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Panmure Liberum hikes target price on Zigup
(Sharecast News) - Panmure Liberum hiked its target price on vehicle rental provider Zigup from 550p to 600p on Tuesday, stating the firm's interim earnings had confirmed that trading was "at the high end of consensus". It also said Zigup's H1 figures pointed to "good cashflow generation" and a strategic initiative to simplify the business in the UK and Ireland that was set to deliver incremental savings of £20m by FY28.
"We upgrade our FY26-FY28 PBT forecasts by 2%, 6% and 12% respectively and raise our target price from 550p to 600p," said Panmure Liberum, which has a 'buy' rating on the stock.
In addition, Panmure Liberum highlighted that ExCo members' interests were now aligned with investors following the implementation of an incentive plan with a hurdle rate of 521p, highlighting the potential management see across the business.
"With Zigup trading on a CY26E PE rating of 7x and offering a dividend yield of 7%, it presents a significant investment opportunity as it enters a new phase of PBT growth and cash generation," concluded Panmure Liberum.
Reporting by Iain Gilbert at Sharecast.com
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