Morningstar - Eagers Automotive Limited (APE) The Merger with Automotive Holdings Will Help AP Eagers in the Challenging Auto Retailing Market

Report

Morningstar

Daniel Ragonese

EUR 100.00 For Business Accounts Only

The Merger with Automotive Holdings Will Help AP Eagers in the Challenging Auto Retailing Market

We initiate coverage on narrow-moat-rated AP Eagers, the second-largest Australian listed automotive dealership, at a fair value estimate of AUD 9.00 per share. This valuation reflects our expectation the firm will successfully acquire market leader Automotive Holdings (it already holds 28.8%), with the combined entity proposed to be renamed to Eagers Automotive Holdings. Our fair value estimate incorporates standalone AP Eagers, and Automotive Holdings' valuation of AUD 7.50, and AUD 2.60 per s...

17/05/2019 13 EN

Underlying

Eagers Automotive Limited

A.P. Eagers' segments include: Car Retail, which provides a range of automotive products and services, including new vehicles, used vehicles, vehicle maintenance and repair services, vehicle parts, extended service contracts, vehicle protection products and other aftermarket products; Truck Retail, which provides a range of products and services, including new trucks, used trucks, truck maintenance and repair services, truck parts, extended service contracts, truck protection products and other aftermarket products; Property, which acquires commercial properties for its motor dealership operations; and Investments, which includes the investments in One Way Traffic Pty Ltd.

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AU000000APE3 Australian Securities Exchange Australia

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Daniel Ragonese

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The Merger with Automotive Holdings Will Help AP Eagers in the Challenging Auto Retailing Market

Eagers Automotive Limited: 1 director

An unfavourable environment weighs on EAGERS AUTOMOTIVE, which sees a downgrade to Slightly Negative

Monthly LMI Update Independent Investment Research

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Sasol Provides Full-Year Production Update

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