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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Marshall Motor Holdings Plc | MMH | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 397.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 397.00 |
| Top Posts |
|---|
Posted at 31/5/2022 12:59 by jeff h I wrote to HL yesterday to complain, the MMH cash was not in my account when I checked earlier but I have just received a message from HL apologising for the delay and saying the cash would be in my account by close of business today.Upon re-checking my account the funds have now been credited to it, so if they are not in your account today c3479z then drop HL a line. |
Posted at 26/5/2022 12:00 by jeff h Yes HL a lot slower than II for crediting dividends as well as takeovers.No MMH receipt in my HL account when I checked a few mins ago. |
Posted at 27/11/2021 14:12 by jaf111 Certainly is….although judging by the lack of comment both here and in the press perhaps people’s minds are on other matters!I hold several motor dealers with MMH one of my largest holdings. The irony is that there has been the odd vague talk of takeover action involving ‘sector dogs’ PDG & LOOK where I have taken smaller positions, but my core holding in MMH was based on the superb management team / trading performance with no expectations of any corporate action. But clearly WTFDIK!!! So now the question is at what price might Marshall of Cambridge be willing to sell…..surely its got to be A LOT HIGHER than the derisory price currently given by Mr Market????? |
Posted at 28/10/2021 15:25 by edmundshaw "Hard to predict what effect on MMH of further supply problems" - my thought too.It is worrying that China and Russia have got such strategic control of resources (whether by design or not). All sorts of impacts could flow from that over time, which could affect a lot of stuff, including businesses of many types. But whether MMH specifically is more exposed than airlines, manufacturing or commodities of various types I could not say... |
Posted at 28/10/2021 11:46 by wad collector Hard to predict what effect on MMH of further supply problems. Yes the new car sales numbers will drop, but will the prices and margins rise? It must help the Used car division, and will probably do no harm to the after sales.Looking back at interims there is a profit split of 27% new 34% used 39% aftermarket. Party on , for now. |
Posted at 14/10/2021 08:57 by edmundshaw Not sure about the dividend. I think it will continue to go up at some level given the superb outperformance we have seen of late. But this acquisition looks like a tremendous deal, this acquisitive management has not lost its touch. I expect MMH management will improve the operations and performance of the acquired business as they usually do, adding further value. |
Posted at 10/8/2021 13:36 by davebowler Zeus;Exceptional H1 performance Marshall Motor Holdings (“MMH”) has announced an exceptional set of H1 results demonstrating strong market outperformance across the board, hitting record levels of revenue, PBT and gross margin. We have upgraded our forecasts post the update last week, and reiterate our view that this is a strong and reliable platform that looks significantly undervalued. § H1 results: H1 underlying PBT was at record levels at £38.4m vs. a loss last year of £11.8m, even after repaying the £4.0m of furlough support received in 2021. Revenue during the period was +49%, with LFL revenue +49.9%, reflecting strong market outperformance in both new and used vehicle sales. Gross margin in H121 was 11.8% and 117bps ahead of the prior year, with used vehicle margins +246bps at 8.6%. Underlying operating costs were £12.9m higher than last year, in part because of the furlough support received in H1 2020. That said, underlying costs were lower than 2019 levels despite acquisitions adding c. £16m of costs, although the Group did benefit from £4.7m of business rates relief during the period. Due to the planned increase in the corporation tax rate to 25% from April 2023, there was a non-underlying accounting tax charge of £7.4m. An interim dividend of 8.86p was declared, and adjusted net cash stood at £57.2m (>70p per share). § Key drivers: As previously flagged, the used car market has been exceptionally strong during the period with MMH continuing to outperform. LFL units were +51.7% YOY, with LFL revenue +56.3% on the same basis. Data from Auto Trader showed used car vehicle transactions +31% highlighting the extent to its market outperformance. Gross profits went from £24.3m in H1 2020 to £53.2m in the period, with margins advancing from 6.1% to 8.6% in the period. Total new car revenue during the period was £610.5m and +47.4% on a LFL basis. Gross profits were up £16.9m in absolute terms, with margins +85bps to 6.9%. All of the aftersales operations remained open throughout the closure of its retail showrooms from 4 January to 12 April 2021. Revenues were +31.8% with LFL revenue +34.8%. However, due to the ongoing impact of COVID-19, H1 2021 revenues increased by just 2.0% vs the same period in 2019. Gross margins advanced by 171bps to 46.8% during the period. § Forecasts: Following the statement last week that underlying PBT for the full year would be no less than £40.m, we have increased our 2021E forecast to £42.1m. Our forecasts could well prove conservative in light of the H1 performance and likely to be dependent on how the Group performs in September. While order book intake appears to be healthy, we do expect supply issues to bite as we saw in the July SMMT data last week. § Investment view: We re-iterate our view that MMH has a creditable and reliable platform, which we consider will emerge as a sector winner. A 2021 P/E of 5.9x and a yield of 5.4% looks at odds with the progress delivered to date. |
