Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CAMBRIA AUTOMOBILES PLC. We currently have 54 research reports from 3 professional analysts.
|07Mar17 07:00||RNS||Pre-Close Trading Update and Notice of Results|
|07Feb17 07:00||RNS||Holding(s) in Company|
|07Feb17 07:00||RNS||Board Appointments|
|04Jan17 13:06||RNS||Result of AGM|
|04Jan17 07:00||RNS||AGM Trading Update|
|19Dec16 16:51||RNS||PDMR dealing|
|13Dec16 07:00||RNS||Posting of Annual Report and Financial Statements|
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Research reports on
CAMBRIA AUTOMOBILES PLC
CAMBRIA AUTOMOBILES PLC
N+1 Singer - Cambria Automobiles - Good H1 performance, key property developments progressing well
07 Mar 17
Trading in the 1st 5 months of H1 has been substantially ahead of the prior period, on both a total and LFL basis. The order book for the all-important March plate change month is in line with expectations and building well. This puts Cambria well on track to deliver full year expectations. We anticipate PBT growth of 8% in H1 after today’s positive update whilst unchanged full year forecasts prudently assume a decline in H2 of 10% stemming from volume and margin pressure in New. Looking beyond this year, investment in property developments and site refurbishment represents a significant opportunity for profit growth. Today’s update is encouraging in that regard, and provides underpinning for the c10% valuation premium versus its peer group which still leaves it on a cal17 P/E of only 7.4x.
Pre-Close Trading Update
07 Mar 17
Cambria has released a trading update this morning. Strong momentum following on from its prior financial year end has continued, with its H1 performance likely to be “substantially ahead” of H1 2016. That said, we maintain our caution on new car volumes and profits from Q1 2017 and are maintaining our FY forecast assumptions for now. Encouragingly, the used car and aftersales business continues to trade well, and operationally the property developments and site refurbishments are also going to plan. We continue to believe there is significant value at current levels with increasing asset backing being generated that more than underpins the current share price executed by a proven management team.
N+1 Singer - Cambria Automobiles - Board strengthened by appointment of 2 new NEDs
07 Feb 17
Cambria has announced the appointment of 2 new NEDs in a move that significantly strengthens its board composition. Paul McGill has 30 years experience in the industry, including Head of Projects at Lloyds Banking Group, where he was responsible for promoting Black Horse Consumer Finance, Head of Motor Finance (South) at Black Horse, and Head of Distribution at Bank of Scotland Dealer Finance. William Charnley is a partner at King & Spalding International in the corporate practice. He has 20 years experience in public and private M&A, disposals, IPOs (including CAMB), private equity transactions and general corporate and securities advice. He has also served as a NED at CD Bramall and Lookers. These new appointments ought to be well received as they bring a vast amount of experience, knowledge and expertise in the motor retail industry which will complement the strengths of the executive management team. The stock trades on a cal17 P/E of just 7.5x, or 5.6x EV/EBITDA.
SMMT 2016 data
05 Jan 17
The SMMT (Society of Motor Manufacturers and Traders) has released data this morning confirming a record new car market of 2.69m registrations and +2.3% YOY. This is the fifth year in a row of growing new car registrations. Headline December registrations were -1.1% with private registrations -5.5% completing a third quarter in succession of negative growth in this segment. Fleet continues to drive the growth in this market and was +4.8% YOY representing 51.3% of registrations vs. 50.0% last year. The key question is what will happen in 2017 post Brexit with uncertainty levels still high. We maintain our cautious stance and downgraded our EPS forecasts by 8-15% across the sector in November accordingly. That said, we believe the earnings risk has been accounted for in trough valuation multiples based on cautious forecast assumptions (we assume a 10% drop in new car registrations vs. the SMMT at -5%). We continue to favor stocks with flexible balance sheets at this stage of the cycle, and believe stocks such as Vertu and Cambria remain significantly underpinned by their growing property portfolios.
N+1 Singer - Cambria Automobiles - Positive Q1 trading and JLR developments on track
04 Jan 17
Alongside its AGM Cambria has released a positive Q1 trading update with continued strong volume and margin performance in Used more than offsetting tougher conditions in New, which were factored into forecasts in November (prelims). Performance in Aftersales has been affected short term by a fire in its Welwyn Garden City workshop but, with full insurance in place, the shortfall should be met by an insurance credit. Site redevelopment work is proceeding to plan, and the first of its new JLR facilities (Barnet) will be open by April. We continue to highlight the potential upside from Cambria’s targeted investment in its dealerships, especially JLR.
04 Jan 17
Cambria has released an AGM trading update, which essentially confirms that it continues to perform in line with expectations. The Group has seen margin and volume pressures in its new car business during Q1 of its financial year, which is consistent with our industry thesis pointing towards a tougher market in 2017. Its performance in used and aftersales continues to be robust and remains on track. We are maintaining our forecast assumptions on the back of this statement, and continue to believe there is significant value from here based on its current valuation, increasing asset backing as well as the progress delivered to date from its proven management team.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
N+1 Singer - ScS Group - Strong progress on key growth initiatives albeit comps now toughen
21 Mar 17
Whilst interim results are complicated by timing differences around order deliveries (flattery of c£1.9m) and rephasing of marketing (drag of c£1.9m), adjusted EBITDA improved by c£1.7m on an underlying basis – moving ScS into positive territory in its historically loss-making first half. Good progress was made on all 4 growth strategies and it maintained its 5-star score on Trustpilot. Whilst LFL order intake is down c5-6% in current trading, this reflects weak retail park footfall in Feb (not a conversion issue) and it has seen an improvement since the start of March. This means it is on track to meet FY expectations. Reassuring dynamics on margins & costs may add to investor relief, with the shares on <2x EV/EBITDA.
On the Beach - Sunny Times Forecasted
15 Mar 17
On the Beach is a leading online retailer of ‘mainstream’ short-haul beach holidays, primarily targeting customers in the United Kingdom under the "On the Beach" brand. It currently has a market share of the UK online short-haul beach holiday market of approximately 19per cent, with its two largest competitors being TUI Travel and Thomas Cook.
N+1 Singer - Goals Soccer Centres - Good momentum under new team. It’s now all about delivery
21 Mar 17
2016 finals have come in marginally below consensus PBT forecasts but this should not detract from positive operational and strategic momentum. There is still much work to do, but the tenor of the results is encouraging and management signals a good start to FY17. The main surprise is news of a third USA site opening. We tweak our FY17/18 PBT forecast up by 2% and stay at Buy on recovery grounds with a 140p 12m TP.