I'm confused Wincanton have less than half the debt and market value of Stobbard but they make a bigger profit!

To compound my sense of confusion Wincanton are continuing to fall whilst Stobbard continue to rise!

I don't think I can resist Wincanton any longer.


What do you think?

I know the dividend might drop, but it wasn't mentioned in the trading update. If it halves it's still almost 5%.

Half year results 07 November

3 year high today @127.75p

IMS due next month - approaching a double top.

ARGOS CONTRACT WIN FOR WINCANTON

Wincanton plc ("Wincanton" or "the Group"), a leading provider of supply chain solutions in the UK and Ireland has been awarded a three-year repair and maintenance contract by Argos, one of the UK's largest High Street retailers, for its fleet of HGVs.

The contract for Wincanton's commercial vehicle specialist Pullman Fleet Services (Pullman), sees the business deploying nation-wide repair and maintenance solutions for around 1,500 vehicles and trailers, operating from seven locations spread across the UK, from Glasgow to Somerset.

A network of over 30 service centres and more than 150 mobile service vans makes Pullman the UK's largest independent provider of commercial vehicle maintenance services, a crucial factor for Argos, which has 740 stores across England, Scotland and Wales.

3 year high @146p

Trading Update

Wincanton, a leading provider of supply chain solutions in the UK & Ireland, today issues the following trading update ahead of preliminary results for the year ended 31 March 2014.

The Board is pleased to report that Wincanton continues to trade in line with expectations.

Wincanton has seen solid levels of activity from its Contract Logistics business and that the recovery in the UK construction sector, highlighted in the February Interim Management Statement, continues to be reflected in its Construction volumes. The Group's Specialist Businesses, Pullman Fleet Services and Wincanton Records Management continue to trade in line with expectations whilst volumes in the Containers business remain broadly flat.

As first announced in October 2013, the Group proposed to close the Wincanton Defined Benefit pension scheme (the 'Scheme') to future accrual. The consultation period with affected employees and their recognised representatives has now concluded, closing the Scheme to all future accrual. The vast majority of the former active members of the Scheme, approximately 7.0% of Wincanton's total workforce, have selected to participate in the Group's range of defined contribution pension arrangements going forward. Pension benefits built up to the date of closure will be preserved.

Wincanton will announce preliminary results on Thursday 5 June 2014.

Preliminary Results

Highlights

· Revenue growth of 1.1% underpinned by a strong programme of renewals and new wins delivered across all sectors
- WH Smith and Valero renewed for 3 and 5 years respectively
- Warehousing operations and transport for new market entrant Williams-Sonoma, Inc
· Underlying operating profit increased by 6.0% to £48.0m (2013: £45.3m)
· Increase in underlying margin from 4.2% to 4.4% driven by ongoing cost reduction measures across the organisation
· Future pension risk reduced with closure of defined benefit pension scheme to future accrual with effect from 31 March 2014
· Pension deficit reduced by £37.8m to £110.9m at 31 March 2014 (2013: £148.7m)
· Net debt reduced to £64.9m (2013: £107.6m). Average net debt reduced by £33m from £201m to £168m

Back above the 200ma.

Agreement of New Bank Facility


Wincanton, a leading provider of supply chain solutions in the UK and Ireland, is pleased to announce that it has refinanced its main banking facility for a further five year term through to June 2019, supporting the Group's medium term funding requirements.

The refinancing comprises a new £170 million facility with improved pricing for the Group. This facility is provided by HSBC, RBS, Barclays, Lloyds and AIB. Taking into account the Group's other financing arrangements, Wincanton has committed facilities available of £300m in total.

Interim Management Statement

Wincanton, a leading provider of supply chain solutions in the UK & Ireland, today issues the following Interim Management Statement for the period from 1 April 2014 to the date of this announcement.

The Board is pleased to report that Wincanton continues to trade in line with expectations.

As anticipated, the performance of the UK and Ireland economies has remained consistent with that experienced in the second half of the prior year. The UK construction industry continues to perform well, however in other sectors in which the group operates, despite the economic conditions being more benign, we continue to see competitive pressure in our marketplace as our customers retain a tight focus on their costs.

Within Contract Logistics, the Group has been awarded a number of new business wins including a new multichannel contract for nationwide warehouse and distribution services by Loaf.com, the UK's fastest-growing homeware company. The Group also signed a four year contract in the construction sector with Marley Eternit to distribute cladding materials and a three year contract to provide transport services to Halo Foods. In addition, the Group has signed a three year extension of our long standing partnership with Britvic to operate their automated national distribution centre. Within Specialist Businesses all businesses continue to perform in line with expectations.

On 19 June 2014, the Group announced the refinancing of its main banking facilities for a further five years through to June 2019, supporting the Group's medium term funding requirements. The refinancing comprises a new £170 million facility providing the Group with committed facilities of £300m in total.

There has been no significant change to the general financial position of the Group from that disclosed in the results announcement for the year ended 31 March 2014.

Eric Born, Chief Executive commented:

"Wincanton has traded well in the first part of the year following on from the good performance delivered in the last two years. The new business wins and renewals in the year to date show our continued ability to add significant value to our customers' logistics and supply chain operations.

