Marshall Motor Holdings - Outperforming its markets
Marshall Motor Holdings (MMH) delivered FY17 results that exceeded our earnings estimates despite the challenges of softer UK car markets that are persisting into FY18. The dilutive disposal of the leasing activity leaves MMH effectively ungeared and in a strong position to pursue its growth strategy. As previously, we forecast a modest organic earnings decline for FY18, which may be augmented by value-adding M&A if suitable opportunities arise.
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