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JPMorgan reinstates 'overweight' rating on DCC
(Sharecast News) - JPMorgan Cazenove reinstated coverage of DCC on Thursday with an 'overweight' rating and 6,700p price target. The bank said it was positive for three reasons.
Firstly, it said the energy segment will continue to benefit from organic growth and value-add M&A, with DCC building a leading position in European B2B solar installation, which is a fast-growing market.
The bank said the goal of increasing Energy profit to £830m in FY30 is achievable, in its view.
Secondly, JPM said that Healthcare is on the cusp of a market recovery.
Finally, it said Technology profit is stabilising, driven by self-help, with portfolio optimisation optionality. "We forecast high single digit percentage earnings per share growth in FY25-26E excluding future M&A," it said.
JPM noted that DCC trades on a 30%/25% discount versus the 10-year median price-to-earnings and relative P/E, respectively.
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