Edison Investment Research - Marshall Motor Holdings (MMH) Marshall Motor Holdings - Large-scale strategic expansion

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Edison Investment Research

Toby Thorrington

Marshall Motor Holdings - Large-scale strategic expansion

Marshall Motor Holdings (MMH) has announced a significant further strategic expansion through the acquisition of privately owned Motorline Holdings for a cash consideration of £64.5m. Adding another top 20 UK dealership group with 48 franchises strengthens brand and geographic coverage and adds approaching £700m of revenues, further increasing MMH’s top tier credentials. The deal should be EPS enhancing and value creating in FY22 despite the current market challenges, underlining why the current FY22e P/E rating appears undemanding. With a resumption of growth in normalised markets anticipated in FY23, MMH retains a strong financial position even after the deal to continue investing for growth.

15/10/2021 6 EN

Underlying

Marshall Motor Holdings

Marshall Motor Holdings PLC is a holding company. Co. is an automotive retail group. The principal activity of Co.'s subsidiary undertakings is the sale and servicing of passenger cars and commercial vehicle and associated activities. Co. is organised into one business segment being the retail segment. The retail segment includes sales of new and used vehicles, together with the associated ancillary aftersales services of; servicing, body shop repairs and parts sales.

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GB00BVYB2Q58 London Stock Exchange United Kingdom

Provider

Edison Investment Research

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, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Toby Thorrington

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Marshall Motor Holdings - Large-scale strategic expansion

Marshall Motor Holdings - Termination of coverage

Marshall Motor Holdings - Large-scale strategic expansion

Nabaltec - Resilience and margin expansion

The Platform Group - Significant acceleration in growth in Q324

Theon International - Clear vision for growth

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