National Express (NEX) is not an outstanding business or a particularly glamorous one. It is well managed and positioned in areas that generate reasonably predictable revenues and cash flows. Its recent dividend record is excellent and this looks set to continue.
The business
National Express makes most of its money from providing bus and coach services. The business is split into four geographic reporting segments: the UK, North America, Spain & Morocco, and Germany. Three-quarters of the company’s revenue came from outside the UK in 2019.