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UTILITIES: DCC Group (DCCLN NR/BBB/BBB): Asset Sales

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Signalling no rating change expected. The move sees some loss of diversification. Probably credit neutral on current information.

  • DCC announces plans to focus on the Energy sector. It intends to sell Healthcare and Technology next year.
  • At FY24 Healthcare was 4% of revenue and 13% of EBIT. Technology was 24% of revenue, 13% of EBIT.
  • Consensus sees moderate growth for these divisions. Back of the envelope assuming their multiples are in-line with the remaining Energy division, these could be worth 26% of the EV, c. £1.8bn. 
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Signalling no rating change expected. The move sees some loss of diversification. Probably credit neutral on current information.

  • DCC announces plans to focus on the Energy sector. It intends to sell Healthcare and Technology next year.
  • At FY24 Healthcare was 4% of revenue and 13% of EBIT. Technology was 24% of revenue, 13% of EBIT.
  • Consensus sees moderate growth for these divisions. Back of the envelope assuming their multiples are in-line with the remaining Energy division, these could be worth 26% of the EV, c. £1.8bn.