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
  -2.50p -1.59% 155.00p 150.00p 160.00p 157.50p 152.50p 157.50p 11,008 14:00:01
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Automobiles & Parts 2,268.9 53.1 63.8 2.4 119.72

Marshall Motor Share Discussion Threads

Showing 201 to 225 of 225 messages
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DateSubjectAuthorDiscuss
06/9/2018
11:55
The Cambridge dealerships look to have a bright future as the Marshall Group develop its adjacent Engineering and industrial sites in Cambridge into high value housing which will dramatically increase the footfall at the Landrover, Jaguar, Ford, Hyundai Seat and used car centre MMH dealers, creating something of a captive market to sell cars to (while also boosting the cash reserves of the parent company Marshall holdings) hxxps://marshallgroupproperties.co.uk/developments/wing/
rgvargy
17/8/2018
08:22
Well that was unexpectedly entertaining! :-) Also interesting to hear, particularly the last section.
edmundshaw
16/8/2018
15:06
DT interview with Daksh to discuss their interim results - http://bit.ly/2MM0iYq
astonedt
15/8/2018
07:25
The weakness in the car market is holding back the share price of this well run company.
this_is_me
14/8/2018
11:26
Agreed. Earnings from after sales I would also expect to to be less cyclical. The asset backing and debt free balance sheet are another big positive. If you downgrade a company based on debt and poor assets, why wouldn't you upgrade the reverse?? Patience seems required until Mr. Market starts to appreciate this kind of simple value again.
edmundshaw
14/8/2018
10:42
pretty solid results....key point for me was the fact that after sales contributed just over 10% of revenue but 44% of gross profit. Very much agree with Zeus that MMH are clearly undervalued....despite performing relatively strongly in their sector.
jaf111
14/8/2018
10:17
Zeus; Exceeding last year’s record H1 Marshall Motor Holdings (MMH) has exceeded last year’s record H1 performance on a continuing and LFL basis, despite clear industry pressures that have been building throughout the entire period. The key outperformance was in used cars as it delivered a 37bp improvement in margins. Following an upgrade last month, we are maintaining our forecasts, but we continue to believe the shares look significantly undervalued. § H1 results: MMH has delivered record H1 results (6 months unaudited to 30 June 2018), which were well flagged following the trading update last month. Adjusted PBT was £16.4m, which was +1.2% ahead of the previous £16.2m record performance produced last year on a LFL basis. Net cash at the period end was £0.9m and was again flagged in the trading statement last month, which compared to net debt of £101.1m last year. Net assets were £201.2m (258p per share), which is significantly underpinned by £121.1m of freehold/long leasehold property. Its RCF facility of £120m has been extended to June 2021. There was a further £10m of capital expenditure invested in the portfolio during the period totalling £75m since 2016. The H1 dividend was held. § Key themes: The performance in used cars was the key positive with LFL used units -0.3%, but with greater focus on margins delivered a 37bp improvement in used margins to 7.2%. The key behind this was achieved by robust operating controls. New retail units were -5.9% on a LFL basis, while fleet was -14.5% producing a total LFL decline of -9.3% (-3.5% excluding impact of tactical exit of low margin business). Gross margins were -40bps to 7.0% during the period, which was a result of more challenging and competitive conditions in this segment of the market. Aftersales continues to grow well, with LFL revenues +3.2%. Margins were -37bps to 46.1% during the period and was impacted by an increased mix in lower margin parts revenue, reduced internal PDI (pre-delivery inspection) work following lower new car sales and reduced levels of warranty work with a number of brands. § Forecasts: We are leaving our forecasts unchanged, having put through a 3-5% (2018-2020E) EPS upgrade last month following the group’s trading update. Investment view: The shares are trading at a clear P/E and EV/EBITDA discount to the sector UK dealer average in excess of 20% on both measures. The group has >£100m of freehold and long leasehold assets on the balance sheet providing strong asset backing. This is supported by our valuation methodology which implies a value of 236p per share, which would imply a P/E of just 10x 2019E EPS and therefore undemanding in our view, with a current progressive dividend yield in excess of 4%.
davebowler
17/7/2018
09:43
edmundshaw .........I believe you are right that something nearer £3 is where the share price deserves to be with the excellent performance to date. As a No Deal Brexit looks increasingly likely how do you think this might impact the car dealers?
55biker
04/7/2018
11:50
Zeus Capital interview discussing Marshall's pre-close statement http://bit.ly/2z96nfe
astonedt
03/7/2018
22:43
They are only saying it should be £2.25 because they are too chicken to say the truth. I feel it should be up around £3 given the kind of performance, earnings, management and balance sheet they have. But of course Mr. Market always seems to want more proof and is hesitant to buy into this kind of story...
edmundshaw
03/7/2018
11:29
Very encouraging update and saying that the share price should be around £2.25 shows it's still massively undervalued. The dynamic CEO and everybody in this organisation are clearly doing a great job and maybe Trump's actions on trade might also be good news for the motor business?
