Motorpoint’s interim results for the 6 months to 30th September are record breaking and reflect very well
on the Group’s ability to traverse what remain unusual and volatile market conditions. Whilst said
conditions have undoubtedly supported sales in the nearly new market, availability has been a challenge
which has brought to the fore Motorpoint’s flexible, agile and brand agnostic model, in our view. With H1
22 sales and margin strongly ahead, we are upgrading our FY22 CPTP forecast by c22
Companies: Motorpoint Group Plc
Motorpoint has provided an update on Q1 FY22 trading that reflects the unusual supply / demand dynamics currently evident in the UK automotive retail market. Record sales are reported through April and May, before a fall in new car production impacted vehicle availability and so “moderation of revenues” through June and July. Gross margins have remained ‘strong’ through the period. Online demand remains high, representing 61% of sales, whilst two new physical locations are confirmed. We leave re
What a difference a year makes - 12 months ago, the focus, quite understandably, was on the course of the pandemic and the lifting of the Lockdown (1) measures. For investors, it was the sustainability of the rally in markets seen since March 2020. Today, while we are still thinking about the lifting of lockdown measures, we are also concerned about two “old favourites” from previous decades. Inflation and the parlous state of public finances. The BoE has said that although CPI inflation rose to
Companies: ACIC BVC BAG BRSD BWNG CBOX CEG CTG CLG CML CRPR DNK EML XPF FAR FA/ GPH INSE MTW MOTR MMAG NRR NESF NMCN NSF OTMP OBD SAVE SCS STVG SNX SYS TMG TGL VLS VOG WYN
After a multi-year journey, somewhat accelerated by the Covid crisis, Motorpoint has set a new and exciting growth agenda that seeks to strengthen the Group’s position as the UK’s leading omnichannel vehicle retailer. Through an attractive combination of physical site growth (using smaller sites), ongoing investment behind an already established fully end-to-end online proposition and greater utilisation of supply chains into the Auction4Cars wholesale channel, Motorpoint is targeting a doubling
Motorpoint’s 2021 financial year has been wholly encapsulated within the UK Governments’ various responses to the Covid pandemic, with sites closed to customers for much of the 52 weeks. However, when open through Q3 and early Q4 CY2020, trading proved to be very strong, reflecting considerable pent-up demand. In addition, Motorpoint has also grasped the opportunity to materially advance its e-commerce sales/delivery flexibility through a national Home Delivery service, a streamlined contact-les
Motorpoint has reported encouraging interim results for the 6 months to 30th September, to us, with profit growth reported despite the challenges of Covid and the UK’s Lockdown 1.0. Total sales fell by 27%, though CPTP increased by c3% £9.7m with diluted EPS up 10% yoy to 8.7p. Looking to the remainder of FY2021, the outlook is clouded by the ongoing Lockdown 2.0 (in it various guises) and the potential for extended localised lockdowns, which leaves the sales and margin outcome to be uncertain.
