Announcement • Apr 30
Wincanton Announces Delisting and Cancellation of Trading of Shares Further to the announcement made by Wincanton plc on 29 April 2024 that the Scheme for the acquisition of the entire issued and to be issued share capital of Wincanton by GXO Logistics Inc. (‘GXO’) has become effective in accordance with its terms, Wincanton announced that, following an application by Wincanton, the Financial Conduct Authority has cancelled the listing of Wincanton Shares on the premium listing segment of the Official List and the London Stock Exchange has cancelled the trading of Wincanton Shares on the London Stock Exchange's main market for listed securities, in each case with effect from 7:30 a.m. 30 April 2024. Unless otherwise defined, capitalised terms used in this announcement shall have the meanings given to them in the scheme document published and made available to Wincanton Shareholders on 14 March 2024 (the ‘Scheme Document’) in relation to the recommended cash acquisition by GXO of the entire issued and to be issued share capital of Wincanton, effected by means of a scheme of arrangement under Part 26 of the Companies Act (such scheme of arrangement having become effective on 29 April 2024) (the ‘Acquisition’). All references to times in this announcement are to London, United Kingdom times unless otherwise stated. Announcement • Mar 08
Wincanton plc (LSE:WIN) agreed to acquire Invar Group Limited. Wincanton plc (LSE:WIN) agreed to acquire Invar Group Limited on March 8, 2024. Invar will remain as a stand-alone business within the Wincanton Group. Announcement • Mar 07
Wincanton to Cancel of Trading of its Shares on the London Stock Exchange's Main Market On 26 February 2024, the boards of directors of Wincanton plc and CEVA Logistics UK Rose Limited ("CMA CGM"), a wholly-owned subsidiary of CEVA Logistics S.A. (itself a subsidiary of CMA CGM S.A.) made an announcement (the "Supplementary Scheme Announcement") that they had reached agreement on the terms of an increased and final recommended cash offer for the entire issued and to be issued ordinary share capital of Wincanton, for an offer price of 480 pence in cash for each Wincanton Share (the "CMA CGM Revised Offer"). Prior to the Scheme becoming Effective, it is intended that Wincanton will make applications to the London Stock Exchange for the cancellation of trading of Wincanton Shares on the London Stock Exchange's main market for listed securities and to the FCA for the cancellation of listing of Wincanton Shares on the Official List. It is expected that such cancellation of admission to trading and listing would take effect from or shortly after the Effective Date. On the Effective Date, share certificates in respect of Wincanton Shares will cease to be valid and should be destroyed. In addition, entitlements to Wincanton Shares held within the CREST system will be cancelled. It is also proposed that, following the Effective Date and after the cancellation of the admission of the Wincanton Shares to trading on the Main Market and the listing of Wincanton Shares on the Official List, Wincanton will be re-registered as a private limited company under the relevant provisions of the Companies Act. Announcement • Jan 19
Wincanton Intends to Apply to LSE & FCA for Cancelation of Shares Trading The Boards of Wincanton plc ("Wincanton") and CEVA Logistics UK Rose Limited ("Bidco"), a wholly-owned subsidiary of CEVA Logistics S.A. ("CEVA"), itself a subsidiary of CMA CGM S.A. ("CMA CGM"), announced that they have reached agreement on the terms of a recommended cash offer for the entire issued and to be issued share capital of Wincanton by Bidco (the "Acquisition"). The Acquisition is intended to be effected by means of a scheme of arrangement under Part 26 of the Companies Act. Prior to the Scheme becoming Effective, it is intended that Wincanton will make applications to the London Stock Exchange and the FCA for the cancellation of the admission of the Wincanton Shares to trading on the Main Market and the listing of the Wincanton Shares on the Official List. It is expected that such cancellation of admission to trading and de-listing would take effect from or shortly after the Effective Date. On the Effective Date, share certificates in respect of Wincanton Shares will cease to be valid and should be destroyed. In addition, entitlements to Wincanton Shares held within the CREST system will be cancelled. It is also proposed that, following the Effective Date and after the cancellation of the admission of the Wincanton Shares to trading on the Main Market and the listing of the Wincanton Shares on the Official List, Wincanton will be re-registered as a private limited company. Announcement • Dec 20
