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Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

<p>Wincanton offers equity holders a mixture of growth and returns well in excess of the prospects implied by its discounted valuation. We forecast three-year 3.0% operating profit growth and 8.6% EPS growth, strong cash generation, a 3.5% yield and low leverage at 0.5x net debt to EBITDA. The fact that, despite its strong outlook, the stock is trading at a 25% discount to its peers is a reflection of its large pension deficit and the fact that investor sentiment is yet to fully recover after its difficult period. In our view, this provides investors with an opportunity to enter the stock before it re-rates. There is 28.5% upside to our fair value of 329p.</p>

Wincanton offers equity holders a mixture of growth and returns well in excess of the prospects implied by its discounted valuation. We forecast three-year 3.0% operating profit growth and 8.6% EPS growth, strong cash generation, a 3.5% yield and low leverage at 0.5x net debt to EBITDA. The fact that, despite its strong outlook, the stock is trading at a 25% discount to its peers is a reflection of its large pension deficit and the fact that investor sentiment is yet to fully recover after its difficult period. In our view, this provides investors with an opportunity to enter the stock before it re-rates. There is 28.5% upside to our fair value of 329p.

United Kingdom

Wincanton plc provides a variety of consumer and industrial logistics services. The Group's business consists of the operation, design and procurement of automated warehouses and storage systems.  Wincanton also provides fleet management services, which encompass the planning, operation and maintenance of customer distribution networks and vehicle fleets.

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Wincanton PLC (WIN LN)

Motoring ahead

Wincanton offers equity holders a mixture of growth and returns well in excess of the prospects implied by its discounted valuation. We forecast...

Edison Investment Research

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