The automotive retailer with a network of 124 sales and aftersales outlets across the UK.
Interim Results For The 6 Months To End August 2017 – Revenue flat, Margins flat but Adjusted PBT is up 7.2% to £20.9m vs £19.5m last time. Interim Dividend up 10% and Buy-Back to continue up to £3m.
If I had to pick a Car Retailer it would be this one. I quite fancied an entry around the 40p area a while back but was hesitant – Still quite like it even at these levels, PER is still 6.78.
25-Jan-2018 – 47p – £182.2m – PER 7.68
Trading Update For The 12 Months To End February 2018 – FY performance to be moderately below current market expectations, following further declines in the new car market resulting from the depreciation of sterling and a softer general consumer environment.
I like this company and suspect it may be cheaper in the future now than it is today. If I find myself more interested in the sector I could be tempted here.
9-May-2018 – 49.9p – £190.0m – PER 9.03
Final Results For The 12 Months To End February 2018 – These results look about in-line. The outlook seems about in-line too with trading in March and April in-line. However, this I think is notable, “The Board therefore has confidence for the full year”, but not confidence enough to include the term “in-line with expectations”.
I do like this company but still cannot be anymore tempted this morning as I was yesterday.
25-Jul-2018 – 50.7p – £187.4m – PER 8.88
AGM Statement – Four month period to end June 2018 in-line and expects FY to be in-line too.
Not sure we will see anything more than pedestrian growth here in the short to medium term – I remain Neutral for now.
3-Sep-2018 – 49.25p – £186.8m – PER 8.75
Trading Update – In-line.
I remain Neutral here as it looks, perhaps, about fairly priced and I remain cautious about the sector in general.
10-Oct-2018 – 41p – £158.4m – PER 7.33
Trading Update For The 6 Months To End August 2018 – Revenue up 8% LFL with Adjust PBT and EPS down 10% or so. Tangible net assets per share 45.9p (2017 H1: 44.5p), the Interim Dividend is maintained.
Is there a floor here at 40p or so – Perhaps! A decent income of 4% or so backed by assets and free cash flow. Got this on my Watchlist as a potential income bargain on a bigger general market sell off.
Subsequent note: With just so much uncertainty around the industry and with EPS forecast to fall in 2019E and then rise to just 5.6p in 2021E (less than in 2018E) I changed my view to Neutral here.