- Local demand to remain depressed, but should be enough for GB Auto to destock and sizably deleverage by the end of the year, in our view
- Weaker volumes and higher SG&A expenses, however, leave our 2018–21e EBITDA estimates for the ex-financing business c17% lower, on average; financing business continues to grow rapidly
- We raise our 12-month TP c16% to EGP4.20/share on a higher valuation for the financing business and reiterate our Overweight rating; market almost assigning no value to the non-financing business
Even when you’re learning and falling over you will still be laughing. Once you get the hang of it and progress in skill level then there is nothing like the feeling of skiing and snowboarding free in the wind down a snow laden mountain.
2 The whole family can do it
Watching your little tacker learn the ski and snowboard ropes is something you can’t replicate. They are quite simply fearless and once the whole family can ski then you’ve got your multi-generational holidays sorted for decades to come.
3 You’ll meet new friends