Share Name Share Symbol Market Type Share ISIN Share Description
Marshall Motor LSE:MMH London Ordinary Share GB00BVYB2Q58 ORD 64P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +6.00p +3.75% 166.00p 163.00p 169.00p 171.50p 165.00p 171.50p 100,227 14:00:08
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Automobiles & Parts 1,899.4 22.2 23.0 7.2 128.21

Marshall Motor Share Discussion Threads

Showing 176 to 200 of 200 messages
Chat Pages: 8  7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
21/9/2017
16:12
Yes edmund everything has a price...you get the impression though that they are looking to be predator rather than prey and looking to buy a competitor.
jeff h
21/9/2017
15:29
Jeff yes, the sale is completely in the hands of the Marshall family, and I don't suppose they are in a hurry to sell. But who knows if the price is right?
edmundshaw
21/9/2017
15:12
Edison view:- http://www.edisoninvestmentresearch.com/research/report/marshall-motor-holdings372711/preview/#js The company has a 65% controlling shareholder edmund so would need their agreement for a takeover.
jeff h
21/9/2017
14:20
Excellent interviews (if a bit contrived), thanks for the link Jeff. Underlines the cheapness of the shares: selling this non-core business for 35% of the market cap, net assets £2.54p with a good chunk of that in real estate. If I were a competitor with cash, I would certainly be running over this with the old slide-rule...
edmundshaw
21/9/2017
10:54
BRR Media interview:- https://www.brrmedia.co.uk/broadcasts/59c28803f2bbe312b22b73cc/marshall-motor-holdings-strategic-disposal-of-marshall-leasing
jeff h
21/9/2017
10:46
Zeus; Marshall Motors have announced this morning the disposal of their leasing business, subject to FCA approval, to Northridge Finance for a gross cash consideration of £42.5m (11.5x 2016A PAT). We see this as a positive for MMH, allowing the group to strengthen the balance sheet, focus the business model and reduce exposure to used car residual values at a time of uncertainty. The Disposal is expected to be dilutive to underlying earnings per share in the year ending 31 December 2017 although there will be a significant gain on disposal. We leave our forecasts unchanged for the moment and will update post FCA approval and formal completion. Disposal: Following a strategic review of Marshall’s leasing business (MLL) MMH has agreed to sell MLL to Bank of Ireland, subject only to approval of the transaction by the FCA. The gross cash consideration of £42.5m (11.5x 2016 earnings) will be due on completion. On completion, MMH will enter into a transitional services arrangement to enable the smooth integration of MLL into Bank of Ireland and an agreement for the supply of new vehicles by MMH to MLL. Continued consolidation in the leasing and fleet management sector is making scale an increasingly important factor, in a very capital intensive business model. The disposal of the leasing business allows MMH to reduce leverage allowing greater flexibility in the balance sheet and allows the group to focus its business model and financial resources on delivering further growth in the core retail business. While the leasing business is asset backed, the significant debt associated with the business increased balance sheet risk, in our view and we believe the business will be in a significantly improved financial position post completion of the deal. Financial impact: The net cash proceeds of the Disposal will initially be used to reduce existing levels of indebtedness and settle a c.£1.0m pension liability. The group has incurred c.£1.7m of exceptional costs as a result of the transaction and will realise a significant gain on disposal during the period. The Group’s reported net debt at 30 June 2017 was £101.1m. As a result of the Disposal, the Group’s pro forma 30 June 2017 balance sheet would have been un-geared with net cash of approximately £4.6m. We have previously highlighted the level of gearing in the business relative to sector peers has been high and see this disposal and the deleveraging as a positive for the business, especially given the growing uncertainty in the sector. In the year ended 31 December 2016, MLL generated total revenue of £39.3m, an underlying profit before tax of £4.9m and profit after tax of £3.7m. Investment view: If the Disposal had been completed on 30 June 2017, MMH would have had pro forma net assets at that date of approximately £196.7m (equivalent to 254p per share) and pro forma net cash of approximately £4.6m. The shares are trading at a discount to NAV and a clear P/E and EV/EBITDA discount to the sector, given the improved strength of the balance sheet and more focused business model there is potential for this discount vs the peer group to close.
davebowler
21/9/2017
10:45
N+1 Singer view:- Marshall Motors has announced the sale of its Leasing division to the Bank of Ireland for £42.5m. The disposal will be dilutive (of the order 13% in FY18) but significantly improves the B/Sheet, moving it to a pro-forma net cash position of £4.6m as at the half year ended in June. Full year forecasts for net debt of £53m (excluding the asset backed Leasing debt) will move to net debt of c£10m. The market had been looking at ‘total’ debt though including Leasing, and from that perspective the disposal is transformational, reducing forecast net debt from £116m to c£10m. As part of the sale various ongoing service and supply arrangements have been agreed with the buyer, meaning that there should not be any material loss of intersegmental synergy benefits for Retail in the short term. The improved balance sheet and financial flexibility positions Marshall well, both defensively and in terms of resource for any future growth initiatives or M&A, which the company again reiterates it is well placed for. Using our sum off the parts analysis we estimate the market had effectively been assigning a negative value of c£40m for Leasing. Today's disposal for £42.5m should therefore have a materially positive impact on the share price. Putting MMH on just the peer group average (i.e. incl PDG) would point towards fair value north of 200p, with increased scope for accretive M&A.
