Marshall Motor Holdings (MMH)

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!

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