Marshall Motor Holdings


Market Cap£176.8m

Last Close 226p

Marshall Motor is the seventh largest UK motor retailer, operating 116 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 record H121 performance was achieved. Volume outperformance continued for both new and used segments with an exceptional margin performance in the latter. Management increased its FY21 expectations to more than £40m adjusted PBT, substantially ahead of the previous record result despite repaying £4m of government support received this year. The exceptional 8.86p interim dividend provides attractive immediate income, with the normal policy to be resumed in FY22.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2019A 2276.1 52.0 22.1 22.9 9.9 4.1
2020A 2154.4 53.4 20.9 21.1 10.7 2.0
2021E 2336.6 70.3 40.2 40.3 5.6 2.9
2022E 2246.9 52.2 22.8 22.9 9.9 7.4
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 22/09/2021
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Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
Actual (8.9) 18.3 77.3
Relative* (8.9) 17.3 41.1
52-week high/low 260.0p/120.0p
*% relative to local index
Key management
Daksh Gupta CEO
Richard Blumberger CFO