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
  14.00 5.07% 290.00 68,520 16:35:24
Bid Price Offer Price High Price Low Price Open Price
276.00 288.00 284.00 276.00 276.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Automobiles & Parts 2,154.42 20.36 17.80 16.3 227
Last Trade Time Trade Type Trade Size Trade Price Currency
17:16:51 O 5,614 290.00 GBX

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Date Time Title Posts
19/10/202110:51Marshall Motor Holdings PLC399

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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 276p.
Marshall Motor Holdings Plc has a 4 week average price of 207p and a 12 week average price of 207p.
The 1 year high share price is 284p while the 1 year low share price is currently 125p.
There are currently 78,232,237 shares in issue and the average daily traded volume is 38,390 shares. The market capitalisation of Marshall Motor Holdings Plc is £226,873,487.30.
jaf111: Indeed....very pleased to see.......BUT despite strong move up the share price is still VERY cheap so plenty move juice in the tank me thinks..... All the car dealers seem to be on very cheap ratings....clearly Mr Market expecting a downturn but despite Marshall's superior track record (certainly compared to LOOK & PDG)and positive acquisition news, MMH does not seem to be on a premium rating it clearly deserves. IMHO
this_is_me: Another breakout to a new all time share price high.
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.
edmundshaw: Outstanding update. More double digit sector outperformance! PER for 2021 at 225p now looking under 5, probably under 4.5. Expect a good dividend, perhaps a special if some of the profits (volume x margins) look unsustainable longer term. Cash is burning a hole in the pockets here. On results day for 2021 I would hope for a big surge in the share price if the price has not risen significantly beforehand. I have added today.
edmundshaw: Interesting from Zeus. We had 26p EPS in 2018 and 23p EPS in 2019, obviously far more this year (should be at least double). Also, we had net debt around 37p per share in 2019, now we have adj. net cash of 72p, that in itself seems worth £1 per share before cautiously factoring in a possible effect from the limited supply of S/H vehicles. EPS for this year is going to be huge, but even reverting after a year or two, the PER is comfortably under 10 with considerable net cash and massive freehold/long leasehold assets of c.175p/share... MMH is still very undervalued. Disclosure: I am holding on to an overweight position.
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.
1tx: I agree the valuation seems modest;I certainly was not expecting this level of profits when I bought the shares earlier in the year!In terms of valuation one thing that interests me is the valuation being given to online car sales operators like Cazoo compared to better conventional retailers like MMH because we have the advantage of getting the first pick of better used cars as we have the top new car agencies against which we get quality used cars in part exchange.
jaf111: In his analysis of Marshall’s latest trading update, Zeus Capital market analyst Mike Allen suggested that the group was on track to emerge from 2021 as a “sector winner”. He said: “This latest earnings upgrade reinforces our view that MMH is a highly reliable platform that is well positioned to emerge as a sector winner. “The effects of COVID-19 are likely to accelerate change in the sector. Following this latest upgrade, MMH trades on a 2021E P/E of 7.3x and an EV/EBITDA of 2.6x, which looks far too low given the growth generated, and strength of balance sheet that can be unlocked to generate further value from here.”
jaf111: ANOTHER great update from MMH......to repeat MMH surely are THE premier car dealer and their share price should be a lot higher..... Hopefully Mr Market will start to recognize that!!!
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.
Marshall Motor share price data is direct from the London Stock Exchange
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