Marshall Motor Holdings (MMH)

Business description

Marshall Motor is the seventh largest UK motor retailer, operating 104 franchises spread across 24 brands at 90 locations. It is one of six UK dealership groups that represent each of the top five volume and premium brands. The group has a strong presence in eastern and southern England.

Stock data

Market cap.£125.4m
Last close162.00p
High / Low (52 weeks)178.5p / 133.5p
Stock market listingLN
Forecast net debt (£m)119.4
Forecast gearing ratio (%)73
SectorAutomotive Retailers

Price performance

Relative *(2.01)12.441.87

* % Relative to local index

Other companies in sector Show

Company news

Marshall Motor 'cautious' on UK auto industry despite upbeat first half

Tue, 15 Aug 2017 07:10:31 GMT

Marshall Motor Holdings

Wed, 13 May 2015 15:49:18 GMT

Marshall Motor Holdings acquires Leeds Volvo from Harratts Group

Tue, 06 Jun 2017 09:22:30 GMT

Marshall Motor Holdings PLC Q&A: Disposal of Marshall Leasing (LON:MMH)

Tue, 26 Sep 2017 11:52:42 GMT

Market Risers: J Sainsbury plc, Marshall Motors Holdings PLC, Provident ...

Tue, 03 Oct 2017 11:54:14 GMT

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2015A 1232.8 22.8 15.8 15.8 10.3 3.3
2016A 1899.4 38.7 25.4 26.2 6.2 1.3
2017E 2271.1 44.8 28.3 28.6 5.7 1.9
2018E 2296.5 44.9 28.9 29.2 5.5 1.7

Last updated on 21/09/2017

Investment summary

Since its listing on AIM in 2014, MMH can reflect positively on its continued transformation and strong growth record, which has driven it to rank seventh among UK automotive retailing groups. The strong brand coverage and excellent relationships with major manufacturers should continue to deliver growth. Despite tougher market conditions so far in H217, H1 trading was strong and we raised our estimates. Our fair value stands at 214p per share.

Last updated on 03/10/2017

Industry outlook

Market dynamics favour larger motor dealership groups against smaller independent groups, which still command c 60% of the franchise market. Global manufacturing overcapacity still points to OEM support, although stockmarket confidence is undermined by the inflationary impact of weak sterling on new car prices and interest rates. Large rating discounts relative to the FTSE All-Share General Retailers Index fail to recognise the defensive qualities across a sector where used vehicle and aftersales activities account for the majority of profits.

Last updated on 03/10/2017

Key management

Daksh Gupta, CEO
Chris Baird , Corporate Finance/IR
Mark Leeder, Head of Commercial Finance

Company address

Airport House
The Airport, Newmarket Road, Cambridge
United Kingdom
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