Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors. Watch the full video here.
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I’ve loaded up with Pendragon this morning after reading Lookers Q3 update. I’m expecting Pendragon’s update to predict beating forecast profits. Margins are up across New and Used cars - simply supply and demand.
Really cannot work out why this doesn't ever pop up a bit, my gut says it should but just does not seem to want to do it. Keep thinking about taking the profit and moving on, but feel it has to fly one day so I guess I will sit it out and add if it drops below 17.5.
I see this, and even more so Lookers, as two of the cheapest shares on the market.
So why is the share price not higher? Results as good if not better than forecast. - "We exceeded our initial expectations for the half and delivered an underlying profit before tax of £35.1m. We remain confident that underlying profit before tax for the full year will be £55m to £60m, ensuring we stay on track to deliver our target of £85m to £90m by FY 2025." No borrowing (though probably temporary as stock reduced due to shortages). Pension deficit halved (from £75.5m at FY20 to £34.9m at HY21). What am I missing that the market is worried about?
Pendragon has performed strongly in the first-half of the financial year, recording underlying profit before tax of £35.1m (H1 FY20: Loss of £31.0m). The significant improvements delivered in digital propositions enabled the Group to largely mitigate the impact of the third national lockdown in the first quarter and emerge strongly in quarter two, out-performing the market in both new and used cars. A strong trading performance was underpinned by the delivery of the Group's cost restructuring programme, delivering material cost savings.
Just as with Lookers, we are going to be sitting on a 2021 P/E of less than 3.
All things considered, that is truly amazing....