Motorpoint’s interim results for the 6 months to 30th September are record breaking and reflect very well
on the Group’s ability to traverse what remain unusual and volatile market conditions. Whilst said
conditions have undoubtedly supported sales in the nearly new market, availability has been a challenge
which has brought to the fore Motorpoint’s flexible, agile and brand agnostic model, in our view. With H1
22 sales and margin strongly ahead, we are upgrading our FY22 CPTP forecast by c22
Companies: Motorpoint Group Plc
Motorpoint has provided an update on Q1 FY22 trading that reflects the unusual supply / demand dynamics currently evident in the UK automotive retail market. Record sales are reported through April and May, before a fall in new car production impacted vehicle availability and so “moderation of revenues” through June and July. Gross margins have remained ‘strong’ through the period. Online demand remains high, representing 61% of sales, whilst two new physical locations are confirmed. We leave re
What a difference a year makes - 12 months ago, the focus, quite understandably, was on the course of the pandemic and the lifting of the Lockdown (1) measures. For investors, it was the sustainability of the rally in markets seen since March 2020. Today, while we are still thinking about the lifting of lockdown measures, we are also concerned about two “old favourites” from previous decades. Inflation and the parlous state of public finances. The BoE has said that although CPI inflation rose to
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After a multi-year journey, somewhat accelerated by the Covid crisis, Motorpoint has set a new and exciting growth agenda that seeks to strengthen the Group’s position as the UK’s leading omnichannel vehicle retailer. Through an attractive combination of physical site growth (using smaller sites), ongoing investment behind an already established fully end-to-end online proposition and greater utilisation of supply chains into the Auction4Cars wholesale channel, Motorpoint is targeting a doubling
Motorpoint’s 2021 financial year has been wholly encapsulated within the UK Governments’ various responses to the Covid pandemic, with sites closed to customers for much of the 52 weeks. However, when open through Q3 and early Q4 CY2020, trading proved to be very strong, reflecting considerable pent-up demand. In addition, Motorpoint has also grasped the opportunity to materially advance its e-commerce sales/delivery flexibility through a national Home Delivery service, a streamlined contact-les
Motorpoint has reported encouraging interim results for the 6 months to 30th September, to us, with profit growth reported despite the challenges of Covid and the UK’s Lockdown 1.0. Total sales fell by 27%, though CPTP increased by c3% £9.7m with diluted EPS up 10% yoy to 8.7p. Looking to the remainder of FY2021, the outlook is clouded by the ongoing Lockdown 2.0 (in it various guises) and the potential for extended localised lockdowns, which leaves the sales and margin outcome to be uncertain.
Leading nearly new vehicle retailer Motorpoint’s trading update (20wk period to 21st August) has confirmed the continuation of very strong post lockdown sales momentum. In the last 11 weeks “key operational and trading metrics are comfortably ahead” yoy. Whilst trading is proving to be stronger and more sustained than management expected, caution remains on the sustainability of any recovery in consumer confidence due to the lasting impact of Covid-19, and how trading will evolve as we move into
Motorpoint has issued its FY2020 results, results that reflect the important March trading period being severely impacted by the growing Covid-19 crisis and subsequent lockdown. Sales are reported down 3.8% to £1,018m, with gross margin up by 30bp to 7.8%. CPTP has fallen by c15% to £18.8m, “substantially impacted” by the site closures, although we believe it was on track to be ahead yoy up to the middle of March. Adjusted EPS was 16.4p, down 9% yoy. Motorpoint had a modest cash position at the
Motorpoint has reported interim results for the 6 months to 30th September 2019 inline with our cautious expectations set out earlier in the year. Whilst the financial performance has come under anticipated short-term pressure, underlying operational progress bodes well for the future with management capability enhanced, the new site opening programme set to re-start and early signs from the “hub & spoke” model looking particularly encouraging. We see Motorpoint as very well placed for the mediu
Motorpoint’s trading update for the half year to 30th September confirms a relatively resilient performance in our view. Total revenue growth of c1% is believed to reflect “significant outperformance” of a nearly new car market in mid to high single digit % decline. We are also encouraged that margins have been “broadly in line with the prior year” after Q1 2020 pressure. With management highlighting a £2m increase in overheads (£1m non-recurring), we introduce a H1 2020 CPTP forecast of £9.7m (
Motorpoint has reported mixed trading for the first three months of FY2020, with little to differ from our already conservative expectations. Revenues are ahead yoy, supporting further market share gains, though the gross metal margin was been down yoy “impacted by unusually high supply levels”. Importantly, the margin trend in Q2 to date has strengthened to more normal levels and with our forecasts already conservatively positioned we leave financial expectations unchanged at CPTP of £22.0m, EP
Motorpoint has reported results for the 12 months to 31st March very much in line with guidance of 10% CPTP growth, as set-out in a 5 th April trading update. Total sales increased by an encouraging 7% to £1,059m (all LFL driven). CPTP of £22.9m is reported (SC forecast £22.9m), said 10% growth, with EPS up 11.3 % to 18.7p (SC forecast 18.7p). With respect to current trading, management state “we enter FY2020 with optimism but remain cognisant of the uncertain market and political environment”.
