Marshall Motor Holdings - Major strengthening of Skoda representation
Marshall Motor Holdings (MMH) has acquired six additional Skoda sites since the start of 2019, underlining its ability to take advantage of opportunities despite a challenging market environment. The lossmaking sites were bought for an aggregate £3.5m and are expected to dilute earnings by just under 2% in 2019 while adding c £60m in annual sales. The businesses should break even in FY20 as MMH more than doubles it exposure to the growing brand in the UK. MMH reports FY18 results on 13 March, when we will further assess the outlook. The current FY19e P/E of 6.4x gives little credit for the performance being achieved in challenging markets and is supported by a healthy dividend yield of over 4%.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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