Lookers - Normal service has been resumed
Lookers now expects to deliver a record profit performance in FY21 with adjusted profit before tax (PBT) ahead of market consensus expectations of c £82m. We increase our FY21 PBT estimate by 5% to £86.0m although caution remains around FY22 where our is estimate broadly unchanged. The operational environment appears to have returned to normal following the internal issues that have dogged the company since 2019. That is reflected in the unveiling of a major review of the group to position it for the long-term challenges and opportunities developing in the UK automotive market. The resumption of the dividend and a FY22 P/E of just 7.1x look undemanding considering the recent crystallisation of value elsewhere in the sector.Lookers is a motor retail and aftersales groups in the U.K. Co. is engaged in the sale, hire and maintenance of motor vehicles and motorcycles, including the sale of tyres, oil, parts and accessories. Co. sells new and used cars and light commercial vehicles. Co.'s operations are across the U.K. and Ireland. Co. has one division, motor division. As of Dec 31 2016, the motor division consisted of 160 franchised dealerships representing 33 marques from 102 locations. The business is engaged in the sale of new and used cars, vans and aftersales activities. Aftersales represents the servicing, repair and sale of franchised parts to customers' vehicles.
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