RBC Capital upgrades DCC to ‘outperform’

"DCC shares have underperformed, we think, due to its consumer exposure, conglomerate nature, energy transition uncertainty and lack of focus on shareholder returns," RBC said.

"However, at this price, we now see enough upside to our sum-of-the-parts and discounted cash flow valuation to become positive, with the dividend yield now meaning investors are getting paid to wait for something to give."

RBC - which maintained its 4,800p price target on the shares - said that in a tough macro environment, it would back management "to continue to execute well operationally".

At 1050 GMT, shares in the sales, marketing and support services group were up 2.4% at 4,473p.