jeff h
21/9/2017
10:41
This leasing disposal looks like a great deal for MMH ............over £100M strengthening of the Balance Sheet .....strong cash generation .........£120 RCF ....now debt free and cash in hand ........over £100M of freeholds ........it wouldn't surprise me if they are now planning another big acquisition! And with net assets of £2.50 per share the current share price is looking even more ridiculous!
55biker
21/9/2017
08:48
How much would MMH be worth to an acquirer? Given the tangible assets, the price here looks absurd...
edmundshaw
21/9/2017
07:50
Strategic Disposal of Marshall Leasing; takes MMH pro forma net assets per share to 254p. It puts the net assets up by 50p per share.
this_is_me
06/9/2017
09:02
Still a long way from where it probably should be ie: £2+. Still seems very undervalued and if the share price stays around this level might be starting to look like an interesting takeover opportunity. They have some quality dealerships in good parts of the country.
55biker
03/9/2017
09:15
Edging over 160p.....steady, slow gradual rise!!
molatovkid
24/8/2017
09:02
Looking at the MMH Presentation the dividend is up nearly 20% so if they continue the historic 1/3 - 2/3 split the full year should be approximately 50%. Also a really strong Balance Sheet with 112.5 million of freehold property which is nearly as much as the market cap of the company. With asset backing of over £2ps and despite having two sizable acquisitions since coming to the market net debt to EBITDA of 0.7X is very impressive and just shows how cash generative this outfit is! Although retail stocks have been hit with this Brexit uncertainty and an anticipated decline in consumer spending at least these PCP deals mean repeat business in the future and they say they have over 66,000 customers. With a renewal rate over 90% and a minimal default rate what an undervalued company!!!
55biker
23/8/2017
19:41
Well they did award the Nobel prize for economics jointly to two economists who had completely opposite theories, seemingly without realising that at least one of them was a complete plonker. Then there was the survey done of economic predictions. It was found that the average of the predictions made by a group of ordinary people were more accurate than the average of the predictions made by the chairmen and CEOs of FTSE 100 companies which in turn was more accurate than the panel of professional economists. I suspect that the captains of industry have economists on the payroll. The general conclusion is that economics is the only area of study whereby education means that you become useless.
this_is_me
23/8/2017
19:13
Ah, you know economists well! :) Fortunately, I am not one of them.
edmundshaw
23/8/2017
18:54
"ceteris paribus" means that an economist has no clue, but is trying to make a name for himself and has built in several excuses for getting it wrong.
this_is_me
23/8/2017
17:13
Ex dividend tomorrow so price in line would drop about 2.15p, ceteris paribus. Of course we expect it to do no such thing! :)
edmundshaw
23/8/2017
13:10
I'm thinking a buyer is picking up any loose shares. Selftrade seem strangely keen to take my shares - normally the shutters come down in thin markets like this and sells are being absorbed without negatively affecting the price.
king kong dong
22/8/2017
20:24
possibly the start of a move much higher
king kong dong
21/8/2017
16:33
Was miffed by the reaction to results but today takes us back to parity which is nice.
trapissed monk
21/8/2017
16:17
September is normally the best month of the year for car sales (as my friends tell me). Maybe that will have a positive impact.
jamesbiesse
21/8/2017
14:33
This should literally, be motoring, pardon the pun. They were great results....a bit surprised we arent much higher.
king kong dong
16/8/2017
11:13
New Edison forecast out. Profits and Earnings unchanged from their existing forecast but Dividend increased to 6.45p this year and 6.90p for 2018. http://www.edisoninvestmentresearch.com/research/report/marshall-motor-holdings262864/preview/#js
jeff h
16/8/2017
09:34
From what I hear the Management of this outfit is top notch and as the CEO said in the Times article today all this PCP scaremongering should not apply to the major dealers who have stringent procedures in place to weed out the sub prime buyers. Alan Tovey must always get out of the wrong side of the bed before he writes his articles on the motor trade!
55biker
15/8/2017
12:18
Added myself 55, Fully invested here now for the long term. Management looks great, and whatever the short term may bring in terms of a depressed market, I think they are in a good position to outperform the market, which in the long term will bring rewards. Meanwhile, 4.5% yield is not to be sniffed at.
edmundshaw
Chat Pages: 8  7  6  5  4  3  2  1
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