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Canaccord slashes target for National Express but eyes recovery in 2021-22

Tue, 03rd Nov 2020 09:29

(Sharecast News) - Analysts at Canaccord Genuity slashed their target price on shares of coach and rail operator National Express.
But they stood by their 'buy' recommendation for the stock, pointing to the group's "strong" customer relationships and historically best-in-class margins in all its businesses to back up their investment thesis, labelling the firm a "quality operator".

Neither did it have any liquidity concerns, putting it in a good position to weather the storm and the significant follow-on impact to earnings in the near-term.

Even so, with divisional revenue growth set to slow to 0-1.5%, its target price based on discounted cash flows came down from 425.0p to 255.0p.

Indeed, the company was now seen posting an operating loss in 2020, with the UK coach business, which receives no government support, set to be especially weak in the second half, albeit followed by a recovery over the next two years.

The firm's margings were also seen falling below their historical levels and the analysts assigned the company's so-called 'terminal growth' zero value.

"While the decent level of revenue support across the Group is positive, it is unlikely to prevent the Group from reporting an adjusted operating and pre-tax loss for the full year, the broker said.

"Looking further ahead, the UK and Spanish governments have recently introduced additional measures to tackle the pandemic and manage the spike in infections; therefore, we believe that social distancing measures, travel restrictions and working from home guidelines are likely to impact travel demand throughout the winter and spring of next year, and possibly beyond that.

"In North America, we also expect the challenging conditions to persist into the new year."



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2 Jun 2023 12:16

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26 May 2023 09:41

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10 May 2023 09:59

National Express to change name to Mobico in early June

(Alliance News) - National Express Group PLC on Wednesday said it will change its name to Mobico Group PLC from early June.

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10 May 2023 07:55

LONDON BRIEFING: Compass sets share buyback; Melrose ups outlook

(Alliance News) - The FTSE 100 is expected to open marginally higher on Wednesday, following positive updates from some UK blue-chip companies and ahead of a US consumer price index reading.

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10 May 2023 07:20

National Express announces name change to Mobico Group

(Sharecast News) - National Express announced its decision to change its name to Mobico Group.

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3 May 2023 14:51

UK shareholder meetings calendar - next 7 days

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19 Apr 2023 12:15

LONDON MARKET MIDDAY: Stocks falter on US hike expectations and UK CPI

(Alliance News) - London's FTSE 100 traded lower on Wednesday at midday, hurt by a stubbornly high UK inflation reading and expectations for more interest rate hikes by both the Bank of England and the US Federal Reserve.

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19 Apr 2023 08:19

National Express quarterly revenue rises; begins cost-saving programme

(Alliance News) - National Express Group PLC on Wednesday said its first quarter was in line with expectations, as it launched a productivity improvement and cost reduction programme amid concerns about continued uncertainty in the transport industry.

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19 Apr 2023 07:18

UK, German help drive rise in National Express Q1 revenue

(Sharecast News) - Transport operator National Express reported a rise in first-quarter revenues driven by an improvement in UK buses and German rail.

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6 Apr 2023 15:43

UK dividends calendar - next 7 days

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17 Mar 2023 09:32

LONDON BROKER RATINGS: UBS likes LSEG; BofA lifts Weir Group

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and Thursday:

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13 Mar 2023 07:54

LONDON BRIEFING: HSBC buys UK arm of failed Silicon Valley Bank

(Alliance News) - The FTSE 100 was called down on Monday morning, as the fall out from the collapse of Silicon Valley Bank continues, with HSBC Holdings stepping in to buy SVB's UK arm.

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9 Mar 2023 09:15

LONDON BROKER RATINGS: Liberum cuts National Express to 'sell'

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning:

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9 Mar 2023 07:12

Liberum cuts National Express to 'sell' on leverage woes

(Sharecast News) - Liberum downgraded National Express on Thursday to 'sell' from 'hold' and cut the price target to 115p from 155p as it said leverage remains its key concern.

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2 Mar 2023 16:54

LONDON MARKET CLOSE: FTSE 100 higher as CRH shines, sterling weakens

(Alliance News) - Stocks in London were largely, but tentatively, higher at the close on Thursday, with the FTSE 100 boosted by a strong performance from building materials firm CRH and a weaker pound.

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