Marshall Motor Holdings

LN: MMH

Market Cap£150.2m

Last Close 192p

Marshall Motor is the seventh largest UK motor retailer, operating 113 franchises across 22 brands. It is one of six UK dealership groups that represent each of the top five volume and premium brands and has a strong presence in eastern and southern England.

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Investment summary

Marshall Motor Holdings has grown to rank seventh among UK automotive retailers. Strong brand coverage, excellent relationships with major car brands and a strong balance sheet support continued strategic development. Challenges remain for 2021 (eg supply chain issues), but a strong first four months trading was reported at the AGM. Revenues rose 33% and volume outperformance continued for both new and used segments. With lockdown 3 lifted in early April management expects FY21 adjusted PBT of at least FY19’s £21.1m after repaying the £4m of government support received this year. The balance sheet remains healthy and dividends should resume at the half year.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2019A 2276.1 52.0 22.1 22.9 8.4 3.4
2020A 2154.4 53.4 20.9 21.1 9.1 1.7
2021E 2296.5 52.2 22.2 22.3 8.6 6.2
2022E 2368.4 52.8 22.8 22.9 8.4 4.3
Industry outlook

Market dynamics favour larger motor dealership groups against smaller independent groups, which still command c 60% of the franchise market. The large rating discount to the General Retailers Index is generally a reflection of concerns about economic recession. Shocks like the current COVID-19 pandemic are more challenging, but may throw up opportunities in the future.

Last updated on 17/06/2021
Content on Marshall Motor Holdings
Marshall Motor Holdings – Driving through lockdown 2.0
Industrials | Update | 9 December 2020
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Share price graph
Balance sheet
Forecast net cash (£m) 19.3
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 12.9 23.9 56.7
Relative* 10.8 17.6 32.5
52-week high/low 195.0p/120.0p
*% relative to local index
Key management
Daksh Gupta CEO
Richard Blumberger CFO