Zigup PLC: Strong finish to FY26, profits at top-end of range

研报英文原文证据摘录

Zigup PLC: Strong finish to FY26, profits at top-end of range

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy Zigup PLC 21 May 2026

Company Update

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 20 May 2026 (GBP) 424.00

ZIG.L ZIG LN LSE ZIG

Price Target (GBP) 525.00

Business Services

424.00 -

Asset Rental 52-week range (GBP) 301.50

Strong finish to FY26, profits at top-end

Valuation & Risks of range

David Brockton

Strong finish to the year across the business Research Analyst

ZIGUP has ended 2026 year strongly, supported by VOH growth of 4.9% across +44-20-754-11721

Spain and the UK&I, alongside good progress in Claims & Services, including some

James Beard

important contract wins. Recent investor site visits have demonstrated to us the Research Analyst

group’s competitive advantage, particularly in Claims & Services. We would also +44-20-754-56765

expect a confident message from management in respect of the delivery of targeted

Steve Woolf

cost savings, from its business simplification, at the results.

Research Analyst

+44-20-754-54604

FY26 profits expected to be at the top end of the consensus range

Bharat Rajesh, CFA

FY26 profits are now expected to be at the top end of market expectations (PBT

Research Associate

£154.5m-159.3m, DBe £157), c.2% above the consensus average that prompts a

1% upgrade to our slightly higher EPS forecasts.

Key changes

Cash generation has positively inflected DB EPS (GBP) 51.35 to 51.81 ↑ 0.9%

In addition, with the fleet replacement programme in its later stages, management Revenue (GBPm) 1,851 to 1,853 ↑ 0.1%

has confirmed that steady state cash generation has inflected positively and is on Source: Deutsche Bank

course for growth across our forecast horizon. Fleet replacement has also been