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Berenberg lowers target price on Applegreen

Mon, 05th Oct 2020 12:43

(Sharecast News) - Analysts at Berenberg cut their target price on convenience store operator Applegreen from 630.0p to 450.0p on Monday but stated that the firm still appeared to be "better placed" than many other travel-reliant businesses.
Berenberg acknowledged that like all businesses exposed to the travel market, Applegreen had a "tough" first-half. However, despite the "significant hit" to traffic volumes at the height of the Covid-19 pandemic, the analysts highlighted that the company generated "comfortably positive" underlying earnings in the period.

Since then, with the economy reopening and individuals remaining wary of public transport, the German bank pointed out that traffic had actually increased markedly, resulting in "a swift improvement" in Applegreen's trading and financial position.

"Thus, while we acknowledge leverage may be a concern for some investors, we envisage plenty of upside as the recovery continues and net debt declines," said the analysts, who also reiterated their 'buy' rating on the stock.

"While recent restrictions may slow the pace of recovery for a few months, we anticipate trading will, in general, continue to improve. We expect core Applegreen revenue to return to its 2019 level next year."
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9 Mar 2021 14:21

IN BRIEF: Applegreen takeover scheme sanctioned by Irish High Court

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IN BRIEF: Applegreen Shareholders Approve EUR718 Million Acquisition

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10 Feb 2021 10:39

Applegreen financial plan approved for NY State Thruway lease

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10 Feb 2021 10:06

Applegreen's New York State Thruway Plan Gets Authority Approval

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19 Jan 2021 10:14

Applegreen Sets Shareholder Meetings To Approve Takeover By Blackstone

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22 Dec 2020 09:42

Applegreen Agrees EUR718 Million Takeover By Founders, Blackstone

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22 Dec 2020 08:49

LONDON MARKET OPEN: Pound Rises On Fresh Brexit Hope, Restraining FTSE

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22 Dec 2020 07:47

Applegreen to be taken private in €718m deal

(Sharecast News) - Applegreen said on Tuesday that it has agreed to be taken private by a consortium led by B&J Holdings Limited and Blackstone Infrastructure Partners in a deal that values the Irish petrol station operator at €718.1m.

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22 Dec 2020 07:46

LONDON MARKET PRE-OPEN: Applegreen Swallowed In EUR718 Million Deal

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10 Dec 2020 11:30

Applegreen Shares Rise Over Possible Offer By Consortium With Founders

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10 Dec 2020 09:41

Applegreen surges on possible €5.75 a share cash offer

(Sharecast News) - Applegreen shares surged on Thursday after the Irish petrol station operator said it was in "advanced discussions" with a consortium including B&J Holdings Limited and Blackstone Infrastructure Partners about a possible cash offer of €5.75 per share.

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5 Oct 2020 12:58

Monday broker round-up

(Sharecast News) - Experian: Morgan Stanley upgrades to overweight with a target price of 3,330.0p.

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