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Marshall Motor

Trading update & EPS upgrade

We note the unscheduled trading update released this morning by Marshall Motor Holdings (MMH), confirming better than expected trading in the used car market. Together with continued growth in the aftersales business and strong operational initiatives this is driving growth in underlying PBT vs 2017A. As a result, the company now expects adj. PBT in 2018E to be ahead of 2017 (continuing basis). We update our forecasts accordingly to reflect this, which triggers a 14% upgrade to our previously below consensus estimates. We leave forecasts for 2019E and 2020E unchanged reflecting the current uncertainty heading into next year and remain cautious at this juncture as we await further clarity over Brexit. The valuation on our cautious assumptions from 2019E continue to look compelling to us, particularly in the context of its balance sheet, dividend yield and strong anticipated FCF.

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  • 14 Nov 18
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Lookers

Q3 trading update

Lookers has announced a trading update this morning confirming they continue to trade in line with market expectations. The group has delivered a credible performance in the context of significant trading headwinds, achieving gross margin expansion new car sales and aftersales. We leave our forecasts for 2018E unchanged but downgrade 2019E and 2020E adj. PBT by 10.2% and 5.5% respectively, reflecting our more conservative market outlook. While trading headwinds persist, we continue to believe Lookers is well positioned, with a robust balance sheet, to deliver shareholders returns over the long term and a FCF yield approaching 10%.

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  • 07 Nov 18
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Purplebricks Group

6 month trading update

Double-digit growth of instructions has combined with increasing average revenue per instruction to deliver sustainable growth. Despite increased competition & total category media spend, Purplebricks has maintained its leading market position with 74% share of the UK online/hybrid market, and brand awareness (97% aided and 48% unaided).

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  • 06 Nov 18
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GYG

Trading update

GYG has issued a trading update this morning, which confirms trading conditions have deteriorated further since its H1 results in September. As a result, we now anticipate an EBITDA loss of €1.2m. We are also cutting our forecasts in future years as we anticipate significant near-term challenges.

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  • 31 Oct 18
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BCA Marketplace

Attractive entry point

We note the recent underperformance of the shares of late and believe the current price to be an attractive entry point for investors. BCA has a portfolio of critical infrastructure products and services which positions it well in this market, and has scarcity value in our view. We see BCA as a unique investment opportunity with an undemanding valuation in the context of close peers, with a reliable yield on offer.

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  • 24 Oct 18
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OnTheMarket

Listed “agent group” supports OTM

This morning OnTheMarket (“OTM”) announced that the largest property franchise, Belvoir Lettings, (“Belvoir”), has agreed to advertise all UK residential sales and lettings on OTM.

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  • 23 Oct 18
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