Windward Launches Route Deviation Alerts to Improve Supply Chain Management Amidst Red Sea Crisis Windward has announced the launch of Route Deviation (RDV) exception, a new capability part of Windward's Ocean Freight Visibility solution, to flag route changes caused due to the geopolitical crisis in the Red Sea. The new capability provides stakeholders with early alerts of changes to container shipments that have shifted away from entering the Red Sea,enhancing visibility and enabling them to efficiently adapt to changes and mitigate negative outcomes. As of the week of December 17th, 2023, Windward's data shows a two-year low of area visits in Bab-el-Mandeb for container vessels, which marks a decrease of 27% compared to the weekly average in 2023. The newly launched route deviation capability will provide stakeholders with enhanced visibility, enabling them to anticipate challenges and develop contingency plans, thus minimizing disruptions to the supply chain and allowing them to manage costs more effectively. Early knowledge of impacted shipments enables companies to optimize their operations, whether it's adjusting timelines or reallocating resources to ensure timely delivery. Windward's models, developed by maritime and AI specialists, are specifically trained to understand the multitude of factors affecting the movement of goods at sea. Windward's models, develop by maritime and AI specialists, is specifically trained to understand the multitude the movement of goods at sea". Windward's models, developed By maritime and AI specialists, are specific trained to understand the multitude of factor affecting the movement of goods at Sea. Windward's AI-powered decision support platform and exception management offers a 360deg view of the maritime ecosystem and allows stakeholders including ocean freight forwarders, shipping companies, insurers, energy companies, banks, and governments to make real time, predictive intelligence-driven decisions to achieve business and operational readiness. Major Estimate Revision • Nov 16
Consensus EPS estimates fall by 22%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from UK£1.39b to UK£1.40b. EPS estimate fell from UK£0.344 to UK£0.268 per share. Net income forecast to grow 38% next year vs 8.0% growth forecast for Logistics industry in the United Kingdom. Consensus price target broadly unchanged at UK£3.93. Share price was steady at UK£2.74 over the past week. Reported Earnings • Nov 13
First half 2024 earnings released: EPS: UK£0.12 (vs UK£0.17 in 1H 2023) First half 2024 results: EPS: UK£0.12 (down from UK£0.17 in 1H 2023). Revenue: UK£694.7m (down 7.8% from 1H 2023). Net income: UK£14.2m (down 34% from 1H 2023). Profit margin: 2.0% (down from 2.9% in 1H 2023). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Nov 01
Wincanton plc Announces Board Changes Wincanton confirmed that previously announced changes to its Board of Directors took place 31 October 2023. As announced in the Company's Preliminary Results on 22 May 2023, Stewart Oades, Senior Independent Director (SID), retired from the Board. With effect from 1 November 2023, Ms Gill Barr, a Non-executive Director of Wincanton since 2017 who has had considerable interaction with shareholders as Chair of the Remuneration Committee, became the SID. Ms Debbie Lentz replaced Ms Barr as Chair of the Remuneration Committee, having served on the Committee since 2019. Ms Barr remains a member of the Remuneration Committee. As announced on 18 July 2023, Mr. John Pattullo OBE has joined the Board as a Non-executive Director of the Company. He is also appointed as a member of the Company's Audit and Nomination Committees. Board Change • Oct 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 1 highly experienced director. CFO & Director Tom Hinton was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Sep 20
Price target increased by 8.1% to UK£3.88 Up from UK£3.59, the current price target is an average from 6 analysts. New target price is 37% above last closing price of UK£2.83. Stock is down 8.6% over the past year. The company is forecast to post earnings per share of UK£0.33 for next year compared to UK£0.27 last year. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to UK£2.83, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Logistics industry in Europe. Total returns to shareholders of 58% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£4.10 per share. Announcement • Jul 18
