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
  -1.00 -1.04% 95.00 37,768 08:00:00
Bid Price Offer Price High Price Low Price Open Price
90.00 100.00 95.00 95.00 95.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Automobiles & Parts 2,276.13 19.64 19.90 4.8 74
Last Trade Time Trade Type Trade Size Trade Price Currency
12:13:08 O 18,884 95.00 GBX

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Date Time Title Posts
14/3/202020:15Marshall Motor Holdings PLC289
21/3/201813:44Marshall Motor Holdings INTERVIEWS-

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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 96p.
Marshall Motor Holdings Plc has a 4 week average price of 87.50p and a 12 week average price of 87.50p.
The 1 year high share price is 172p while the 1 year low share price is currently 87.50p.
There are currently 78,232,237 shares in issue and the average daily traded volume is 22,498 shares. The market capitalisation of Marshall Motor Holdings Plc is £74,320,625.15.
55biker: Very interesting post Podgyted and with asset backing of around £2.40 ps the current share price looks ridiculously cheap. All this doom and gloom and also the Brexit/Brino shambles has pushed the share price down to about half what it probably should be.
jaf111: Agreed dangersimpson2 I remain very frustrated with I expected it continues to significantly outperform yet as you say its share price continues to languish both in absolute and relative terms.... Patience is a great virtue!
davebowler: Zeus; Trading update & EPS upgrade We note the unscheduled trading update released this morning by Marshall Motor Holdings (MMH), confirming better than expected trading in the used car market. Together with continued growth in the aftersales business and strong operational initiatives this is driving growth in underlying PBT vs 2017A. As a result, the company now expects adj. PBT in 2018E to be ahead of 2017 (continuing basis). We update our forecasts accordingly to reflect this, which triggers a 14% upgrade to our previously below consensus estimates. We leave forecasts for 2019E and 2020E unchanged reflecting the current uncertainty heading into next year and remain cautious at this juncture as we await further clarity over Brexit. The valuation on our cautious assumptions from 2019E continue to look compelling to us, particularly in the context of its balance sheet, dividend yield and strong anticipated FCF. § Trading update: MMH has this morning confirmed that trading patterns over October were leading to a better than anticipated outturn for FY 2018. The key reasons behind this was growth in used volumes being ahead, backed with strong margins, paired with further revenue growth in the aftersales business against weak YOY comparatives during H2 to date. The company now expects adj. PBT to be ahead of last year on a continuing basis. In line with our industry thesis, WLTP and the resultant supply pressure continues to impact the group’s new car business, albeit the supply shortage created in the used market as a result has provided a positive environment for used car margins. § Impact on forecasts: We upgrade our 2018E adj. PBT to reflect a stronger used car margin performance driven by higher residual values and higher volumes. We now expect adj. PBT in 2018E of £25.5m (vs £22.3m previously). We leave 2019E and 2020E unchanged reflecting our longer-term industry thesis and the risks inherent in the ongoing Brexit negotiations, general political uncertainty in the UK, uncertain outlook for OEM behaviour and ongoing industry wide cost pressures. Based on our trading assumptions for 2018E we now expect net debt at year end of £3.5m (from £5.9m) going to £1.3m net cash in 2019E (net debt of £1.1m). § Valuation: Based on our updated forecasts, the group is trading on a P/E of 5.9x in 2018E and an EV/EBITDA of 2.9x. The group has >£100m of freehold and long leasehold assets on the balance sheet providing strong asset backing. This is supported by progressive dividend yield in approaching 5%, and we also anticipate FCF generation of c£10m per annum from 2019 following significant capital expenditure undertaken in recent years, which also looks attractive to us in the context of the current share price. While MMH is not immune to current industry pressures, it does have a solid track record of industry and M&A outperformance particularly in used cars, which is reassuring going into 2019 and beyond.
this_is_me: The weakness in the car market is holding back the share price of this well run company.
