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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Aggreko plc    AGK   GB00BK1PTB77

AGGREKO PLC

(AGK)
  Report
Real-time Estimate Quote. Real-time Estimate CHI-X - 04/08 08:24:14 am
529 GBp   -0.19%
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News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector news

First UK-listed firms edge towards BoE loan scheme

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03/25/2020 | 12:19pm EDT
FILE PHOTO: People look out onto the Canary Wharf district as they walk through Greenwich Park in London

A handful of large British companies had emerged on Wednesday as likely candidates for the government's emergency lending scheme aimed at helping them tide over the coronavirus shutdowns afflicting many of the world's biggest economies.

The Covid Corporate Financing Facility (CCFF) aims to offset any squeeze on large private sector employers by offering firms with investment grade credit ratings easy access to 12-month loans issued as commercial paper by their banks.

Travel-food company SSP Group, hammered by the virtual shutdown of commercial air travel globally, and student housing operator Unite Group were the latest on Wednesday to signal they were likely to make use of the facility.

Power company Aggreko, as well as bakers Greggs, a mainstay of UK high streets, and property firm NewRiver REIT have already said they expect to qualify.

The first official data on the scheme is due from the Bank of England on Thursday.

"I think a huge number of companies will apply for the scheme," CMC Markets analyst David Madden said.

"It should provide some much needed support to firms in these challenging times. Let's hope the process to apply for assistance is easy, and that there is a quick turnaround time too."

UK firms have been scrambling to deal with the immediate funding pressures caused by the shutdowns, now widespread across big Asian and western countries as well as at home.

Dozens of major listed companies have cancelled dividend payments, cut back on investments and pruned other areas of spending, while the government has promised to cover the bulk of wages for most British employees.

But with some dealing with an almost total collapse in revenue amid the lockdowns, their ability to secure even short-term backing from banks and creditors is unclear.

The government and the Bank of England on Wednesday told banks they must keep lending to businesses through the crisis to ensure viable companies do not fail.

Many of the hardest hit firms have already drawn down all of the credit available to them under existing agreements with banks and only a handful have unveiled deals for additional funds.

Unite, which houses 74,000 students across 177 properties in 27 university towns and cities, said it would withdraw the remaining 150 million pounds from its revolving credit facility, and was exploring CCFF as an option for additional funds if needed.

It expects a significant fall in summer bookings and would also allow any foreign students left stranded by the crisis to stay on free of charge.

SSP, on the other hand, said it was in advanced discussions with HM Treasury and the Bank of England to access the scheme.

(Reporting by Muvija M, Tanishaa Nadkar and Patrick Graham in Bengaluru; Editing by Saumyadeb Chakrabarty)

By Patrick Graham and Muvija M

Stocks mentioned in the article
ChangeLast1st jan.
AGGREKO PLC -1.42% 525.5 Delayed Quote.-36.34%
GREGGS PLC 1.99% 1799 Delayed Quote.-23.50%
NEWRIVER REIT PLC -0.01% 61.81 Delayed Quote.-69.23%
SSP GROUP PLC 7.81% 296.34 Delayed Quote.-58.25%
UNITE GROUP 0.95% 816.5 Delayed Quote.-35.56%
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Financials (GBP)
Sales 2020 1 401 M
EBIT 2020 176 M
Net income 2020 84,3 M
Debt 2020 487 M
Yield 2020 3,53%
P/E ratio 2020 17,0x
P/E ratio 2021 10,7x
EV / Sales2020 1,31x
EV / Sales2021 1,02x
Capitalization 1 349 M
Chart AGGREKO PLC
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Technical analysis trends AGGREKO PLC
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 13
Average target price 610,00  GBp
Last Close Price 530,00  GBp
Spread / Highest target 98,1%
Spread / Average Target 15,1%
Spread / Lowest Target -40,0%
EPS Revisions
Managers
NameTitle
Chris Weston Chief Executive Officer & Executive Director
Kenneth George Hanna Chairman
Heath Stewart Drewett Chief Financial Officer & Executive Director
Dan Ibbetson Managing Director-Global Products & Technology
Grant Nairn Group Chief Information Officer
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