PA),EUR12.67 Buy Price Target EUR14.3 Adecco (ADEN.VX),CHF45.82 Buy Price Target CHF54 JCDecaux (JCDX.PA),EUR17.35 Buy Price Target EUR25 Hunting (HTG.L),GBp806.5 Buy Price Target GBp1050 BASF (BASFn.DE),EUR69.47 Buy Price Target EUR76 SKF (SKFb.ST),SEK159.2 Buy Price Target SEK165 Saint Gobain (SGOB.PA),EUR30.68 Buy Price Target EUR33.5 Inchcape (INCH.L),GBp429.1 Buy Price Target GBp480 We are positive on the outlook for equities due to an expected rebound in global growth to 3.5% in 2013, led by US growth of 2.5%. In the euro area we expect the pace of deleveraging to slow, the credit impulse to rebound, and demand to surprise positively in H1 2013. We expect the stronger GDP growth to improve the fiscal outlook, and for euro area CDS spreads to tighten. Three factors that could cause the cycle to turn are 1) an easing in balance sheet pressures related to the 2011 stress test targets, 2) a slowing in the pace of destocking in the euro area, and 3) a pick-up in global growth. In 2012 US household spending was strong, particularly on durable goods and residential investment. If resolution of the fiscal cliff causes policy uncertainty to decline, we expect business capex growth to follow suit. In EM we expect growth to pick-up after 18 months of adjustment, and for the recovery to regain traction as credit growth stabilizes, led by China. We expect global growth of 3.5% to drive EPS growth of 6% for the Stoxx 600, and for the decline in euro area sovereign risks to cause the market to re-rate to 12.5x forward earnings. We expect the Stoxx 600 to rise to 315 by end-2013, and to 340 by end-2014. Against this backdrop we believe we should continue to buy cyclicals. The 18% outperformance of cyclicals relative to defensives since our 2012 outlook note could be just the appetizer. The global cyclicals will clearly benefit from a return to 3.5% global GDP growth and domestic cyclicals should re-rate on the back of a growth surprise in the Euroarea which might involve a recovery in both business capex and consumer spending. A recovery in capex should benefit the revenues of the receivers and enhance the growth outlook of the spenders. In the next leg of the cyclical rally we need to put away those ideas that capex is bad. We recommend overweights in banks, insurance, telecom, chemicals, media and construction, and underweights in food & beverages. We prefer value over growth and like the Italian market relative to the Swiss market. Our 2013 strategy picks are Telecom Italia, Intesa S
That's all I want and I will hit the trigger! Come on Inch you can do it!
keeps hitting the buffers in the 420s - need to push on through that into a new range
I know that a share save plan matured today so that may account for it.
Some strange trades going through this morning - who can crack the code?!
Demand for new vehicles remained strong in Australia with industry growth of 7% in the third quarter. Otherwise trading conditions remained challenging at its Russia and Emerging Markets segment, with competitive pressure on new car margin. "Given our revenue, operating profit and cash performance in the first nine months of the year, we are well positioned to deliver a robust financial performance in 2012," the group said in a statement.
International car dealer Inchcape delivered an upbeat third quarter update, despite market headwinds, and said it expects the robust performance to continue for the rest of the year. Revenue in the third quarter rose 4% to £1.518bn at actual currency and rose 6.8% at constant currency compared to the same period last year. Like-for-like (LFL) revenue increased by 3.2% at actual currency and 6.1% at constant currency. Total revenue for the nine months to September 30th 2012 rose 5.4% to £4.626bn while LFL revenue increased 5.6% at actual currency. Demand for its new cars was strong and in line with company expectations following strong demand in the premium and luxury markets. Meanwhile its used car business and aftersales activities, which represent 60% of the group's gross profit, performed well, it said. Across its main regions UK sales were boosted by demand in the premium and luxury segments while its used cars and aftersales activities performed well. Its European businesses delivered what it called a resilient performance in a challenging trading environment while in Asia, it recorded a strong performance in Hong Kong and Singapore. However it remains cautious regarding new vehicle margin given the increased level of competitive activities and the strength of the Japanese yen, it said.