55biker: Not sure what the asset backing ps was for PDG but compared to MMH the current share price seems so low maybe it might be looking attractive as a take over opportunity now? Think it would only need some good Brexit news to come out re: motor trade prospects and the share price might go north very quickly.
edmundshaw: Pendragon (PDG) results yesterday had an effect on the share price - albeit more muted than it might have been, but then the valuation of PDG was pretty toppy. MMH remains at a very low price and still compares very favourably with PDG. With a good and well covered dividend there is no real issue in outlasting a 6-12 month downturn in the new car market, assuming that reads across from PDG.
jeff h: 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.
davebowler: Zeus; Marshall Motor Holdings (MMH) has confirmed it is trading ahead of expectations for the full year following a strong H1 performance, with a particularly strong first quarter driven by both modest LFL revenue growth and to a greater extent outperformance from the Ridgeway acquisition. The outlook further out is less certain with the board highlighting growing uncertainty in the new car market as reasons for a more cautious long term view, which is a view we concur with. That said, we upgrade our EPS forecasts in 2017 and 2018 by 6-7% and believe the current share price looks heavily discounted with the stock on a prospective P/E of sub 5x with the dividend yield approaching 5% and the current market capitalisation underpinned by property assets. Pre-close statement: MMH has issued a pre-close trading update this morning, which confirms that following a strong H1 performance, driven by a particularly good performance in the first quarter, the company is trading ahead of expectations for the full year. The retail business has seen material growth in revenue and profitability as the Ridgeway assets have made a strong contribution. In line with the wider market the company experienced a particularly strong Q1 as new car registrations were pulled forward ahead of the change to VED. The group saw good growth of used and aftersales revenue although there was continued margin pressure in the used car segment through the period. The leasing segment has continued to experience good profitability, albeit we expect this to be down YOY during H1 following a exceptional period last year following a reduced level of disposals. Forecast assumptions: Following the positive update from MMH this morning we are upgrading our 2017 and 2018 EPS forecasts by 6-7%. For 2017E we anticipate a H1 adjusted PBT of £18.0m vs. £14.0m last year, albeit anticipate an implied H2 of £10.0m vs. £11.0m last year to reflect tougher market conditions. We have also flowed through modest growth into 2018E. Our net debt forecasts also fall following the improved trading performance and the disposal made for £2m earlier this year. Outlook: The outlook statement was cautious on a longer-term basis, consistent with our industry view anticipating further declines in new car volumes through 2017. It is clear that Q2 trends in the new car market have deteriorated following a record Q1 this year. From a demand side perspective, we remain cautious with consumer confidence softening in recent months against a backdrop of increasing political and economic uncertainty. Investment view: While there is growing uncertainty across the sector, we believe this is more than priced into the shares as it trades on a prospective P/E of sub 5x with a dividend yield approaching 5%. The current market capitalisation is also more than backed by freehold assets (£109m freehold and long leasehold assets at 2016 balance sheet position) we believe is also attractive for a business that is clearly delivering against a tougher trading backdrop.
jeff h: N+1 Singer courtesy of Research Tree:- When we wrote on Marshall Motors 8 weeks ago, we indicated the fall in the share price (to 159p) was anomalous to its underlying operating performance and, after a strong Q1, likely short term newsflow on trading. Since then the shares have fallen a further 15% to an all-time low (134p). Today’s H1 update confirms the group delivered further material improvements in profitability on both a LFL and total basis – i.e. including a full contribution from Ridgeway which is now almost fully integrated and bringing both scale and geographic benefits. Whilst maintaining a cautious stance due to uncertainties in the market, performance is ahead of expectations and will drive consensus upgrades of 5-6%. On a cal17 P/E of <5x and yielding 4.4% the stock represents deep value including vs. peers. Expect a rebound today.
jaf111: So what have we got in the Trading Statement......cautious, declining market etc etc as one might expect in view of the recent share price collapse....... BUT surely some mistake....."Full year outlook ahead of Expectations" And the market response - a measly 3.6% increase so far..... Frustrating!
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