Automotive Holdings Group off to Mixed Start for Fiscal 2017; Fair Value Estimate Unchanged
Our AUD 4.60 per share fair value estimate is unchanged following narrow moat-rated Automotive Holdings Group's mixed trading update, which saw underlying EBITDA fall 8% to AUD 63 million for the four months to 31 October 2016. The key Automotive division is tracking in line with our expectations. The problem child, refrigerated logistics, was weaker than expected; however, this division is going through a major transformation program which the company expects to generate significant cost saving...Automotive Holdings Group is an automotive retailing group in Australasia. Co. has two logistics divisions: Automotive, which operates passenger vehicle and truck and bus dealerships in Queensland, New South Wales, Victoria and Western Australia, and passenger vehicle dealerships in Auckland, New Zealand and Refrigerated Logistics, which provides cold storage and transport operations in every Australian mainland state through Rand, Harris, Scott's Refrigerated Freightways and JAT Refrigerated Road Services. As of June 30, 2016, Co.'s automotive segment had 188 motor vehicle franchises at 108 dealership locations operating within Australia and New Zealand.
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