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BCA Marketplace (BCA)

Business description

In the UK, BCA Marketplace owns and operates the largest used vehicle exchange and is the leading provider of vehicle buying services through We Buy Any Car. BCA also provides exchange and buying services across Europe and its Automotive Services division provides transport, storage and technical expertise.

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2017A 2029.7 135.6 97.4 9.1 21.0 17.2
2018A 2431.5 159.5 120.9 11.4 16.7 8.8
2019E 2662.5 170.8 127.2 12.3 15.5 10.5
2020E 2902.8 183.9 137.1 13.2 14.5 9.2

Last updated on 25/09/2018

Investment summary

BCA Marketplace (BCA) offers unique access to each stage of the vehicle lifecycle. Dominant in used car vehicle exchange, the company has built up its presence in vehicle buying through We Buy Any Car (WBAC) and Automotive Services. FY18 saw good growth in volumes across remarketing exchanges as well as WBAC. The five-year Auto Services Solution flagship contract with BMW UK is the largest deal ever won by BCA and shows the strategy in action. Going forward, the company aims to develop its market-leading positions through its range of physical and digital (‘phygital’) offerings and services in the UK and Europe. The AGM statement indicated that trading remained in line with expectations, consistent with a stabilising UK new and used car sales environment.

Last updated on 28/09/2018

Industry outlook

BCA is not involved in the sale of new cars and light commercial vehicles, although it does supply services such as transportation and inspection to the segment. However, there are clearly some trends that flow from new car markets to used vehicle supply such as part-exchange, lease contract expirations and personal contract plans (PCPs). In fact, BCA provides a unique “dock to de-fleet” through-cycle support proposition in the UK vehicle market.

Last updated on 28/09/2018

Key management

Tim Lampert, CFO & Director
Avril Palmer-Baunack , Executive Chairman
Tim Richmond, Investor Relations

Company address

Haversham House, Coronation Business Park
Kempston Hardwick, Bedford
MK43 9PR
United Kingdom
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