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Prices & Quotes - UK Markets - Ibstock (IBST)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Down 227.60p
Change Today:
-6.40p
Market Cap:
932.16m
Sector:
Construction & Materials

Canaccord lowers target price on Ibstock

By Iain Gilbert

Date: Friday 07 Aug 2020

LONDON (ShareCast) - (Sharecast News) - Analysts at Canaccord Genuity lowered their target price on brick maker Ibstock from 213.0p to 186.0p on Friday, stating it was still waiting for operational leverage to the upside.
While Canaccord said Ibstock's first-half results "were very weak", with an 85% fall in underlying earnings, it also said it was "not hugely surprised" by the fall in profits given operational leverage within the group and the number of sales lost during Covid-19-related shutdown in the second quarter.

On a more positive note, the Canadian broker noted it was "comforting" to see that net debt had fallen during the second quarter as cash flow started to improve and sales returned.

"Management has proactively restructured operations, including the closure or mothballing of three sites which reduces the fixed cost base by circa 20m and supports group margin recovery over the medium term to levels seen in recent years," said the analysts.

However, with sales expected to continue recovering, the analysts highlighted that Ibstock should now benefit from operational leverage on the upside.

"We expect a sharp recovery in EBITDA in the second half, albeit dampened by the fact that not all plants will be operating at maximum efficiency or capacity," said Canaccord.

Canaccord, which reiterated its 'hold' rating on the firm, added: "The investment case from here essentially hinges on what revenue recovers to in 2021 and how much operational leverage the group benefits from next year. While we expect recovery into 2021, we do not expect the group to reach EBITDA levels close to those seen until 2022"

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Ibstock Market Data

Currency UK Pounds
Price 227.60p
Change Today -6.40p
52 Week High 242.40p
52 Week Low 143.10p
Volume 350,673
Shares Issued 409.56m
Market Cap 932.16m

Performance Indicators

Compare performance with the sector and the market.

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Value
market
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Price Trend
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Income
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Growth
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Price Chg 6m
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P/E
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PEG
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Dividend Yield
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EPS Growth
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Operating Margin
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sector
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What The Brokers Say

Strong Buy 4
Buy 0
Neutral 7
Sell 0
Strong Sell 0
Total 11
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Ibstock Dividends

  Latest Previous
  Final Special
Ex-Div 15-Apr-21 15-Aug-19
Paid 14-May-21 20-Sep-19
Amount 1.60p 5.00p

Trades for 15-Jun-2021

Time Volume / Share Price
09:55 43 @ 227.99p
09:50 500 @ 227.89p
09:49 275 @ 227.60p
09:49 225 @ 227.60p
09:49 151 @ 227.60p

Ibstock Key Personnel

Chair Jonathan C Nicholls
CEO Joe Hudson
CFO Chris McLeish