Analyst Research Report Snapshot


Charles Stanley: Northbridge Industrial Services (Add)




Charles Stanley Securities


11 Apr 2014





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Hire fleet now 3x larger than at 2009 market trough NBI's 2013 prelims showed progress across all metrics, with a small (1%) beat on our PBT forecast and a significant (9%) beat on net debt. The real story however, is the materially larger invested asset base that the company now controls combined with the £13m of potential debt firepower that could further drive this fleet. We restate our 519p target price (16% upside) and Add recommendations.

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