Leading nearly new vehicle retailer Motorpoint’s trading update (20wk period to 21st August) has confirmed the continuation of very strong post lockdown sales momentum. In the last 11 weeks “key operational and trading metrics are comfortably ahead” yoy. Whilst trading is proving to be stronger and more sustained than management expected, caution remains on the sustainability of any recovery in consumer confidence due to the lasting impact of Covid-19, and how trading will evolve as we move into
Motorpoint has issued its FY2020 results, results that reflect the important March trading period being severely impacted by the growing Covid-19 crisis and subsequent lockdown. Sales are reported down 3.8% to £1,018m, with gross margin up by 30bp to 7.8%. CPTP has fallen by c15% to £18.8m, “substantially impacted” by the site closures, although we believe it was on track to be ahead yoy up to the middle of March. Adjusted EPS was 16.4p, down 9% yoy. Motorpoint had a modest cash position at the
Motorpoint has reported interim results for the 6 months to 30th September 2019 inline with our cautious expectations set out earlier in the year. Whilst the financial performance has come under anticipated short-term pressure, underlying operational progress bodes well for the future with management capability enhanced, the new site opening programme set to re-start and early signs from the “hub & spoke” model looking particularly encouraging. We see Motorpoint as very well placed for the mediu
Motorpoint’s trading update for the half year to 30th September confirms a relatively resilient performance in our view. Total revenue growth of c1% is believed to reflect “significant outperformance” of a nearly new car market in mid to high single digit % decline. We are also encouraged that margins have been “broadly in line with the prior year” after Q1 2020 pressure. With management highlighting a £2m increase in overheads (£1m non-recurring), we introduce a H1 2020 CPTP forecast of £9.7m (
Motorpoint has reported mixed trading for the first three months of FY2020, with little to differ from our already conservative expectations. Revenues are ahead yoy, supporting further market share gains, though the gross metal margin was been down yoy “impacted by unusually high supply levels”. Importantly, the margin trend in Q2 to date has strengthened to more normal levels and with our forecasts already conservatively positioned we leave financial expectations unchanged at CPTP of £22.0m, EP
Motorpoint has reported results for the 12 months to 31st March very much in line with guidance of 10% CPTP growth, as set-out in a 5 th April trading update. Total sales increased by an encouraging 7% to £1,059m (all LFL driven). CPTP of £22.9m is reported (SC forecast £22.9m), said 10% growth, with EPS up 11.3 % to 18.7p (SC forecast 18.7p). With respect to current trading, management state “we enter FY2020 with optimism but remain cognisant of the uncertain market and political environment”.
Motorpoint’s trading update for the 12 months to 31st March has confirmed another year of solid progress, albeit with easing momentum through the year that is expected to impact FY2020. Total sales are reported up by a good 6%, driven by LFL growth across existing sites. Guidance is for a yoy increase in CPTP of c10%, which leads us to retain our existing forecast of £22.9m, EPS of 18.7p a good out-turn in our view given the ongoing political/economic backdrop. However, with slowing momentum and
Motorpoint has this morning released a solid set of interim results achieving adjusted PBT for the first half of £10.5m, in line with our forecasts, which we updated following a positive trading update in October. We leave our forecasts unchanged for the full year and expect adj. PBT of £20.3m in FY18E. The company has also announced this morning a £10m share buyback programme, signaling confidence in the future prospects of the business. While Motorpoint continues to trade at a premium to the f
Research Tree provides access to ongoing research coverage, media content and regulatory news on Motorpoint Group Plc.
We currently have 102 research reports from 4
Companies: Vertu Motors PLC
No Joiners Today.
No Leavers Today.
What’s cooking in the IPO kitchen?
Public Policy Holding Company, to join AIM. PPHC, through its wholly-owned companies, operates a portfolio of independent firms that offer public affairs, crisis management, lobbying and advocacy services on behalf of corporate, trade association and non-profit client organisations. Mkt Cap and Capital to be raised TBC. Expected admission date Mid Dec.
Libertine to join AIM. Libertine has developed a technolog
Companies: TRAK GAMA AAZ FNTL DPP
Windward (WNWD.L) has joined AIM. Windward is a leading predictive intelligence company, fusing artificial intelligence (AI) and maritime expertise seeking to digitalise the global maritime industry. As at 30 September 2021, the Company had 120 permanent employees and had an annual contract value of US$19.7m, with 99 per cent. of the revenue being subscription based. The Placing raised gross proceeds of £26.3m (US$35m) of new capital for the Company and £8.2m (US$10.9m) for certain exist
Companies: SPSY MMH KEFI BRSD IKA SEMP
Interim results are stellar, commentary on current trading is upbeat and the pace of rollout is set to be stepped up a notch. We push through a 6% current year EBITDA upgrade and formally introduce FY23 and FY24 forecasts. These show a sector leading 2 year EBITDA CAGR of 27% - all self-funded from FCF. Omicron has created a degree of sector uncertainty but FUL has balance sheet strength and is well positioned to capitalise if trade migrates back to delivery and takeaway. On growth criteria the
Companies: Fulham Shore Plc
After a stellar period of trading through the various stages of Covid 19 restrictions, and easings, ScS
has reported a step-back in trading momentum in recent weeks. We await to see if the slower
trading is temporary, reflective of a change in Christmas shopping patterns, or of a more permanent
basis. We leave forecasts unchanged, looking for CPTP of £13.7m and EPS of 26.5p (both IFRS 16
compliant), as such the stock trades on an undemanding EV/EBITDA multiple of 4x for FY22 and 3.4x
Companies: ScS Group plc
An unscheduled but positive update this morning with good news on 5 fronts – full repayment of the CLBIL, new banking facilities, international franchising, strong current trading and site expansion. Margins are being maintained and going into 2022 we cite various factors which should mitigate the well-publicised sector headwinds. We make no forecast changes today but do see further upside risk. Whilst there’s been a strong recovery in the share price since 2020, the valuation is far from full.
