Marshall Motor Holdings (MMH)

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Marshall Motor Holdings MMH Logo

Engaged in the sale and repair of new and used vehicles through Marshall Motors, and the leasing of vehicles through Marshall Leasing.

14-Aug-2018 – 157p – £122.2m – PER 6.47

Results For The 6 Months To End June 2018 – “Robust” and “further profit growth” are in the headline here but the actual numbers seem uninspiring.

First time I have covered this (not sure why) and I see no reason to be anything other than Neutral for now. That said there does seem to be £121.1m of freehold / long leasehold property on the Balance sheet!

11-Oct-2018 – 140p – £109.0m – PER 5.75

Trading Update – In-line with previously revised forecasts.

Looks like decent value with a decent yield backed up by what seems like sound management and a lot of freehold / long leasehold property on the Balance sheet (circa £120m or so). I am Neutral, mainly due to the industry concerns at present.

14-Nov-2018 – 147p – £114.5m – PER 6.15

Trading Update – 2018 Underlying PBT now expected to be ahead of last year.

I remain wary of the industry and remain Neutral here – Although this would probably be (will probably be) my pick of the options as and when we see some kind of improved sentiment in the industry as a whole (sound management it seems, decent well covered yield and £120m or so of property on the Balance sheet).  Almost talking myself into buying now!

13-Mar-2019 – 158p – £123m – PER 6.7

Results For The 12 Months To End December 2018 – Record results with Revenue and PBT up 1.2%, Basic Underlying EPS is up 1.9%. Dividend up 30%+, FY outlook unchanged.

I said this last time and it’s still my view today “I remain wary of the industry and remain Neutral here – Although this would probably be (will probably be) my pick of the options as and when we see some kind of improved sentiment in the industry as a whole (sound management it seems, decent well covered yield and £120m or so of property on the Balance sheet).  Almost talking myself into buying now!”.

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