Nerves ahead of today’s registration data were well founded with the SMMT reporting a 9.3% decline, worse than feared given scrappage schemes. We have lowered assumptions across the sector on New volumes/margins as a result, noting variance between winners and losers depending on brand mix & market share changes. Sept is the first month of Cambria’s FY18, with prelims for FY17 in November. We have prudently reduced FY18/FY19 PBT forecasts by £2m (17%) but continue to flag the group’s brand devel ....
05 Oct 2017
N+1 Singer - Cambria Automobiles - SMMT data for September prompts downgrades
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N+1 Singer - Cambria Automobiles - SMMT data for September prompts downgrades
- Published:
05 Oct 2017 -
Author:
Matthew McEachran -
Pages:
4
Nerves ahead of today’s registration data were well founded with the SMMT reporting a 9.3% decline, worse than feared given scrappage schemes. We have lowered assumptions across the sector on New volumes/margins as a result, noting variance between winners and losers depending on brand mix & market share changes. Sept is the first month of Cambria’s FY18, with prelims for FY17 in November. We have prudently reduced FY18/FY19 PBT forecasts by £2m (17%) but continue to flag the group’s brand devel ....