BCA Marketplace

LN: BCA

£1442.4m market cap

183.9p last close

In the UK, BCA Marketplace owns and operates the largest used vehicle exchange and is the leading provider of vehicle buying services through We Buy Any Car. BCA also provides exchange and buying services across Europe and its Automotive Services division provides transport, storage and technical expertise.

Investment summary

BCA Marketplace (BCA) offers unique access to each stage of the vehicle lifecycle. Dominant in the UK used car vehicle exchange, the company has built up its presence in vehicle buying through We Buy Any Car (WBAC) and Automotive Services. The company aims to develop its market-leading positions through its range of physical and digital (‘phygital’) offerings and services in the UK and Europe. H119 results reflected the resilience of BCA in the face of still challenging UK car markets and the recent refinancing provides a solid footing to further pursue the strategy.

Y/E Mar
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2017A 2029.7 135.6 97.4 9.1 20.2 16.6
2018A 2431.5 159.5 120.9 11.4 16.1 8.4
2019E 2849.2 170.8 129.0 12.4 14.8 12.0
2020E 3083.9 183.9 139.1 13.4 13.7 8.9
Last updated on 23/05/2019
Industry outlook

BCA is not involved in the sale of new cars and light commercial vehicles, although it does supply services such as transportation and inspection to the segment. However, there are clearly some trends that flow from new car markets to used vehicle supply such as part-exchange, lease contract expirations and personal contract plans (PCPs). In fact, BCA provides a unique “dock to de-fleet” through-cycle support proposition in the UK vehicle market.

Last updated on 23/05/2019
Sector
Industrials
Share price graph
Balance sheet
Forecast net debt (£m) 210.9
Forecast gearing ratio (%) 16
Price performance
%
1m
3m
12m
Actual (13.0) (11.2) (5.3)
Relative* (9.5) (11.6) 2.4
52-week high/low 242.0p/183.9p
*% relative to local index
Key management
Avril Palmer-Baunack Executive Chairman
Tim Lampert CFO & Director
Tim Richmond Investor Relations