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As Marshall Motor Holdings PLC (LON:MMHM) celebrates the second anniversary of its flotation on AIM, it can reflect positively on the continuation of its strong growth record, which has driven it to rank seventh among UK automotive retailing groups. The strong brand coverage and excellent relationships with major manufacturers should continue to deliver growth opportunities, despite potentially tougher market conditions. Our fair value for MMH currently stands at 214p per share.
Driving for a premier position
Under current management, MMH has grown rapidly, while strengthening both the brand and regional coverage. In 2008 the company sold just 12,188 new cars in its predominantly East Anglian franchises. By 2016 MMH sold over four times as many annually, with used car sales more than trebling over the same period. Group revenues, which exceeded £1bn for the first time in FY14, will readily surpass £2bn in FY17, boosted by Ridgeway Garages acquired last May. The geographic footprint extends to 25 counties primarily across eastern and southern England, with 103 franchises covering 24 brand partners, including the top five of both premium and volume segments. It has the second best UK brand coverage, reflecting the strength of the management team and its excellent relationships with the major car makers.
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