Automotive Holdings' Result Weighed Down by Refrigerated Logistics Division
Our AUD 4.60 per share fair value estimate for narrow-moat Automotive Holdings Group is unchanged, following its lacklustre interim fiscal 2017 result. The resilient core automotive division (approximately 85% of group EBITDA) was overshadowed by persistent weakness in the refrigerated logistics division (10% of group earnings). Consequently, the group's net profit after tax fell by 11% on the pcp to AUD 49 million, which is broadly in line with the trading update provided in November 2016, but ...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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