Automotive Holdings Group Underperforming in Weak Market, FVE Cut to AUD 2.60
Narrow-moat-rated Automotive Holdings revealed trading for the first four months of fiscal 2019 has been softer than both our and market expectations. We recently cut our earnings estimates, but it appears we were still too optimistic, as the firm guided to fiscal 2019 net profit after tax of between AUD 56 and AUD 59 million, 6%-11% below our previous AUD 63 million projection. This guidance factors in the potential near-term impact of regulatory changes to finance and insurance, which official...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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