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!”.

13-Aug-2019 – 139p – £109m – PER 5.9

Interim Results For The 6 Months To End June 2019 – Underlying Revenue flat, PBT and EPS down 5% or so however the Interim Dividend is up 32.6%. FY outlook remains unchanged although caution is mentioned (as expected).

I still remain wary of the industry 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). Latest Broker note this morning indicates negative EPS growth (-15%) forecast for next year and a slight increase (2%) for the year after.

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