UK Stock Market News Today – 19-Oct-2018
Record (REC) – 35.35p – £70.4m – PER 13.3
Q2 Trading Update – AUME down 0.2% but no mention of in-line, etc.
I said I would stop looking at this company as it’s already on my Avoid list – It’s just too tough to gauge value (or not) here (for me) so I will now cease coverage and concentrate on stocks I understand a little more (or more appropriate, ones which are a little more understandable to me).
Pendragon (PDG) – 26.35p – £369.9m – PER 7.01
Trading Update – UK New Car market data for September showed a decline of 20% in new car registrations and a similar trend has continued in October which has caused significant new vehicle supply disruption – Gives cause for concern over the coming months for new vehicle sales and profitability. Continuing to invest in Used Cars and expects underlying PBT for 2018 to be £50m.
I estimate the above to be about a 10% – 15% miss and will remain Neutral here and on the sector in general for now.
As always, all comment most welcome!