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!