National Express Group (NEX)

Down
Share Price:
299.40p
Market Cap:
1,838.57m
Change Today:
-14.00p
Sector:
Tourism and Leisure Services

Berenberg raises target price on National Express

By Iain Gilbert

Date: Thursday 11 Feb 2021

LONDON (ShareCast) - (Sharecast News) - Analysts at Berenberg raised their target price on transportation outfit National Express from 280.0p to 360.0p on Thursday, stating the group still had "more mileage left to cover".
Following the extension of government lockdowns into the early part of 2021, Berenberg reduced its earnings estimates for National Express in 2021. However, the analysts stated that crucially, its 2022 forecasts remained "largely unchanged".

Berenberg, which reiterated its 'buy' rating on the stock, stated National Express was "far more resilient" than many other travel firm's, with just over 50% of revenues generated from very fragment contracts with high levels of visibility, and thinks the company will experience "one of the fastest bounce backs in the travel sector" given its high exposure to domestic travel.

"Just over half of the company's revenues are contracted, meaning that it does not take passenger revenue risk," said Berenberg, which thinks the fact that National Express remained EBITDA-positive even in the second quarter of 2020 was a testament to its diversified business.

The German bank added that while the short-term focus was understandably on the recovery curve, it believes National Express still has a number of "attractive opportunities" to continue growing its business over the medium term, including growing its North America school bus operations, winning further urban bus contracts in Morocco and achieving its ambition to double revenues in its North American shuttle services unit.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

NEX Market Data

Currency UK Pounds
Price 299.40p
Change Today -14.00p
52 Week High 328.20p
52 Week Low 114.10p
Volume 1,321,865
Shares Issued 614.09m
Market Cap 1,838.57m

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What The Brokers Say

Strong Buy 9
Buy 0
Neutral 1
Sell 0
Strong Sell 0
Total 10
strong_buy
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