Share Name Share Symbol Market Type Share ISIN Share Description
Marshall Motor Holdings Plc LSE:MMH London Ordinary Share GB00BVYB2Q58 ORD 64P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.50 -0.28% 176.00 18,888 16:35:07
Bid Price Offer Price High Price Low Price Open Price
172.00 181.00 176.50 176.00 176.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Automobiles & Parts 2,154.42 20.36 17.80 9.9 138
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:07 O 8,467 177.00 GBX

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06/4/202109:17Marshall Motor Holdings PLC352

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Marshall Motor Daily Update: Marshall Motor Holdings Plc is listed in the Automobiles & Parts sector of the London Stock Exchange with ticker MMH. The last closing price for Marshall Motor was 176.50p.
Marshall Motor Holdings Plc has a 4 week average price of 154.50p and a 12 week average price of 125p.
The 1 year high share price is 179p while the 1 year low share price is currently 82.50p.
There are currently 78,232,237 shares in issue and the average daily traded volume is 26,100 shares. The market capitalisation of Marshall Motor Holdings Plc is £137,688,737.12.
jaf111: A nice move up in recent weeks - well overdue since MMH is surely THE sector pick. The company has a strong B/S and did made reference to taking advantage of "further growth and consolidation opportunities as they arise"....... There must surely be many small / medium sized opportunities. Also, whilst perhaps unlikely I do wonder whether MMH might even be looking at either Lookers or Cambria, both of which are surely "in play"????
1tx: Good value I agree based on expectations of a likely improvement of prospects over coming months;and on this basis I bought shares a couple of months ago.Just a note of caution MMH shares have been cheap in normal times and traded below the present price for most of 2019 in spite of its then excellent performance.UKs best listed car dealer in my opinion.
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.
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.
edmundshaw: Finally getting some upwards movement in this absurdly undervalued company. Expecting excellent 2020 preliminary results mid to late March. Clearly there will be an impact for Jan/Feb/March for 2021 with the new lockdown, but on past experience that just creates pent-up demand (perhaps a bit less than last time but still some), so I am thinking earnings positive for H1 2021 and a great H2. This company has been growing market share for years and has oodles of property comfortably exceeding the market cap even before the business value. Super strong balance sheet with Adjusted net cash £27.4m at H1 2020.
this_is_me: VTU bought a raft of loss making BMW/mini operations from INCH. It remains to be seen whether they can turn them around. CFYN seem a good operation but it is impossible to trade them sensibly even for a long term investor like me. MMH still seem to me to be the most likely to do well.
jaf111: Another excellent update from MMH..... Compare their RNS with today's news from Lookers(LOOK).....what a pile of dung that is!!! WELL DONE Marshall Motors
this_is_me: Some of the opposition might go bust e.g. LOOK, PDG since MMH seem to be selling more than others so other dealers are going to be worse than average where competing.
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.
edmundshaw: Marshall of Cambridge Holdings Interim results today. The results for MMH in that are broadly those of our interims (as you would expect). hxxps:// On the post period commentary there is a small difference:- MMH: ---- Trading in the final month of the Period was strong, benefitting, as anticipated, from a combination of a release of pent-up demand, extensions to vehicle financing agreements coming to an end, a shift from use of public transport towards vehicle ownership and the delivery of outstanding vehicle orders not completed prior to the closure period. We have been encouraged by our ability to operate effectively and successfully under our revised operating procedures. MCH (holding company): ---- [...] since 1 June there has been a strong recovery in sales, driven by: + The high number of new and used finance agreements that have expired either during or since lockdown + Revenge buying, representing pent updemand, following lockdown + Nervousness in using public transport, resulting in strong demand for used vehicles and thereby, benefitting residual values(which is likely to continue ifshortages of new product persist) + The September registration plate change Following a modest loss at the operating and adj. PBT levels during H1, the MMH managementteamconservatively anticipates anoverall break-even position for 2020 as a whole, also citing the potential for further localised lockdowns as a basis for a degree of ongoing cautionin the short-term. The SMMT anticipates that the number of new cars purchased in 2021 should increase 26.9% to 2.04m vehicles, offering a positive outlook, particularly for the healthier market participants as consolidation is expected by various market watchers to accelerate over the next 12 to 18 months.Rather than amounting to an unrealistic target, the SMMT forecast for new car sales in 2021 represents a 12% reduction on the 2019 market outcome. Furthermore, MMH’s management team is of the view that consolidation in the automotive retail market is likely to accelerate, following the issues resulting from lockdown and the stress placed on the economy. MMH fully expects to participate in such consolidation.
Marshall Motor share price data is direct from the London Stock Exchange
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