We were pleased to conclude the refinancing of the Group's main bank facilities which provides a strong platform to support growth over the next five years and further extends the maturity profile of the Group's debt.

We have now developed a solid platform and will continue to progress along our path to focus on renewals, new contract wins, operational excellence and free cash flow generation to reduce our overall debt position."

WIN.WINCANTON breakout on the chart yesterday, trades on a PRESENT P/E of just 6.3 Lower fuel prices will go to bottom line.

WINCANTON BROKER VIEWS

Date Broker Recommendation Price Old target price New target price Notes
10 Nov Liberum Capital Buy 0.00 200.00 200.00 Reiterates
06 Nov JP Morgan Cazenove Overweight 0.00 170.00 201.00 Reiterates
05 Nov Investec Buy 0.00 160.00 160.00 Reiterates
05 Nov Numis Buy 0.00 185.00 185.00 Reiterates

Looking for a positive start fingers crossed after breakout yesterday.

Off to a flyer 3%+

WIN looks far to cheap to me from this Broker forecasts table for fundies.

Forward P/E of 9.2 2015 going to 8.6 2016........derd cheap.

I think earnings will increase due to low oil prices and those P/Es will fall even further.


Wincanton PLC

FORECASTS


2015 2016
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Investec Securities
07-11-14 BUY 28.00 16.63 30.10 17.97
Numis Securities Ltd
05-11-14 BUY 28.90 17.00 30.30 17.80

2015 2016
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Consensus 28.45 16.81 30.20 17.89
1 Month Change 1.66 0.50 1.42 0.28
3 Month Change 1.66 0.51 1.42 0.28

GROWTH
2014 (A) 2015 (E) 2016 (E)

Norm. EPS 8.58% 84.34% 6.39%
DPS % % %

INVESTMENT RATIOS
2014 (A) 2015 (E) 2016 (E)

EBITDA £61.10m £64.55m £66.30m
EBIT £41.40m £49.60m £51.30m
Dividend Yield 0.00% % %
Dividend Cover x x x
PER 17.05x 9.25x 8.69x
PEG 1.99f 0.11f 1.36f
Net Asset Value PS -292.00p p p

02
February
2015
Supacat
contract
win
for
Wincanton


Supacat, an innovative engineering and design company, has awarded a contract to Wincanton, a leading provider of supply chain solutions, to provide logistics support in the UK.

For over 30 years Devon-based Supacat has produced specialist vehicles for both military and civilian customers, earning a reputation as the market leader for developing all-terrain, high-mobility vehicles.

Following a significant period of growth, during which the company has won new defence sector contracts, Supacat decided to engage the expertise of a third party logistics partner to run its production warehouse operation in Dunkeswell.

“We pride ourselves on our skills, experience, dedication and focus in this most demanding of sectors and required an effective logistics partner that could help us meet these challenges,” said Nigel Down, Head of Operations at Supacat.

“We knew Wincanton to be one of the leading logistics experts in the defence sector and, after visiting their existing operations and seeing first hand their professionalism and commitment to operational excellence, it became clear that this was the ideal partner to support our own vehicle production operations.”

The first company to ever be awarded a prestigious SC21 (Supply Chains in the 21st Century) Gold Award for its defence team, Wincanton has a long and distinguished track record for delivering innovative and agile solutions to some of the sector’s leading names.

The contract will see Wincanton run the warehouse operations for Supacat’s latest production of Extenda High Mobility Transport vehicles. This activity will include receiving deliveries, running the warehouse and ensuring stock accuracy, and
taking responsibility for kitting assemblies each month to enable Supacat’s challenging production schedule during 2015 and 2016.

Chris Kingshott, Managing Director for manufacturing at Wincanton, said: “As a direct supplier to the military, Supacat has to have the highest possible standards when it comes to the quality of its products.

“Over many years supporting production activity for a wide range of defence-focused customers we have embedded those same effective principles into our own operations, and look forward to deploying industry best practice and unlocking potential to support Supacat’s continued growth.”

Preliminary Results

Trading Update

Wincanton, a leading provider of supply chain solutions in the UK & Ireland, today issues the following trading update ahead of preliminary results for the year ended 31 March 2016.

The Board is pleased to report that the trading performance of the Group, as adjusted for the disposal of Records Management, continues to be in line with expectations as set out in the Half Year results announcement released on 12 November 2015.

Having completed the disposal of the Records Management business on 8 December 2015, £50m of the Group's £75m M&G debt has been repaid, resulting in a corresponding reduction in the level of average net debt and financing costs in the last quarter of the financial year. As planned, we have also utilised our Revolving Credit Facility to repay £34m of US Private Placement debt on its maturity. The Group also paid a contribution of £7m to the Wincanton Pension Scheme from the proceeds of the disposal of the Records Management business, bringing the total contributions to the scheme to approximately £21m in the year.

The preliminary results for the year ended 31 March 2016 will be announced on 9 June 2016.

Numis Buy 182.63 220.00 220.00 Upgrades

Cantor Fitzgerald Buy 182.63 200.00 200.00 Reiterates

Liberum Capital Buy 182.63 245.00 245.00 Reiterates