| Date | Subject |
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20/8/2020
11:05 | essentialinvestor: I took 24.10, unfortunately was out at the market open and missed
the best price.
Expect VTU to be a longer term sector winner.
Disappointed no net debt/net cash figure was given today.
Yes they mentioned liquidity, hosever it's useful to known the net debt numbers. Luck to those holding.
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21/7/2020
21:58 | thewheeliedealer: Hi all,
My mate Peter @Conkers3 and myself did a ‘Twin Petes Investing’ Podcast a few days ago and part of our discussion covers VTU and I reckon the Car Retail sector looks very interesting now. We also chatted about loads of other Stocks and as always a fair bit of general Portfolio Management educational stuff. Anyway, if you use Apple, Audioboom, Overcast or Spotify you can find it under the 'Conkers Corner' Channel (you want TPI Podcast 27) and you can find it on Soundcloud at the link below.
I hope you enjoy it and find it useful,
Cheers, WD
@wheeliedealer
hTTps://soundcloud.com/user-479955511/conkers3-wheeliedealer-27-covid19-vaccine-hopes-azn-clin-ipf-vtu-auto-sfor-mpac-net
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03/7/2020
20:34 | essentialinvestor: Hi JAF, preference for lower debt on VTU re MMH. CAMB dont know that well.
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03/7/2020
20:18 | jaf111: EI....any particular reasons for favouring VTU over other car dealers (CAMB & MMH specifically)?
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10/6/2020
14:00 | gutterhead: must be right then....
I wasn't saying it will our won't happen-I said that IF it were to happen, VTU have a good bias towards volume franchises and they would benefit more than the average motor group.
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11/5/2020
10:22 | tallprawn: Some nice buys arriving so far today. A positive update last week from VTU - A bowl pattern is forming on the chart for a move back to the 35p area soon.
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17/3/2020
16:54 | sphere25: You'd think the balance sheet will provide some protection, but the sheer panic out there and absolutely wreckless government policies means anything goes now. Absolute chaos out there and huge blow ups to follow. Only a handful of folk talking sense like JDW statement today.
As for VTU and the industry, Daimler statement earlier:
"Stuttgart, March 17, 2020 - Due to the worsening situation of the COVID-19 pandemic, the Daimler Group has decided today to suspend the majority of its production in Europe, as well as work in selected administrative departments, for an initial period of two weeks. By taking this action, the company is following the recommendations of international, national and local authorities. The suspension applies to Daimler's car, van and commercial vehicle plants in Europe and will start this week. Connected to this is an assessment of global supply chains, which currently cannot be maintained to their full extent"
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17/3/2020
11:13 | essentialinvestor: mrf, in terms of the entire sector - this is not a VTU specific comment,
Perhaps a case of survival now? - how this all pans out, your guess is as good as anyone's guess.
VTU look to have low debt re the rest of the sector?, So perhaps a better starting point than some?.
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04/2/2020
10:02 | davebowler: Zeus;
Systems capability teach in
We had the opportunity to look at Vertu’s bespoke systems capability, which have been built from scratch and evolved since inception of the Group in 2006. We believe this is a powerful part of the investment case and key differentiating factor from its competitors, as such systems collate powerful data that can ultimately deliver enhanced scalability, decision making, focus and compliance. Overall, we remain happy with the long-term investment case, and continue to believe Vertu will emerge as one of the sector winners given its infrastructure, focus on compliance and strong balance sheet. We remain confident in our medium-term intrinsic value of 77p (see note from 9 Oct 2019 )
§ Systems teach in: Vertu hosted a Systems Capability teach in yesterday for analysts and investors. The development of bespoke systems has been a feature since inception for Vertu in 2006. We believe this gives the Group enhanced scalability, and has also aided the acquisition integration process, which remains a key part of its growth strategy. The most recent acquisition of four VW dealerships from Sytner was integrated onto the Group’s systems within 36 hours. The internal data collected is used for performance monitoring, focus and compliance, allowing Vertu to maintain its competitive edge in a fragmented market.
§ Key themes: There were three key sections to the day encompassing Showroom (Point of Sale, sales process, CRM and compliance), Management Information and Financial Analysis. Showroom highlighted to us the consistent sales process Vertu has, which is something we believe the FCA is monitoring closely at present across the industry. What struck us here was the simplicity for staff to follow, and while covering all of the key issues for compliance, also balanced a relatively seamless journey for the customer. Management Information was a one stop shop for all key information in the business. Again the focus here is compliance, but also to focus on the business drivers, which also gives flexibility to changing market conditions. The final segment was Financial Analytics, which gives quick access from Group wide KPI trends right down to the detail of individual transactions at a single dealership level. This gives management reporting consistency across the Group allowing quick and effective decision making to be made.
§ Next catalyst: We anticipate a detailed pre close trading update during the first week of March. Final results are expected on 6th May.
§ Investment view: We believe the long-term valuation remains compelling at a 2020E P/E of 7.2x falling to 6.7x in 2021E and an EV/EBITDA of 3.5x falling to 3.2x with a dividend yield approaching 5% backed up by our intrinsic value per share of in excess of 77p and net tangible assets per share of 45p.
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10/10/2019
12:07 | sphere25: Thanks for the post DaveBowler. I have nipped in for a few VTU at 33p and put it on the main watchlist.
VTU looks interesting. I do feel this isn't a million miles away from a long term tuck away and hold. This sector has been absolutely pummelled with bad news, after bad news, after more bad news.
These operating metrics and the asset backing do say a hell of alot IMO:
"2020E P/E of 6.5x falling to 6.0x in 2021E and an EV/EBITDA of 3.1x falling to 2.9x with a dividend yield of c.5% backed up by our average implied intrinsic value per share of 72.4p and net tangible assets per share of 46.1p."
Clearly there could be a further deterioration, but I'd say a significant amount of the doom and gloom is already in the price and VTU comes out a beneficiary of the demise of others - debt is always the killer.
The market tends to look forward about 9 months. There is plenty of doom and gloom out there and many stocks are trading on far too high a multiples considering the profit warnings to follow.
At this lowly valuation and the asset backing though, a warning gets bought up imo. The 9 months further out that the market soon looks at won't justify the lowly rating here either imo.
Let's see how much of a mess the political meddlers make and how much is in the price already.
Interesting one!
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PLUS1
