Updates/results from Cambria, Lookers, Marshall and Vertu are due in early March. Following recent weakness, sub-sector valuations have fallen too far in our opinion, now on a cal’16 P/E of 9.4x (5.4x EV/EBITDA) reducing to <9x (<5x) cal’17. Given ongoing consolidation opportunities, enhancing acquisitions are likely to reduce those multiples further in key names over the course of 2016. The sector slump in part reflects doubts and concerns about motor retail dynamics including VAG prospects. In ....
05 Feb 2016
Value in Motor Retail, encouraging stats in car markets
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Value in Motor Retail, encouraging stats in car markets
Updates/results from Cambria, Lookers, Marshall and Vertu are due in early March. Following recent weakness, sub-sector valuations have fallen too far in our opinion, now on a cal’16 P/E of 9.4x (5.4x EV/EBITDA) reducing to <9x (<5x) cal’17. Given ongoing consolidation opportunities, enhancing acquisitions are likely to reduce those multiples further in key names over the course of 2016. The sector slump in part reflects doubts and concerns about motor retail dynamics including VAG prospects. In ....