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Analyst Research Report Snapshot


Charles Stanley: Northgate (Add)




Charles Stanley Securities


04 Dec 2013





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Encouraging interims lead to earnings upgrade We have increased our earnings for FY14 and FY15 by 3% and 4% and our price target from 425p to 480p, following the interims due to Northgate's improving earnings profile and erosion of concerns regarding Spain. The extent of the upgrades may not be that exciting, but with Northgate confirming that vehicles on hire in both the UK and Spain are now increasing following a number of years of declines, upward momentum is returning. Management's confidence was also underlined by an improvement in the interim dividend by a factor of 2.5x (dividend cover is 3.6x). We reiterate our add recommendation.

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