Flutter reported muted Q3 20 sales numbers, which missed estimates. Sales were up 12%, driven by the strength in the US and Australia. However, the former posted its first quarter of sequential revenue decline, an indication of the increased competition in the highly attractive market.
Following the pause in operations in the Netherlands (~£50m EBITDA impact over the next three quarters), the firm lowered its FY21 EBITDA target by ~7%. We will be downgrading our estimates.
Companies: Flutter Entertainment Plc
Cornerstone is a provider of foreign exchange (forex), payment and currency risk management services, with a focus on small and medium-sized enterprises (SMEs) internationally. As one of a handful of UK-listed companies in this segment, the company is well-placed to act as a consolidator in a highly fragmented marketplace. The core technology platform is a source of competitive differentiation in the SME segment, and this is being evolved to integrate with accounting systems, in turn evolving th
Companies: Cornerstone FS Plc
Today's news & views, plus announcements from HL., POG, AUGM, WIX, DUKE MIND & BIRD.
Companies: Petropavlovsk PLC (POG:LON)Wickes Group Plc (WIX:LON)
Flutter reported consensus-beating H1 21 numbers as pro forma revenue grew 30%. Adjusted EBITDA declined 13%, attributable to larger US losses.
Management expects FY 21 ex-US adjusted EBITDA of £1,270-1,370m, and a £225-275m loss in the US. Hence, aggregate EBITDA should come in at £1.05-1.1bn, in line with consensus but below our estimates.
Following the H1 performance, we do not expect any major changes to our estimates as top-line momentum will be partially offset by softer margin developme
Sportech (SPO) has announced plans to return £36m surplus cash to shareholders by way of a tender offer, at 40p for up to 47% of the issued share capital. Assuming the offer is all taken up, SPO will be left with 100m shares outstanding. The deal requires court approval to create the necessary distributable reserves. SPO also announced that it was in discussions to sell its terrestrial lottery business for ca.$14m. The potential upside from the newly agreed sports betting deal in Connecticut (CT
Companies: Sportech PLC
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
Companies: AMYT BAG BVC BRSD CLG CML FBD GDWN INV MACF MNZS MIO NRR NSF NBI MATD PREM QFI RUA SCS STVG SUR SNX UPGS VAST VLS
Foot Locker has experienced outstanding second-quarter results in 2021, showing excellent signs of recovery as well as deep customer engagement and strong vendor partnerships. The company delivered a 6.9% comp gain on top of the 18.6% gain in the second quarter of 2020. The broad-based growth was driven by effective performances in kids' and women's footwear, coupled with strong demand across apparel and accessories. In addition, with further gains in their inventory productivity and meaningfull
Companies: Foot Locker (FL:NYSE)Foot Locker, Inc. (FL:NYS)
easyJet has turned down an unsolicited preliminary takeover approach and proposed a rights issue of £1.2bn, representing one third of its current market cap, to strengthen its financial positions and support potential long-term strategic investments. The renewed guidance for the short term is broadly in line with its last update.
Companies: easyJet plc
No joiners today.
No leavers today
What’s cooking in the IPO kitchen?
Bens Creek Group to join Aim. Bens Creek, together with its subsidiaries, will, on Admission, own and operate a metallurgical coal mine located on 10,000 acres in the southern part of the state of West Virginia and eastern edge of the Commonwealth of Kentucky, in the central Appalachian Basin of the eastern United States of America. The Mine's operations are located primarily in Mingo County, West Virginia. The
Companies: CZA AXS ALS NSCI TAL SIM SPO THX