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As quite a boring investor, I really like lengthy adjusted operating profit, earnings per share, dividend and free cash flow analysis. And by “lengthy”, I mean nicely more than a couple of decades of data as it gives you a good insight as at least there have been a few (proper) cycles. It certainly does not mean that changes cannot happen, as nicely shown by the shift and evolution of FTSE 100 or Dow Jones Index members over time, but it is certainly better to have a lot more information rather than a lot less. And this brings us to the pass-through business DCC plc (DCC).

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I am a bit of a fan of DCC plc (DCC), the “leading international sales, marketing and support services group with a clear focus on performance and growth…operate through three divisions: Energy, Healthcare and Technology”. Back in late December I called it one of my tips of the year for 2022. So how is it getting on?

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If you are reading this and are a good day trader then I congratulate you. I reckon I am a pretty useless day trader, but fortunately that I am a little bit better when I look at prospects for a company over the next 6-24 months. And naturally that makes me all excited about earnings season, corporate updates and the like. It is a bit sad but it works for me and loads of stuff is happening today, not that you can immediately tell by the almost unchanged move of the FTSE 100 this morning.

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Back in May here, I observed that the Irish international sales, marketing and support services group DCC (DCC) was a buy on ‘a bad day below the current sixty quid share price’.  And so I did a few weeks ago. So following a numbers update on Friday, am I still excited?

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The last time I wrote about DCC plc (DCC), the London-listed but ‘Irish international sales, marketing and support services group’, was back in early November HERE. My observation back then was that its observation in ‘four divisions: LPG, Retail & Oil, Technology and Healthcare’ and hence great performance over the last 26 years meant that ‘I really should consider buying some’. Well I still haven’t...and the stock is still at/around the sixty quid level. So what am I thinking today?

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What an interesting last twenty-four hours in the financial markets. As always with big market shifts, sustainability comes with the reality of the headline new information flow. Aside from the obvious efficacy of any vaccine or treatment mitigation, the key to watch out for in my humble opinion is what happens with bond yields. I know hard-nosed equity investors forget about the bond market, but the reality is that it is a multi-asset relative world. So rising bond yields associated with stronger hopes about an economic recovery have a huge impact in terms of sector choice and market rotations. And from the perspective of having a bunch more 'value' than 'growth' stocks in my portfolio, I hope it continues. I am not sure how to pigeonhole DCC plc (DCC)...

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I do love companies with anonymous and boring names.  Yes, you can have lots of shorter-term share price glamour by adding 'cloud' or 'WFH' or even maybe still 'blockchain' to your corporate name, but it does not last unless you truly deliver.  By contrast those quiet cumulative growth companies just give and give and give. 

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