Automotive Holdings Group Remains Undervalued Following a Challenging First Half
We retain our AUD 2.60 fair value estimate for Automotive Holdings following a challenging first-half fiscal 2019. Underperformance in the core Auto Retail segment led to considerably lower operating profit of AUD 24 million compared with AUD 42 million achieved in the prior corresponding period. We have tightened our near-term estimates for the embattled Automotive Retail segment, but our long-term forecasts remain largely intact. Automotive Holdings' portfolio of brands and extensive scale aff...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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