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UBS starts coverage of Inchcape at 'buy'
(Sharecast News) - UBS initiated coverage of Inchcape on Thursday with a 'buy' rating and 920p price target, saying it sees 40% upside potential. The bank said car dealership Inchcape has a strong, intact, value proposition for automotive OEMs, with a diversified country and brand portfolio that offers "resilience in challenging conditions".
UBS said its unique new dataset shows that volumes have steadily outperformed end-markets over the long term, and in the short term look on track to deliver a required reacceleration in the second half of 2025.
"Despite challenging auto markets, we expect Inchcape to achieve steady market-share gains, stable margins and strong cash conversion - which results in a forecast +5% FY'25-29 estimated profit compound annual growth rate and a sustainable circa 10% cash return per annum," UBS said.
"However, 12 months of de-rating has left Inchcape on less than 8x price-to-earnings, pricing in ongoing earnings declines."
At 1240 BST, the shares were up 4.2% at 690.50p.
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