Slowing Vehicle Sales Drive Profit Downgrade for Automotive Holdings; FVE Cut to AUD 4.30
We trim our fair value estimate for narrow-moat-rated Automotive Holdings Group by 7% to AUD 4.30 per share following a disappointing trading update. Management reduced NPAT guidance to AUD 87 million-89 million, down from the prior expectation of above AUD 97 million. This reflects industry headwinds, lower margin forecasts, and lagging delivery of benefits of the company’s transformation program. Accordingly, we have trimmed our fiscal 2017 NPAT estimate by 9% to AUD 89 million and expect the ...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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