Applegreen (APGN)

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Applegreen APGN Logo

A major petrol forecourt retailer with operations in the Republic of Ireland, the United Kingdom and the United States

13-Mar-2018 – 485p – £455.6m – PER 20.1

Preliminary Results For The 12 Months To End December 2017 – Revenue up 21% to €1,428.1m, Adjusted PBT up 17.7% to €24.6m, Adjusted EPS up 10.0% to 25.65c and Net Debt at €10.2m (31 December 2016: €19.4m). Grew estate by 99 sites to 342 sites and the Final Dividend will be 0.80c total for the year of 1.40c.

There’s quite a lot to like here, my concern is can it really grow. For that reason I will remain Neutral for now and keep an eye out for updates.

21-Sep-2018 – 538p – £495.2m – PER 20.3

Interim Results For The 6 Months To End June 2018 – Revenue up 27%, Adjusted PBT is flat, Adjusted EPS is down -12.6%, the Interim Dividend is up 5%. Confident of prospects for 2018.

Still quite a lot to like here but seems to be a problem increasing EPS anywhere in-line with increased Revenue – I remain Neutral for now.

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