55biker
03/7/2018
09:54
Zeus; Trading update and small upgrade We note the announcement released this morning by Marshall Motor Holdings (MMH) confirming a robust H1 performance with full year expectations currently at the upper end of consensus. The strong H1 performance is encouraging in the context of a challenging market and a record prior year comparative. We are nudging up our forecasts on the back of this statement, which equates to an EPS upgrades of 3-5% during the forecast period. The shares are trading at a clear P/E and EV/EBITDA discount to the sector, and has a robust balance sheet with >£100m freehold and long leasehold assets underpinning the valuation. Trading update: The group has delivered a strong H1 performance in a challenging market environment which we expect to be marginally ahead of last year (excluding the impact of the leasing business) implying an adjusted PBT approaching £16.5m. The disposal of the leasing business in November 2017 included a £1.5m retention relating to historic pension liabilities. These have been settled at £0.9m resulting in a one-off profit relating to the disposal to be recognised in the 2018E H1 figures. The company has also confirmed that Mark Raban will be stepping down as CFO and the process to find his successor has commenced. While this is a surprise to us, we believe he leaves the Group with the balance sheet in excellent shape following some strong strategic moves during his 4-year tenure. Key performance drivers: In the retail segment, like-for-like new car sales were in line with the overall market – which saw a 5.7% decline in retail customer registrations. Excluding the impact of the groups decision to exit the low margin fleet business, LFL new car sales were ahead of the market. In the used segment, profitability has increased YOY on relatively flat LFL volumes, which has been delivered in a declining market, through robust inventory management and cost reductions during the period. The aftersales segment saw LFL growth in revenues in H1 vs last year. Margin pressure in this part of the business, driven by increased mix of lower margin parts revenues has offset this revenue growth resulting in a relatively flat performance YOY. Outlook: We upgrade our forecasts to reflect the strong H1 performance. We now expect adj. PBT for the full year of £23.5m in 2018E, (£22.5m previously), growing to £24.1m in 2019E (£23.1m previously) and £24.7m in 2020E (£23.6m previously). This equates to a 3% EPS upgrade in 2018E rising to 5% in 2020E. We also update our working capital assumptions to reflect tighter inventory management We remain cautious with continued weakness in consumer confidence in recent months against a backdrop of increasing political and economic uncertainty. We also see potential for supply issues to come through in H2 as the new WLTP testing procedures begin to come into effect, so maintain an overall cautious view. Investment view: The shares are trading at a clear P/E and EV/EBITDA discount to the sector UK dealer average in excess of 30% on both measures.. The group has >£100m of freehold and long leasehold assets on the balance sheet providing strong asset backing. This is supported by our valuation methodology which implies a value of 236p per share, which would imply a P/E of just 10x 2019E EPS and therefore undemanding in our view, with a current progressive dividend yield in excess of 4%.
davebowler
03/7/2018
08:35
All sounds very positive apart from this standard but irritating obfuscation. MMH seems very undervalued and performing well under difficult conditions.
edmundshaw
03/7/2018
08:26
Fair point.....hopefully we will get a little more clarity on 14 August!
jaf111
03/7/2018
08:09
...which are?... Well at the FY results they said: " Our trading performance in the current financial year to date is in line with our expectations and our outlook for the full year remains unchanged." Well that clears that up!
edmundshaw
03/7/2018
08:09
Another excellent Trading Update given the Group's positive performance in H1, the Board's current outlook for the full year is now expected to be at the upper end of its expectations.
jaf111
30/5/2018
13:53
Yes I have now read that article and the CEO comes across as very positive about the way forward. As he made clear any future rate rise will not have a major impact on PCP payments ...........buyers need wheels and will soon adjust to new conditions just as we all have to with changes in petrol/diesel prices. He's certainly done wonders for Marshalls profits since he took over. I still feel very confident with my holding in the company and bet he has some interesting plans to take this forward over the next few years. I believe that once all this Brexit business is resolved ....as it will be! .....there could be some positive movement in the share price which has been in the doldrums for far too long now.
55biker
29/5/2018
14:29
Sorry I can't provide a link but the Telegraph did a good article on Marshall Motors either yesterday or on Sunday, mostly focused on Mr Gupta's career. Interesting his comment about the impact of possible interest rises on the purchases of new and used cars. Essentially nothing to worry about as a 1% rise only adds £10 to £15 a month to the average PCP payment. But the credit on cars across the industry is huge, apparently circa £48 billion.
lefrene
24/4/2018
11:52
Goes ex dividend end of this week so have to expect some selling off then which could be a good opportunity to top up. MMH have a great management team plus a dynamic CEO with excellent customer feedback and retention and are effectively debt free So despite all this depressing diesel business they should be able to expand their quality network over the next few years.
55biker
13/4/2018
15:53
And the buy back in around the 140 mark.
bigdazzler
02/4/2018
17:13
Well obviously I think it's cheap because I bought it. No idea why no-one seems interested in it - management has up to now a superb track record. Loads of property on the balance sheet. Out-performing rivals. I can only think the market expects a big crash in car-buying - which is possible, but would hardly be permanent. Unless you believe horses are about to make a comeback. In the interim, expect a chunky dividend as a reward for your patience...
edmundshaw
01/4/2018
15:24
Looks ridicusly cheap , your thoughts on Marshall motors vs peers like cambria ?
lullabite
22/3/2018
18:28
Mmh appears to have hit that 170’s ceiling again!!!
bigdazzler
21/3/2018
13:44
Interview with Marshall Motor's CEO & CFO as well as an interview with Zeus Capital's Mike Allen - http://bit.ly/2FFndFt Q&A with Marshall - http://bit.ly/2tZHFeL Q&A for Zeus Capital - http://bit.ly/2GP2Pzb
astonedt
16/3/2018
08:26
Edmundshaw ........... I agree with your view that goodwill is far from worthless. Just look at the Group's franchise portfolio. It has over half its dealerships representing brands such as Audi BMW JLR and Mercedes and you have got to see the sort of goodwill multiples paid in recent years to appreciate the value of these businesses. Personally I think the results are pretty impressive when you compare them to those of their peers. Think these shares are still well undervalued.
55biker
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