Inchcape: Panmure Gordon keeps hold rating and 430p target.
BROKERS REMAIN BULLISH ON INCHCAPE 06 September 2012 Espirito Santo Execution Noble reiterates its BUY recommendation for Inchcape with a target price of 460p. 07 September 2012 Panmure Gordon reiterates its BUY recommendation for Inchcape with a target price of 430p. 12 September 2012 Exane BNP Paribas reiterates its Outperform rating for Inchcape with a target price of 450p. P.S. Here's some links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=256596&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=255276&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=257550&mode=2
RESEARCH ALERT-Citigroup cuts Hennes & Mauritz, Inchcape to neutral 30 Aug 2012 - 10:09 Aug 30 (Reuters) - : * Citigroup cuts Hennes & Mauritz <HMb.ST> Inchcape Plc <INCH.L> to neutral from buy For a summary of rating actions and price target changes on European companies: Reuters Eikon users, click on [RCH/EUROPE] Reuters 3000Xtra users, double-click [RCH/EUROPE] Reuters Station users, click .1580 ((Bangalore Equities Newsdesk +91 80 4135 5800; within U.S. +1 646 223 8780))
Inchcape's Chief Executive Andre Lacroix noted that the first quarter was "ahead of expectations" so by implication, the second quarter was not. The market clearly has some concerns, at 09:39 the stock had fallen 3.4%.
International car dealer Inchcape has reported a rise in profits for the half year while issuing a warning on continuing weakness in Europe and slowing growth in emerging markets. The group, which operates in 26 countries, reported sales of £3.1bn for the six months to the end of June versus £2.9bn at the same point last year. Profits before tax have come in at £134.2m, up 5.8% in actual currency terms on the previous year. Those solid numbers have allowed the firm to announce an interim dividend of 4p per share against 3.6p last year. So far so good, but things are not quite as rosy as they appear from the bald numbers. Given how well Inchcape has done, its outlook statement is very cautious. The group says it expects demand in Europe to remain weak, with no improvement in trading conditions in the short term. In Asia Pacific and emerging markets, which produce over two-thirds of profits, the group expects growth to slow as customers become concerned about the global economy. There is already some evidence of this. For the emerging markets division as a whole, trading profit fell 2.2% to £24.6m between January and June. It seems this was due to a poor second half which saw weakening demand in places like Russia and the Baltics.
So let me try and understand this? Cracking half year statement, Cracking Profit, Uplift in dividend payment and down goes the price? I really do not understand shares????
Inch up a bit, seems to have stalled a bit.
CAR DEALERS DEFY DOWNTURN WITH GROWING SALES Britons came out in force to buy new cars in the first quarter, according to figures from top dealers, the latest signal that car sales are resilient in the face of a return to recession for the broader economy. Inchcape Plc -- which has 128 franchised retail centres in the UK -- said like-for-like revenue in the country rose 4.9 percent, boosted by strong sales of cars in the premium and luxury segments. "What's driving the new car performance is prestige. People who have got a job and feel stable will buy cars at the moment because the cost of financing is very low," Panmure Gordon analyst Mike Allen said. New car sales for the first three months of 2012 rose 0.9 percent across the UK, industry data revealed last month. That trend seemed to have strengthened in April with car sales rising 3.3 percent in the month, the data showed, even though the UK economy slipped back into recession in the first quarter. Inchcape said it expected to deliver a "solid trading performance" in 2012 on the back of strong growth for high-end cars in the Asia-Pacific and emerging markets and continued market-share gains from luxury brands in the UK. Source: http://uk.reuters.com/article/2012/05/10/uk-inchcape-results-idUKBRE8490NG20120510 P.S. Here's a couple of links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?threadid=252803 http://www.euroinvestor.com/community/discussionthread.aspx?threadid=253089