GB : Wincanton - In line results, dividend surprise

The results were in line with estimates that had been raised consistently and repeatedly since July last year. The pandemic impact has been offset, with the profit drop reflecting the return of furlough cash. The strong momentum in H2 has been maintained. The dividend has been restored to near pre-pandemic levels, which was unexpected. We raise our DCF-based target price to 510p from 445p. Our recommendation remains BUY.

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