Marshall Motor Holdings - FY19 results: Robust performance as markets slide further

Marshall Motor Holdings (MMH) continued to perform robustly, although the FY19 PBT was slightly below our estimate as the losses of recently acquired businesses at the year end were slightly higher than we expected. We nevertheless have slightly increased our FY20 PBT estimates to reflect the higher than expected FY19 sales, partly offset by a slightly weaker margin due to both the acquisitions and still challenged markets. An FY21 P/E ratio of 6.5x remains undemanding. It is further supported by the FY19 dividend, which has been maintained and yields 6.0%.

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