We note the announcement released this morning by Marshall Motor Holdings (MMH) confirming that the group has outperformed the broader market in both retail and fleet new vehicle sales. The strong H1 performance is encouraging in the context of a challenging market and a record prior year comparative. We are leaving full year trading assumptions unchanged but update our net debt forecasts to reflect the cash outperformance driven by lower capex for 2019E. The shares are trading at a clear EV/
11 Jul 2019
Solid outperformance and cash improvements

