>Target price of 850p – Neutral rating reiterated - Here we provide an update on our expectations for Auto Trader’s results after the solid rebound in the second-hand vehicle market over recent months. The group is due to publish H1 2024-25 results in November. As a reminder, the group releases its results with a delay, with a financial year ending on 31 March. Overall we anticipate favourable commercial momentum and primarily due to the second-hand market. Transacti...
>OC relevé à 850 p – Opinion Neutre réitérée - Nous faisons un point sur nos attentes de résultats pour Auto Trader après la solide reprise du marché de l’occasion sur les derniers mois. Le groupe publiera ses résultats semestriels 2024/25 en novembre (exercice au 31/03). Dans l'ensemble, nous prévoyons une bonne dynamique commerciale et principalement sur le marché de l’occasion. Les transactions sur les voitures d’occasion ont dépassé les moyennes saisonnières cet ...
>2023-24 earnings above forecasts - Auto Trader yesterday reported its results for the financial year to end-March 2024, followed by a conference call. Earnings were above our forecasts with EBIT at £ 348.7m, whereas we had forecast £ 330m. The main difference to our forecasts came from core activity, namely Auto Trader’s historic scope, for which EBIT was up 14%, above our forecast under the effect of brisk momentum in ARPR (+12%). However, the loss at the Autorama l...
>Résultats 2023/24 supérieurs aux attentes - Auto Trader a publié hier ses résultats 2024 (clôturés en mars) et a tenu sa conférence téléphonique dans la foulée. Les résultats sont ressortis supérieurs à nos attentes avec un EBIT de 348,7 M£ alors que nous tablions sur 330 M£. La principale différence avec nos attentes provient de l’activité core soit le périmètre historique ‘Auto Trader’ dont l’EBIT ressort en hausse de 14% supérieur à notre attente sous l’effet d’un...
Year-End Rally Underway We believe there is significant evidence that global equities (MSCI ACWI) have bottomed, and a year-end rally has begun. In our previous Int'l Compass (November 2, 2023), we discussed how the MSCI ACWI index (ACWI-US) did not display a decisive breakdown, and that we would be on the lookout for a false breakdown, something that was already evident in the MSCI ACWI when priced in local currency. We discussed how this is bullish as long as the index does not break to a new...
In this audio note, Zeus’ Carl Smith summarises the investment case for Auto Trader Group. Auto Trader’s interim results showed strong growth in revenue (+12%) and operating profit (+10%) as the Group leveraged its pricing power with retailers and had good uptake of higher-value products. Listen to the audio note below, and read the full research here.
Auto Trader’s interim results showed strong growth in revenue (+12%) and operating profit (+10%) as the Group leveraged its pricing power with retailers and had good uptake of higher-value products. This performance supports the investment case themes of our October 2022 initiation. Auto Trader is the dominant UK car marketplace with robust revenue growth at high margins and, in our view, significant opportunities to grow further. Today we increase revenue and EBIT estimates by 1-3% across FY24-...
The Q3 earnings season, which has seen stocks that have disappointed expectations take a severe pounding, has thus far resulted in only a modest downward revision to the consensus. EPS for 2023 are now expected to be down -1.1% vs 2022, with of course significant divergences between sectors. However, it is the fall in interest rates since the end of September that has driven stock market performances the most, with technology and consumer products & services (including luxury goods) r...
La saison des résultats du T3, qui a vu se succéder de vives sanctions pour les titres qui décevaient les attentes, n’a pourtant jusqu’à présent occasionné qu’une modeste révision baissière du consensus. Les BPA 2023 sont désormais attendus en baisse de 1,1% vs 2022, avec bien entendu des divergences sectorielles importantes. C’est toutefois la baisse des taux, intervenue depuis fin septembre, qui a davantage drivé les performances boursières, à l’instar de la Technology et des Consum...
>Neutral rating reiterated - Yesterday, Auto Trader published its H1 2023-24 results followed by a conference call. Results were in line with our forecasts, with EBIT of £ 164,6m vs our forecast of £ 164.4m. During the conference call, management indicated that demand for used cars remains strong but that supply should continue to be affected by weak new car sales over recent years. Management notably highlighted a 21% increase in new car registrations but that the su...
>Opinion Neutre réitérée - Auto Trader a publié hier ses résultats semestriels pour l’exercice 2023/2024 et a tenu sa conférence téléphonique dans la foulée. Les résultats sont ressortis en ligne avec nos attentes avec un EBIT de 164,6 M£ alors que nous tablions sur 164,4 M£. Lors de la conférence téléphonique, le management a indiqué que la demande de véhicules d’occasion reste forte mais l'offre continuera d'être affectée par les faibles ventes de voitures neuves de...
>Résultats S1 2023/24 tirés par la hausse de l’ARPR - Auto Trader a publié ce matin ses résultats du S1 2023/24 en ligne avec nos attentes. L’EBIT est ressorti à 164,6 M£ alors que nous tablions sur 164,5 M£. La dynamique reste bonne au niveau d’Auto Trader (core) dont la marge est ressortie à 71% en ligne avec nos attentes. Autorama enregistre une perte de 5,6 M£ comme attendu. La principale différence avec nos attentes dans cette publication provient de l’ARPR qui e...
>H1 2023-24 earnings lifted by the rise in the ARPR - Auto Trader this morning reports H1 2023-24 results in line with our expectations. EBIT came to £ 164.6m whereas we looked for £ 164.5m. Momentum remained good at the level of Auto Trader (core) for which the margin came to 71% in line with our expectations. Autorama posted a loss of £ 5.6m as expected. The main difference with our expectations in this publication stems from the ARPR which was higher than we expect...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.