Updates

Wincanton - Cheaper than new issue Eddie Stobart

July 2017

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

A main write up in December ‘16 at 220p, Wincanton has already done very well but on a FY17 EV / EBITDA (the price an investor pays for the benefit of the company's cash flow) of 7x, versus 16x for Clipper Logistics (CLIG; 407p) and 14x for Eddie Stobart Logistics (ESL; 158.5p), I think there is more to come.During the month, I spoke to CEO Adrian Colman and finance director Tim Lawlor, following the release of results for the year to end March. Sales were down 1% to £1.11bn year on year but despite growth in the top line being elusive, profits rose 18% to £41.5m mainly due to the losses from the Pullman home delivery vehicle servicing contracts dropping out and a lower finance charge. Eps grew by 16% to 27.7p ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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