Wincanton (WIN)

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A leading provider of supply chain solutions in the UK and Ireland.


Trading Update – An in-line statement with expectations for the full year statement – Although there will be an exceptional charge of (net) £5m in relation to cost-saving initiatives, which will be spread over the 1st and 2nd half of next year.

9-Nov-2017 – 267.5p – £327m – PER 9.21

Results For The 6 Months Ended September 2017 – It just seems a little dull, flat and in-line, growth being minimal.

This latest update probably justifies the low PER of 9.21, which may even be a little generous.

5-Apr-2018 – 211p – £262.8m – PER 7.01

Trading Update For The 12 Months To End March 2018 – FY expected to be in-line.

I remain Neutral here as it still all seems just a little bit too dull – Typically flat and with no real obvious growth. Could be OK for the yield though.

17-May-2018 – 266p – £330.7m – PER 8.80

Preliminary Results For The 12 Months To End March 2018 – Looks slightly better than forecast.

I’m not going to change my Neutral stance here.

3-Oct-2018 – 222.5p – £277.1m – PER 6.94

Trading Update For The 6 Months To End September 2018 – In-line.

On a PER of 7 or so with annual EPS growth forecast at 3% or so, there’s an almost 5% yield for those looking for income. It’s attractive enough for the yield but I remain on the side-lines.

8-Nov-2018 – 215.p – £276.5m – PER 6.9

Results For The 6 Months To End September 2018 – Revenue flat, Underlying PBT and EPS up 7.1% and 8% respectively and the Interim Dividend is up 10.1%. Net Debt down from -£43.5m to -£24.2m. FY to be in-line.

This still looks attractive for those looking for income (an almost 5% yield) but I will remain Neutral as the growth story isn’t so tempting.

2-Apr-2019 – 232p – £288m – PER 6.9

Trading Update For The 12 Months To End March 2019 – In-line with Revenue lower than last year but Margin improved (due to exiting lo margin contracts). Net Debt circa £20m.

Perhaps attractive for the Yield (5% or so) but not sure about the growth here.

27-Jun-2019 – 267p – £333m – PER 7.7

AGM Statement – In-line.

Perhaps attractive for the yield but not so sure about there being much potential for meaningful growth – Probably reflected in the rating.

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