Posted at 09/3/2021 09:21 by davebowler Zeus;Strong market outperformance Marshall Motor Holdings (“MMH”) has announced FY results, which were 9-11% ahead of our forecasts at the adjusted PBT and EPS level. The Group has been well navigated through testing times, delivering good market outperformance and robust cash management, enabling it to maintain a strong balance sheet throughout. We envisage introducing forecasts in May providing the current lockdown phases out as expected and maintain our view that MMH will emerge as an active participant in the consolidation we anticipate in this industry post COVID. § Final results: MMH has delivered a strong set of results, which were ahead of our forecasts at the adjusted PBT and EPS level on an underlying basis. The initial full year guidance given at H1 results was for MMH to be in a breakeven position at the adjusted PBT level for FY20. To be within 5% of the 2019A position shows how resilient this business traded through two national lockdowns and significant economic uncertainty. Cash management and cost control was also strongly demonstrated in these results with adjusted net cash of £28.8m (excluding IFRS 16 lease liabilities), this was an increase of £59.4m from December 2019 and broadly in line with our £29.8m forecast. The board took the decision not to pay a dividend in light of Government support received. § Key drivers: Total sales of new vehicles to retail customers fell just 4.6% in the year, with LFL down 16.9%, an outperformance of 9.7% against the market. Fleet units were -16.8% or -23.2% on a LFL basis, an 8.5% outperformance vs. the market. Margins were -84bps during the year, which was caused by lower volumes and its inability to hit bonus targets particularly in H1. However, this trend did improve during H2. MMH also outperformed in the used market with units -5.3% or -14.6% on a LFL basis vs. the market -14.9% according to data from the SMMT. Residual values were strong throughout the year. Total aftersales revenue was -6.7% YOY or -13.5% on a LFL basis and contributed 45.8% of group gross profit. While activity was impacted by lockdown particularly in H1, activity levels did pick up. A focus on higher margin maintenance work also meant that margins improved by 74bps YOY. § Forecasts: We would envisage reinstating FY21-23 forecasts into the market when the Group issues its AGM statement in May, providing the end of Lockdown 3 phases out as currently anticipated. § Investment view: Looking beyond the current short-term pressures, we continue to see MMH as a credible and reliable platform, which we believe will emerge as a sector winner. We anticipate the effects of COVID-19 will accelerate consolidation in the industry, with fewer large-scale players well placed to do this in the current environment. |
Posted at 09/3/2021 08:47 by edmundshaw Superb. Horribly undervalued on any measure: Growth in market share, EPS, balance sheet strength and even prospective dividend yield.Underlying EPS still 21.1p in spite of the pandemic. At 144p the P/E is under 7. Given the exceptionally strong balance sheet, and the great business performance and prospects, the Enterprise Value is even more absurd. I note the comment "2.85p [2019 dividend] represents interim dividend only which would typically represent one third of full year dividend." Seems they want to draw attention to their normal dividend rate once dividends are resumed... which was historically around 8.54p. |
Posted at 13/10/2020 16:47 by davebowler Zeus;Significant outperformance Marshall Motor Holdings (MMH) has delivered a stunning trading update, particularly in September, which sees 2020E increase from a break even position to £15.0m at the underlying PBT level. We believe this significant outperformance is testament to the quality platform it has developed over the years, and continue to see MMH as a sector winner. § Trading update: MMH has released an upbeat and impressive trading update following its H1 results released on 18 August. This update covers trading patterns in August and the all-important month of September. § Clear outperformance: The pleasing aspect of the Q3 performance is the outperformance across all aspects of its business, particularly when benchmarked against the SMMT data. The difference in LFL and total units also shows the positive impact acquisitions made last year have had in this performance. The growth in used units is also particularly strong, and we note comments made in the statement that margins remained strong following this period as well so we believe this was not traded for this volume uplift. § Strong September in the bag: It is also clear that MMH had a strong September across the board. The 19.1% LFL growth rate in new retail units or 38.6% total unit growth rate is particularly striking vs. a net retail market -1.1% and demonstrates real outperformance. Fleet was also significantly ahead of the market, while the momentum in used cars was also kept up during this busy period. Aftersales revenue +11.5% LFL or 21.1% was also significant and noteworthy, and we suspect the LFL growth rate in servicing would have been higher than the headline growth rate. § Guidance upgraded: MMH has upgraded its guidance to 2020E and now expects to deliver an underlying PBT of £15.0m vs. previous expectations of a break-even position. We believe this has been primarily driven by a strong August and September trading, where the previous expectation in these months was flat on the prior year. Management are not providing any guidance into 2021E and beyond given uncertainties (economic, COVID-19, Brexit). § Investment view: Looking beyond the current short-term pressures, we continue to see MMH as a creditable and reliable platform, which we consider will emerge as a sector winner. We concur with the view that COVID-19 will accelerate consolidation in the industry, with fewer large-scale players well placed to do this in the current environment. Based on last night’s closing price the Group trades on an FY20E PE of 8.1x. We note that at these levels the Group delivered an attractive historic FY19A dividend yield of 7.1% with management committed to reinstating distributions at the earliest opportunity. |
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