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...
>Nos attentes sur le S1 24 sont inchangées - Nous faisons un point sur nos attentes pour Auto Trader en amont de la publication des résultats semestriels 2024, le 09 novembre. Rappelons que le groupe publie ses résultats en décalé avec une fin d’exercice le 31/03. Dans l'ensemble, nous prévoyons une dynamique commerciale similaire à celle de la fin de l'exercice 2022/23. Nous tablons sur une croissance de l’ARPR (+9%) grâce aux prix et une hausse du levier produit. Co...
>Our forecasts for H1 24 are unchanged - We are providing an update on our forecasts for Auto Trader ahead of the publication of the 2024 interim results on 9 November. Bear in mind that the group releases its results with a delay, with a financial year ending on 31 March. Overall, we forecast commercial momentum similar to that of end-2022/23. We forecast ARPR growth (+9%) thanks to prices and an increase in product leverage. As for stocks, we expect a downward trend...
>Neutral recommendation maintained - Auto Trader yesterday reported its results for the financial year to end-March 2023, followed by a conference call. FY 2022-23 results were in line with our expectations, with EBIT of £ 277.6m whereas we had been looking for £ 278m. During the conference call, management indicated that the used car market remains resilient and that it expects a slight acceleration in the frequency of new car transactions. This publication illustra...
>Opinion Neutre réitérée - Auto Trader a publié hier ses résultats 2023 (clôturés en mars) et a tenu sa conférence téléphonique dans la foulée. Les résultats sont ressortis en ligne avec nos attentes avec un EBIT de 277,6 M£ alors que nous tablions sur 278 M£. Lors de la conférence téléphonique le management a indiqué que le marché de l’occasion est encore résilient et qu’il s’attend à une légère accélération de la fréquence des transactions sur les voitures neuves. C...
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