Lookers is one of the largest UK motor vehicle retailers, with its new car operations supported by the strength of used and aftersales activities. It now operates 153 franchises, representing 33 marques from 100 sites around the UK and Ireland.
More Lookers content >Investment summary
Lookers is the second largest UK new car retailer. Despite significant pandemic and new vehicle supply disruption, a focus on cost control and working capital optimisation contributed to a record FY21 performance. Underlying PBT was £90.1m on sales of £4.05bn. FY21 adjusted net cash (ex leases) was £3.0m (FY20 net debt £40.7m). Despite supply constraints, strong momentum continued in Q122, although we expect gross margins to moderate as FY22 progresses and used car prices stabilise. Management is reviving investment to optimise operational performance and address long-term market trends. The £28m sale and leaseback of a dealership site in Battersea is an example of the proactive management of its substantial property assets.
Y/E Dec |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (fd) (p) |
P/E (x) |
P/CF (x) |
---|---|---|---|---|---|---|
2020A | 3699.9 | 95.0 | 13.7 | 2.97 | 24.2 | 4.1 |
2021A | 4050.7 | 165.1 | 90.1 | 19.95 | 3.6 | 2.5 |
2022E | 4231.0 | 128.3 | 53.0 | 10.88 | 6.6 | 3.6 |
2023E | 4370.0 | 137.8 | 60.0 | 12.03 | 6.0 | 3.2 |
Industry outlook
Market dynamics favour larger motor dealership groups against smaller independent groups, which still command c 60% of the franchise market. Global manufacturing overcapacity still points to OEM support. However, the sector is normally rated for recessions and economic shocks like these and has survived two dramatic crises in 2008/09 and 2020/21.
Last updated on 26/05/2022Content on Lookers















Sector |
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Industrials
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Share price graph
Balance sheet |
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Forecast net cash (£m) | 32.4 |
Forecast gearing ratio (%) | N/A |
Price performance
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1m |
3m |
12m |
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*% relative to local index |
Key management |
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Ian Bull | Chairman |
Mark Raban | CEO |
Oliver Laird | CFO |
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