Wincanton plc Appoints John Pattullo OBE as A Non-Executive Director, Effective 1 November 2023 Wincanton plc announced the appointment of Mr. John Pattullo OBE as a Non-executive director of the company with effect from 1 November 2023. Mr. Pattullo will also be appointed as a member of the company's audit and nomination committees. John Pattullo is currently Senior Independent Director of Redde Northgate plc, a position he has held since 2019. He was previously Chair of V Group until December 2020 and has served as Senior Independent Director and Remuneration Committee Chair of Electrocomponents plc (now RS Group plc), Chair of NHS Blood & Transplant, Chair of Marken Logistics and Chair of In Kind Direct, a Prince's charity. John was Chief Executive Officer of Ceva Logistics Ltd, between 2007 and 2012. Before that, he worked for Exel plc/DHL where he led the EMEA logistics business and earlier held a number of senior global supply chain appointments with Procter & Gamble. Upcoming Dividend • Jul 06
Upcoming dividend of UK£0.088 per share at 5.2% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 11 August 2023. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 5.2%. Lower than top quartile of British dividend payers (6.0%). Higher than average of industry peers (2.7%). Reported Earnings • May 22
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: UK£0.27 (down from UK£0.39 in FY 2022). Revenue: UK£1.46b (up 2.9% from FY 2022). Net income: UK£33.2m (down 31% from FY 2022). Profit margin: 2.3% (down from 3.4% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 29%. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has increased by 7% per year and the company’s share price has also increased by 7% per year. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorates as stock falls 29% After last week's 29% share price decline to UK£2.23, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 12x in the Logistics industry in Europe. Total loss to shareholders of 1.2% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£2.06 per share. Announcement • Feb 15
Wincanton plc to Report First Half, 2024 Results on Nov 09, 2023 Wincanton plc announced that they will report first half, 2024 results on Nov 09, 2023 Upcoming Dividend • Nov 24
Upcoming dividend of UK£0.044 per share Eligible shareholders must have bought the stock before 01 December 2022. Payment date: 30 December 2022. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of British dividend payers (5.7%). In line with average of industry peers (3.5%). Reported Earnings • Nov 17
First half 2023 earnings released: EPS: UK£0.17 (vs UK£0.17 in 1H 2022) First half 2023 results: EPS: UK£0.17 (up from UK£0.17 in 1H 2022). Revenue: UK£753.6m (up 9.2% from 1H 2022). Net income: UK£21.5m (up 2.4% from 1H 2022). Profit margin: 2.9% (in line with 1H 2022). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 4.4% decline forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 12% per year. Buying Opportunity • Sep 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be UK£3.84, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Earnings per share has grown by 4.7%. For the next 3 years, revenue is forecast to grow by 4.6% per annum. Earnings is also forecast to grow by 4.7% per annum over the same time period. Upcoming Dividend • Jul 07
Upcoming dividend of UK£0.08 per share Eligible shareholders must have bought the stock before 14 July 2022. Payment date: 05 August 2022. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of British dividend payers (5.3%). Lower than average of industry peers (3.8%). Reported Earnings • May 22
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: UK£0.39 (up from UK£0.33 in FY 2021). Revenue: UK£1.42b (up 16% from FY 2021). Net income: UK£47.9m (up 16% from FY 2021). Profit margin: 3.4% (in line with FY 2021). Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Over the next year, revenue is forecast to grow 5.2% while the industry in the United Kingdom is not expected to grow. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Interim CFO & Director James Clarke was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Interim CFO & Director James Clarke was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Apr 01
Now 22% undervalued Over the last 90 days, the stock is up 2.6%. The fair value is estimated to be UK£4.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 11% in 2 years. Earnings is forecast to grow by 8.9% in the next 2 years. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 16% share price decline to UK£3.04, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Logistics industry in Europe. Total returns to shareholders of 33% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£4.63 per share. Recent Insider Transactions Derivative • Mar 05
