Search Follow us

Marshall Motor Holdings (MMH)

Business description

Marshall Motor is the seventh largest UK motor retailer, operating 101 franchises across 23 brands at 86 locations. With a strong presence in the east and south, it is one of six UK dealership groups to represent the top five volume and premium brands.

Stock data

Market cap.£125.4m
Last close161.00p
High / Low (52 weeks)177.8p / 142.0p
Stock market listingLN
Forecast net debt (£m)6.1
Forecast gearing ratio (%)3
SectorAutomotive Retailers

Price performance

Relative *(1.8)(3.5)9.0

* % Relative to local index

Other companies in sector Show

Company news

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 1899.4 38.4 25.4 26.2 6.1 1.3
2017A 2268.9 46.4 29.1 30.8 5.2 2.0
2018E 2283.9 38.8 23.5 24.1 6.7 3.5
2019E 2334.4 39.2 24.0 24.6 6.5 3.6

Last updated on 26/06/2018

Investment summary

The company has release its pre-close update for H118, which indicates modest progress has been made against last year’s record period: a commendable performance in still-challenging UK car markets. Despite remaining relatively cautious about the H218 market prospects, management expects the full-year outturn to be at the top end of its expectations. The departure of Mark Raban, the chief financial officer during the flotation, to explore new opportunities would appear to be a personal choice. We expect an orderly transition and do not feel there are any reasons for concern at the decision.

Last updated on 03/07/2018

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 29/06/2018

Key management

Mark Raban, Chairman
Daksh Gupta, CEO
Mark Raban, CFO
Mark Leeder, Head of Commercial Finance

Company address

Airport House
The Airport, Newmarket Road, Cambridge
United Kingdom
View website