Earnings GrowthNegative 3Q organic growth, rather than the FX related downgrade, will likely mute near term share price performance.
Foreign Exchange ImpactIncremental FX headwinds, such as sterling strength and devaluation of the Ethiopian birr, will likely lead to a decrease in consensus PBT estimates.
Growth OutlookInchcape has reiterated its 'moderated' growth outlook for FY24E, benefiting from geographic and product diversification, new contract wins, and tight cost control.