Northgate plc (lon:ntg)
Northgate plc


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Title: Northgate plc
Company: NTG - Northgate plc
Share Price Then: 417p
Author: Ian Smith
Date: Thu 17 Aug 2017
Comments: Northgate specialise in light commercial vehicle rental in the UK Ireland and Spain and a UK based second hand van sales website.

They has a respectable recent history of dividend payments but a share price that has varied quite significantly over the same period.

For the year ending 30 April 2017 they have about 90% of their fleet on hire, (39k UK, 37k Spain and 3.5k in Ireland. These are all about the same as last year.

To me the company is well defined and knows where it is growing, but there does not appear to be any way to grow significantly in the rental markets they are already present in. So do they need to start a US, French or German division?

The used commercial sector does seem to be ready for a major internet based player and Van Monster could be that.

Debt is £300m which is a bit over 4 times pre tax profit, £72m so is not too worrying.
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