Motorpoint’s trading update for the 12 months to 31st March has confirmed another year of solid progress, albeit with easing momentum through the year that is expected to impact FY2020. Total sales are reported up by a good 6%, driven by LFL growth across existing sites. Guidance is for a yoy increase in CPTP of c10%, which leads us to retain our existing forecast of £22.9m, EPS of 18.7p a good out-turn in our view given the ongoing political/economic backdrop. However, with slowing momentum and
Motorpoint has this morning released a solid set of interim results achieving adjusted PBT for the first half of £10.5m, in line with our forecasts, which we updated following a positive trading update in October. We leave our forecasts unchanged for the full year and expect adj. PBT of £20.3m in FY18E. The company has also announced this morning a £10m share buyback programme, signaling confidence in the future prospects of the business. While Motorpoint continues to trade at a premium to the f
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After a stellar period of trading through the various stages of Covid 19 restrictions, and easings, ScS
has reported a step-back in trading momentum in recent weeks. We await to see if the slower
trading is temporary, reflective of a change in Christmas shopping patterns, or of a more permanent
basis. We leave forecasts unchanged, looking for CPTP of £13.7m and EPS of 26.5p (both IFRS 16
compliant), as such the stock trades on an undemanding EV/EBITDA multiple of 4x for FY22 and 3.4x
Companies: ScS Group plc
Marks & Spencer ("M&S") has developed a ‘building the brands’ component to its overall strategy to transform and so improve its Clothing & Home ("C&H") performance. To date the most notable development in this complementary work to its core brand improvement has been the acquisition of Jaeger, which is now going through the gears of positive change. Alongside wholesale and exclusive collaborations, M&S has now announced that it is acquiring a 25% stake in ‘Nobody's Child’, a fast-growing respons
Companies: Marks and Spencer Group plc
easyJet’s FY21 results correspond to the market’s anticipations as the preliminary figures were communicated previously. Despite the worsening COVID-19 situation in Europe, the group seems upbeat on its capacity forecast for the next FY. Too early to judge whether it is too optimistic as all depends upon the development of the new Omicron variant.
Companies: easyJet plc
STU’s integrated online retail/credit model performed well in H1, even with well-documented headwinds in late Q2. EBITDA margin in the traditionally quieter half was >14%. As outlined in the June CMD, Studio has a clear growth strategy capable of driving EPS to c100p in 3-5 years. However, new customer recruitment has softened short term. On top of cost headwinds, PBT guidance has reduced by c£6m and we have downgraded estimates across all years.
Companies: Studio Retail Group plc
One Media iP (OMiP) has released a robust FY21E trading update, with Adj EBITDA of £1.65m; slightly below our forecast of £1.8m, owing to it taking a little longer to deploy cash raised on acquisitions of new royalty assets, and adverse foreign exchange movements. The company ended the period with £0.7m of net cash (vs our forecast of £0.3m of net debt), leaving further financial resources available for acquisitions heading into FY22E. Applying a conservative 8x Net Publisher Share (NPS) multipl
Companies: One Media iP Group PLC
Compass reported in line FY21 results and a weaker-than-consensus FY22 margin guidance due to short-term headwinds. The expected alleviation of these negatives in H2 22 and the cost reduction programmes should support a nearly-full recovery of margin in FY23. As a result, the FY22 consensus should come in lower but the FY23 consensus should be more optimistic.
Companies: Compass Group PLC
M&B’s has announced a strong closure to FY20/21. The adjusted EPS came in much ahead of both our and market consensus. The publican has also made a good start to FY21/22, with 2.7% lfl growth (vs same period in FY19). In the coming few quarters, we expect M&B to perform ahead of close competitors, in turn gaining market share. Positive stock recommendation is maintained on the UK-based publican.
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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
One Media iP (OMiP) has released a solid set of H1/21A interim results, with revenue up 8.5% YoY in USD terms. The company has been active on the acquisition front, having deployed £4m of capital so far in FY21E (mostly post period end), and the pipeline remains strong. OMiP has a highly scalable platform, which should result in steadily improving margins as the group adds new royalty streams to its portfolio, and remains well-placed to benefit from the structural growth underway in the music in
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
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This is our first report on Carnival Corporation, one of the largest leisure travel companies in the world. The travel behemoth has a vast portfolio of brands including names such as Carnival Cruise Line, Princess Cruises, Holland America Line, Seabourn, Costa Cruises, AIDA Cruises, P&O Cruises, and Cunard. Its business hit a particularly rough patch driven by the Covid-19 pandemic and the company is in the process of gradually resuming its operations. The company is expected to be operating at
Companies: Carnival (CCL:NYSE)Carnival Corporation (CCL:NYS)
CVS Health delivered another strong quarter, outperforming market expectations. The healthcare retail giant made progress in executing its strategy to provide an integrated healthcare experience centered on the consumer throughout 2021. Moreover, they maintained strong revenue growth in each of their core businesses, which improved health outcomes and lowered costs by increasing access to high-quality care. The company delivered a 10% increase in revenue during the third quarter and holds strong
Companies: CVS Health (CVS:NYSE)CVS Health Corporation (CVS:NYS)