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Pendragon has released a trading update today increasing its guidance for FY21 underlying PBT from £70m to approximately £80m. The Group attributes this lower than expected shortfall in the supply of new vehicles in the first two months of Q4 2021. Performance has also been supported by a strong GPPU because of a higher mix of premium vehicles sold. We have increased our FY21 forecasts of underlying PBT by 14.1% to £80.2m. We leave our FY22 and FY23 forecasts unchanged at this stage. Whilst we t
Companies: Pendragon PLC
Pendragon released a trading update yesterday stating that it increased its guidance for FY21 underlying PBT to £70m, up from £55-60m last month. The Group attributes this to the continued momentum in the used car market as we have seen across the sector and is also backed up looking at the latest September data from CAP HPI. As a result of this update, we have increased our FY21 underlying PBT forecast by 25% to £70.2m. We have not upgraded our forecasts in the outer years yet and are mindful o
Pendragon has announced interim results for the six months to 30 June 2021, which are ahead of guidance and our expectations. The Group has made strong progress in terms of growth, cost efficiencies and strategic implementation to ensure further progress can be made.
Pendragon released a trading update last week that increased its guidance for FY21 underlying PBT to £55-60m, up from £45-50m in the June pre-close update. The Group attributes this to the continued momentum in the used car market throughout July as we have seen across the sector and is also backed up looking at the latest data from CAP HPI. As a result of this update, we have increased our FY21 underlying PBT forecast by 18.6% to £55.6m. We have not upgraded our forecasts in the outer years ref
In this note we focus on five key themes that we believe will shape the motor retail sector in the short-to-medium term. These are digital sales trends, electrification, the agency model, vehicle supply, and the economic outlook. The dealer groups have shown a great deal of resilience and flexibility throughout the Covid-19 pandemic – we expect them to continue to adapt and work closely with OEMs as the industry evolves.
Companies: INCH LOOK PDG VTU
Pendragon has issued a positive H1 trading update and reinstated its guidance for the full year. While short-term profitability has been boosted by the strength of used car prices, we expect the group to show some progress from 2021 into 2022 reflecting the continued recovery in new car sales from 2020A and operating cost savings. The group looks on track to deliver its target of underlying PBT of £85-90m outlined last September and may be able to achieve this before the original deadline of 202
Pendragon has delivered a strong Q1 performance with underlying PBT of £10.8m vs. a loss of £2.3m last year. Profit improvements are being driven by market outperformance, stronger margins, and good cost control. We believe the risk/reward profile remains positive from here.
FY20 results from Pendragon show good progress in testing times. While there is a lot to do to hit its FY25 targets, we believe the risk/reward profile is positive from here despite recent share price gains. We remain happy with our original investment thesis set out in our initiation note in October.
Pendragon was making good progress in its turnaround when COVID-19 struck but appears to be coming through the crisis in good shape to date. Despite a £44m hit to profits during lockdown, we can envisage a modest underlying profit for the full year without further shocks. Today’s IMS is supportive of this view. The group’s new strategy should help deliver a transformation in the value of the business, long-term. The potential is not reflected in the current price which is weighed down by macro w
In this note and following the SMMT June data released earlier this week, we look at the key dynamics of the sector during H1 2020, and the prospects for the rest of the calendar year. While no direct stimulus for the sector was announced in the recent summer statement, customers who were considering their purchasing options now have the clarity to move ahead with buying decisions that were potentially on hold.
Companies: LOOK PDG VTU
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In this note and following the SMMT June data released yesterday, we look at the key dynamics of the sector during H1 2019 and how this is likely to impact the rest of the calendar year. The dealers have challenges on several different fronts, which could lead to some earnings pressure. However, we do believe valuations have reached a trough point, balance sheets remain strong, and FCF should start to steadily build as the capex cycle for most dealers has come to an end.
Companies: LOOK VTU PDG
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Weekly round-up of AIM-listed healthcare news.
Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics
Companies: ANIC RUA CREO GENI HEIQ IHC IXI IUG OPTI SBTX VAL VLG
Vertu has released an AGM Trading update that communicates a continuation of the strong trading announced on 11 May. The trends of constrained supply and high margins continue. We leave forecasts unchanged today, but this positive update for the first third of FY23 helps to underpin our full year forecasts.
Companies: Vertu Motors PLC
Companies: XP Factory PLC
Results met previously downgraded expectations. Despite the challenges, including disruption from Brexit and weak performance in Europe (c45% of sales), profitability remains well above pre-covid levels (6% EBITDA margin) and it has a strong pipeline of exciting growth initiatives landing this year. So, although downgrades have disappointed and triggered a de-rating, this is far from the end of the story. On good execution these initiatives will bolster G4M’s long term potential and open up a pa
Companies: Gear4music (Holdings) PLC
Singer Capital Markets
We initiate coverage of Hostmore with a 125p share target price, implying 279% upside. Hostmore has been spun out of Electra Private Equity like an unwanted orphan into a market that’s not interested in consumer stocks at present. The PLC is unknown and unloved with a share register that is more reflective of its past rather than its future. Yet it has the exclusive UK franchise for one of the most iconic, well-known and loved restaurant brands in the UK – Fridays. Add to the recipe a capable ma
Companies: Hostmore PLC
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Raven Property Group has left the Main Market.
What’s cooking in the IPO kitchen?
Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or req
Companies: TRB CWR CCS DMTR EMAN GTC JSE KIBO MDZ SYM
Companies: Marks and Spencer Group plc
BOTB prelims were slightly ahead of our forecasts, which we recently raised post the May trading statement. Trading continues to normalise despite the uncertain consumer outlook, driven by constant fine-tuning to changing market conditions. BOTB also declared a 6p/share (£0.565k) final dividend and a £6.275m return of capital via tender offer, equivalent to 66.7p/share; and 72.7p and £6.84m combined. We have increased our EPS (Dil. Adj.) forecasts by 23% to 53.9p from 43.9p for FY23E, and by 21%
Companies: Best of the Best plc
Companies: Hostmore PLC (MORE:LON)Xeros Technology Group (XSG:LON)
This morning's results illustrate a robust performance in a challenging time for the wider sector, this reflects the strength of the Various Eateries concepts and structural changes taking place across the industry. We anticipate the new site pipeline will continue to build and that management's experience will be key in successfully managing the various headwinds faced by the industry. With the strategy remaining unchanged, a focus on the highest quality sites and the size of the opportunity ha
Companies: Various Eateries Plc
Despite no further surprise in terms of the H2 capacity outlook, easyJet’s H1 trading update pleased the market with a better-than-expected pre-tax headline loss. It is worth highlighting the group’s more-than-robust pricing power, which is expected to largely offset the unhedged fuel costs and the recent activities disruptions/cancellations at UK airports.
Companies: easyJet plc
G4M delivered FY22 results slightly ahead of guidance in the April post-close trading update, with EBITDA some £0.2m better at £11.2m. FY22 results were down on the exceptional FY21 but show strong progress over FY20, better reflecting the underlying growth trajectory. In light of recent acquisitions, planned enhancements and service additions to its proprietary trading platform, and its prescient investment in inventory ahead of inflationary pressures, G4M’s business model is set fair to delive
Progressive Equity Research
Pittards is a specialist producer of technically advanced leather and luxury goods for retailers, manufacturers and distributors. The group has this morning released full year results to 31 December 2021, in line with February's trading update, and marking a return to profitability after a particularly challenging FY 2020A. The group has continued to invest in new production equipment to broaden both its product ranges and end market exposure. While we have cautiously increased our underlying co
Companies: Pittards plc
Walmart had another rock solid quarter with a revenue growth of 7.6% in constant currency and a staggering 24.1% growth in operating income at constant currency. Moreover, Walmart Connect, their advertising business in the United States, more than doubled in size as compared to the prior-year quarter, with more than 170% growth in active advertisers. The management provided a series of interesting updates with respect to various innovative initiatives. Their latest investments aim to increase as
Companies: Wal-Mart Stores (WMT:NYSE)Walmart Inc. (WMT:NYS)