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EDISON INVESTMENT RESEARCH LIMITED Edison issues outlook on Marshall Motor Holdings (MMH)

Directive transparence : information réglementée

09/09/2019 15:53

Edison Investment Research Limited
Edison issues outlook on Marshall Motor Holdings (MMH)

09-Sep-2019 / 14:53 GMT/BST


 

London, UK, 9 September 2019

Edison issues outlook on Marshall Motor Holdings (MMH)

Marshall Motor Holdings (MMH) remains one of the most progressive automotive retail groups in the UK. It has the management experience and financial strength to continue its strategy to drive organic performance by outperforming UK car markets, augmented by appropriate value-creating acquisitions. Market challenges over the last few years have been numerous and persistent, but MMH has delivered a robust performance during the period, including in H119. The share price has recovered modestly since the H119 announcement, but MMH's rating does not reflect its robust performance, with the support of a healthy dividend yield.

 

As downturn concerns have persisted over the last couple of years, auto retail companies have continued to experience multiple contraction. MMH is trading on 6.4x CY20e P/E, a small premium to its peers, which discounts considerable post-Brexit earnings risk. Any improvement in trading should lead to sector-wide multiple expansion, combined with improving earnings growth. 


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About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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