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Go-Ahead: Next stop Aviation - as London bus starts to see margin pressure

Damian Brewer, JP Morgan
23 June 2009
 

Trimming 09/10E EPS, PER premium remains

Go Ahead’s 65% venture Go-Via recently retained the Southern rail contract, and we wrote about this in our note of 09/06/2009. Following this note’s slight adjustments 08/09E clean EPS remains at 145.4p, 09/10E is cut 1.2% to 107.9p but the PER premium to its peers remains (at 13-14% 10E).

London bus faces margin pressures and Go-Ahead is the most ‘London bus’ of the bus/rail shares:

While non-London bus continues to see modest...

+77% more

 

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