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RBC Capital cuts Aggreko target after Q3 update

Wed, 16th Nov 2016 15:37

(ShareCast News) - RBC Capital Markets slashed its price target on Aggreko to 850p from 1,050p following the temporary power provider's third-quarter trading update on Wednesday, keeping its rating at 'sector perform'.The bank said it was downgrading its 2017 forecasts to reflect a weaker Argentina outcome and a tough North American oil and gas segment."Whilst we believe management is doing the right things, overcapacity remains an issue and we see limited scope for a rerating until the group can get back on the growth track."RBC said it appears headwinds into next year are greater than expected, with management's expectation for the Argentina contract outcome worse than forecast and North America oil and gas weaker as regards gas volumes and pricing pressure."More generally, there is some uncertainty remaining around rebids and with over capacity still an issue, risks remain. There may be more opportunity from procurement savings to help offset but in reality, we think they will be tough to hang on to in the current environment."The bank now expects 2017 profits to be broadly flat compared to 2016, with forex, cost savings and better utilisation in Power Projects offset by Argentina and North America.Still, on the plus side, it noted management expects full-year pre-tax profit of £225m, broadly in line with estimates, while the bad debt situation is no worse than it was in the first half.In addition, it pointed out that there has been a good level of order intake.At 1550 GMT, Aggreko shares were down 3.4% to 775p.
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8 Mar 2021 11:39

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Friday broker round-up

(Sharecast News) - Aggreko: Peel Hunt upgrades to hold with a target price of 880p.

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5 Mar 2021 08:53

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TOP NEWS: Aggreko accepts GBP2.3 billion private equity takeover offer

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5 Mar 2021 07:03

Aggreko agrees £2.3bn sale to private equity groups

(Sharecast News) - Aggreko has agreed to be bought by two private equity firms in a cash deal valuing the FTSE 250 company at £2.3bn.

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1 Mar 2021 08:54

Aggreko swings to loss but encouraged by positive momentum in new year

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LONDON BRIEFING: Booming PPE Supply Helps Bunzl Keep Dividend Growing

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1 Mar 2021 07:07

Aggreko unveils final dividend as markets recover

(Sharecast News) - Aggreko announced a final dividend as the power generator supplier said its markets were recovering after reporting an annual loss.

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22 Feb 2021 16:09

UK Earnings, Trading Statements Calendar - Next 7 Days

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BROKER RATINGS: Investec Cuts NatWest To Sell; UBS Raises Aggreko

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LONDON MARKET CLOSE: Sterling Strength Continues To Hold Back FTSE 100

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Aggreko Shares Soar On Takeover Talks With TDR Capital And I Squared

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Aggreko in takeover talks with TDR Capital, I Squared Capital

(Sharecast News) - Aggreko shares surged on Friday after the temporary power provider said it was in talks with TDR Capital and I Squared Capital about a possible cash offer at 880p a share.

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