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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(END) Dow Jones Newswires
September 09, 2019 09:53 ET (13:53 GMT)