CEO & Executive Director exercised options and sold UK£65k worth of stock On the 1st of March, James Wroath exercised options to acquire 18k shares at no cost and sold these for an average price of UK£3.60 per share. This trade did not impact their existing holding. For the year to March 2021, James' total compensation was 52% salary and 48% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2021, James has owned 10.00k shares directly. Company insiders have collectively sold UK£37k more than they bought, via options and on-market transactions in the last 12 months. Buying Opportunity • Jan 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.5%. The fair value is estimated to be UK£4.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.9% per annum over the last 3 years. Earnings per share has been flat over the last 3 years. Upcoming Dividend • Nov 25
Upcoming dividend of UK£0.04 per share Eligible shareholders must have bought the stock before 02 December 2021. Payment date: 31 December 2021. Trailing yield: 3.2%. Lower than top quartile of British dividend payers (4.1%). Higher than average of industry peers (1.8%). Reported Earnings • Nov 21
First half 2022 earnings released: EPS UK£0.17 (vs UK£0.13 in 1H 2021) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2022 results: Revenue: UK£690.3m (up 19% from 1H 2021). Net income: UK£21.0m (up 31% from 1H 2021). Profit margin: 3.0% (up from 2.8% in 1H 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 01
Upcoming dividend of UK£0.075 per share Eligible shareholders must have bought the stock before 08 July 2021. Payment date: 06 August 2021. Trailing yield: 2.4%. Lower than top quartile of British dividend payers (4.1%). Higher than average of industry peers (1.7%). Recent Insider Transactions • May 29
Senior Independent Director recently sold UK£45k worth of stock On the 25th of May, Stewart Oades sold around 10k shares on-market at roughly UK£4.47 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought UK£51k more than they sold in the last 12 months. Reported Earnings • May 21
Full year 2021 earnings released: EPS UK£0.33 (vs UK£0.31 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: UK£1.22b (up 1.7% from FY 2020). Net income: UK£41.3m (up 7.3% from FY 2020). Profit margin: 3.4% (up from 3.2% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Price Target Changed • May 21
Price target increased to UK£5.07 Up from UK£4.62, the current price target is an average from 5 analysts. New target price is 12% above last closing price of UK£4.54. Stock is up 143% over the past year. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improved over the past week After last week's 16% share price gain to UK£4.06, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 19x in the Logistics industry in Europe. Total returns to shareholders of 105% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£6.53 per share. Executive Departure • Mar 01
Independent Non-Executive Director has left the company On the 28th of February, Paul Dean's tenure as Independent Non-Executive Director ended after 6.1 years in the role. As of December 2020, Paul personally held only 10.00k shares (UK£26k worth at the time). Paul is the only executive to leave the company over the last 12 months. Is New 90 Day High Low • Feb 22
New 90-day high: UK£3.16 The company is up 25% from its price of UK£2.53 on 24 November 2020. The British market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Logistics industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£0.61 per share. Is New 90 Day High Low • Jan 26
New 90-day high: UK£3.15 The company is up 50% from its price of UK£2.10 on 28 October 2020. The British market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Logistics industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£0.73 per share. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improved over the past week After last week's 16% share price gain to UK£3.07, the stock is trading at a trailing P/E ratio of 12.6x, up from the previous P/E ratio of 10.9x. This compares to an average P/E of 22x in the Logistics industry in Europe. Total returns to shareholders over the past three years are 59%. Is New 90 Day High Low • Jan 06
New 90-day high: UK£2.66 The company is up 19% from its price of UK£2.24 on 08 October 2020. The British market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Logistics industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£0.57 per share.