Encavis - Low-risk portfolio generates clean growth

Encavis continued its growth in H1, with weather-adjusted EBITDA and EBIT up 17% y-o-y. FY19 guidance was increased again, mostly reflecting the positive impact of favourable weather conditions in H1. The company has a strong growth track record (c 35% EBITDA and EBIT CAGR 2018-19) and a large pipeline to drive future earnings progression and dividends growth. It offers a 3% dividend yield in FY19e, with growth prospects.

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