Pendragon Share Discussion Threads

[wigwammer] 31/7/2019 12:38

"Nobody cares about the property assets." Please speak for yourself. You don't need a great deal of nous to work out why owning the operating assets is rather preferable to not owning them, and highly relevant to valuing the business. Stick to day trading :)

[whiteshark1] 31/7/2019 12:28

Im sure this will bounce shortly, I will probably get back in to it , purely as a trader not as a long term holder. They need to secure a good leader who can handle the board. Nobody cares about the property assets when its main business is cars and customers.

[wigwammer] 31/7/2019 12:25

Perhaps that was useful information at 30p+, and I'm sure if I went back I'd find you inundating the board with this knowledge when the shares were at the peak. Whoever the sellers have been, I hope they haven't done so on the naive belief that the company doesn't have property assets :)

[whiteshark1] 31/7/2019 12:12

more sellers than buyer, yes, that must be it. Probably the realise this is a very badly run business, all beit well established. Great brands to sell but done so in a shocking way, they treat their staff badly, their manufacturer partners get the same treatment. Their current , no haggle sales process on used cars is poor and losing them business. Watch this space,

[wigwammer] 31/7/2019 12:01

More sellers than buyers. Perhaps the sellers are naive and don't realise the business has valuable software and property assets :)

[whiteshark1] 31/7/2019 11:59

wonder why the share price is so low , if the company is so good? Don't say Brexit

[wigwammer] 31/7/2019 11:42

Fair point gutter, although if they are overcharging themselves for software it means they are overstating costs elsewhere - you can't have it both ways. Nor is pinewood tiny - a growing business generating £10m+ op profit is highly meaningful in the context of a £170m cap company. Additionally, they have substantial property assets, contrary to what you stated earlier.

[gutterhead] 31/7/2019 11:34

Pinewood is tiny and its biggest customer is PDG itself it can say whatever it likes regarding op margin as it charges itself whatever price it chooses In the wider market it probably has less than 2% of the auto dealer management system market-because it is outdated

[wigwammer] 31/7/2019 11:33

Growing revenue, growing profit, high margin. Nice business :)- We have an objective to achieve at least double digit growth in revenue in the Software as a Service ("SaaS") business for the foreseeable future, which will be achieved by globalisation of the products and services we offer.- Pinewood is fast becoming a global business with users in a number of countries worldwide. We are actively expanding the business in Europe, Africa and Asia Pacific and seeking opportunities elsewhere. Underlying GBPm 2018 2017 Change (%) L4L Change (%) ======== ======== ========== ============== Revenue GBP16.9 GBP15.8 7.0% 7.0% ======== ======== ========== ============== Gross Profit GBP14.9 GBP13.8 8.0% 8.0% ======== ======== ========== ============== Operating Costs (GBP3.2) (GBP2.9) 10.3% 10.3% ======== ======== ========== ============== Operating Profit GBP11.7 GBP10.9 7.3% 7.3% Gross Profit % 88.2% 87.3% 0.9% 0.9% ================= ======== ======== ========== ============== Operating Profit % 69.2% 69.0% 0.2% 0.2% ================= ======== ======== ========== ==============

[wigwammer] 31/7/2019 11:25

Any intelligent thoughts on what pinewood might be worth? Growing software business, £16m+ sales, 69% op margin. Probably covers half the market cap on its own :)

[wigwammer] 31/7/2019 11:21

It's a car company with a large property portfolio and a growing software business.

[whiteshark1] 31/7/2019 11:05

Pity its a car company. My understanding was most of the property got tied up in a sale and lease back deal

[wigwammer] 31/7/2019 11:00

"Our property portfolio provides a key strength for our business. At 31 December 2018, the Group had GBP240.5 million of land and property assets (2017 : GBP261.2 million) and property assets for sale of GBP35.4 million (2017 : GBP9.6 million)."

[wigwammer] 31/7/2019 10:57

"no property assets as they sold and leased back 15 years ago".. I don't think this is true

[whiteshark1] 30/7/2019 16:42

That’s an understatement but clearly you know the man

[gutterhead] 30/7/2019 15:44

MH was a dreadful appointment and share price will likely fall further

[whiteshark1] 30/7/2019 14:57

How can you invest in a company run for so long by Trevor Finn who constantly p'd off their manufacturing partners, then his replacement who has the same mindset is his replacement. Mark herbert ...failure at Jardines, Shocking as FD, worse as CEO. Never made any money and staff turnover worse than Pendragons. Now PDG is like a headless chicken , sub 10p is coming !

[ed 123] 18/7/2019 13:02

Thanks for your update, Gutterhead. :-) Yes, it's a difficult time for the sector, compounded by some own goals, eg. Pendragon making its costly move further into the used market, Lookers with its FCA investigation, Vertu 'wasting' shareholders money on buying back its own shares when that cash may be useful/needed a bit further out. I blame Pendragon's non-execs for letting Trevor Finn 'go rogue'. Lookers directors? Complacent? Vertu? Don't they know this is a cyclical sector, which could throw up big opportunities for those with the cash to take advantage? The better ones? Marshall's seems to be going ok and Caffyns has its property backing (if times get very tough).

[gutterhead] 17/7/2019 11:31

Ed, I was trying to be balanced, you're right, they are a complete shower. From my contacts, June and Q2 was the worst dealer financial result for decades more profit warnings to come I'm sure

[danjones] 17/7/2019 11:08

Falling knife guys....Stock level is biggest issue here - £969m..with no recovery of 3-7% drop in prices over May/June…no point working for nothing. … circa £29m to £67m hit due in just 2 months… Border Cars gone…PDG face big much bigger earnings revisions than alluded too. hxxps://www.am-online.com/news/dealer-news/2019/07/09/border-cars-faces-uncertain-future-amid-financial-difficulty?utm_campaign=09_07_2019_AM_daily_newsletter&utm_medium=email&utm_content=AM%20-%20Newsletter%20-%20Daily&utm_source=adestra&utm_term=Border%20Cars%20faces%20uncertain%20future%20amid%20R16;financial%20difficulty’&gutid=22113

[ed 123] 05/7/2019 12:55

That's generous of you, Gutterhead, calling PDG a 'very average performer'. I'd rate them, 'bottom of the class'. I can't think of any motor trader doing worse than PDG atm.

[gutterhead] 05/7/2019 10:44

defo heading to sub 10p tough sector and PDG a very average performer AIMO

[mortimer7] 02/7/2019 07:47

Next admin task for Pendragon: production of their half year accounts to 30/6/2019, usually done early August. SP Below 15p this morning. Looks like the reality of their issues starting to take hold.

[jaynesdad] 28/6/2019 12:53

Porsche Cayman, but not the latest 4 cylinder '718'. Proper 6 cylinder 911 engine engine so far better balanced and easier to drive. Get one as simple as possible, no trick suspension, satnav, PDK etc etc. Just parking sensors, manual air conditioning and a manual gearbox in a nice colour. Just perfect