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Marshall Motor Holdings (MMH)

Business description

Marshall Motor is the seventh largest UK motor retailer, operating 101 franchises across 23 brands at 84 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.£119.9m
Last close154.00p
High / Low (52 weeks)175.5p / 122.5p
Stock market listingLN
Forecast net debt (£m)3.5
Forecast gearing ratio (%)2
TeamIndustrials
SectorAutomotive Retailers

Price performance

%1m3m12m
Actual8.5(4.1)(6.4)
Relative *15.25.13.6

* % Relative to local index

Other companies in sector Show

Company news

Marshall Motor's shares drive forward as it sees full year results above ...

Tue, 04 Jul 2017 08:58:00 GMT

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

Tue, 15 Aug 2017 07:10:31 GMT

Marshall Motor Holdings acquires Leeds Volvo from Harratts Group

Tue, 06 Jun 2017 09:22:30 GMT

Marshall Motor Holdings plc Performance Share Plan

Wed, 18 Apr 2018 06:17:12 GMT

Marshall Motor Holdings

Wed, 13 May 2015 15:49:18 GMT

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 5.9 1.2
2017A 2268.9 46.4 29.1 30.8 5.0 2.0
2018E 2207.8 41.6 25.7 26.3 5.9 3.2
2019E 2267.3 41.1 24.8 25.4 6.1 3.3

Last updated on 27/11/2018

Investment summary

Since listing on AIM in 2014, MMH has established a strong track record as it has transformed and grown to rank seventh among UK automotive retailing groups. The strong brand coverage, excellent relationships with major manufacturers and a healthy balance sheet should continue to support strategic development. Despite a volatile Q318 for UK new car registrations, in the recent trading update management raised its outlook for FY18 due to strong used car performance. The FY19 outlook remains challenging with Brexit looming. In addition to likely modest market declines, management continues to work hard to mitigate cost pressures.

Last updated on 29/11/2018

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 market and buyer confidence is undermined by Brexit concerns, negative sentiment on diesel and PCP finance and potential H218 new car supply disruption rates. The large rating discount to the FTSE All-Share General Retailers Index fails to recognise defensive qualities across a sector where used vehicle and aftersales activities account for the majority of profits.

Last updated on 29/11/2018

Key management

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

Company address

Airport House
The Airport, Newmarket Road, Cambridge
CB5 8RY
United Kingdom
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