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To discard the value of the physical dealerships is to discard the value of any business with bespoke premises.
The key difference is that manufacturers like Ford will ensure there is always a presence in every town. If a Ford franchise fails, another is in place that day.
If you have subscription to FT read this article
https://www.ft.com/content/99a3e964-ef97-49f8-a574-2f49e63a9245
Well if you really think a load of bespoke showrooms are worth their book value then good look with that.
They are valued as dealerships. The problem is your market is restricted to other car retailers generally.
When you have to sell outside of this (and let’s face it if the mighty lookers can’t make a particular location work then who can) then the price will undoubtedly be much less than book.
If your theory is true even more wonderment as to why TB sold at 102.
He knows more than most. Tread carefully
This may help
property with a book value of £303.9m (equivalent to 77.8p per share) as at 30 June 2021
RRN1
Phenomenal business if a little out of favour as most bricks and motar (excuse the pun) retailers are!!
It has been plain sailing in these troubled times as the manufactures back off and the businesses are left to operate without interference and with less adherence to standards which tend to add unnecessary cost.
Also the fact that all the motor trade have been allowed to restructure and closes loss making / marginal outlets has massively improved their position.
As things get back to normal watch costs go up with the resultant impact on profit.
Used cars need to be a bigger focus than currently, take a leaf out of Arnold Clarke’s book who could well make over 200m in 2021, now there’s something to aim for.
Still can’t work out why TB would cash out at 102 if it’s all as good as they say?
@Shelldonald - Well he would say that wouldn’t he?????
Have you read the latest trading update from 7th Jan. It says expectation of record underlying profit before tax ahead of company compiled market consensus of £82m;
Time will tell. And that too quite soon.
Well he would say that wouldn’t he?????
Cityjambo, great question been wondering the same myself. If these are such golden tickets worth 150 why sell for 102.
He ain’t no fool old Tony that’s for sure
Ian Bull, Chairman of Lookers, commented: "We are delighted to welcome Constellation as a significant shareholder of the Group. Their investment endorses the Board's view that the Group remains significantly undervalued.
What puzzles me is why did TB sell out £1.02
Not long now. We’ll know quite soon.
Been with then since 2003 it will take £2 for me to part with them
Agree. It will be north of £1.50
Goinglarge: Are you having a laugh at £1.10 no chance, how about starting NORTH of £1.50
The motor sector will regroup to fight Cazoo and Cinch so expect consolidation. Constellation has 20% of Lookers, a top takeover target - enough to block a sale. Against that, though, they won't look at a bid of 110p from another party but would talk them up a long way before selling out. They don't need to do more till they cross 30% (which provides potential support if the price does drop far). So, this may turn out to be a strategic hold for them and a one way bet for long term holders.
I think that the majority of shareholders would take £1.10 currently. I bought in at 52p and so would be delighted. Just wish that they would get on with it and make an offer for the company
Agree, if we don’t get to 130p a share soon. Someone is going to take this over at a very low price of 110p or some ridiculous bargain of the century. Enterprise de value atleast 150p
BTW - Not sure if TB has a percentage of Constellation, it’s an enourmous investment vehicle playing in the UK Automotive sector.
The LSE stating brought by Brammell is incorrect per my previous copy and paste. It’s defiantly sold by Brammell. It’s a good thing he’s out in every way as the chair that presided over the accounting issues that damaged investor confidence and put a dark shadow over lookers causing it to have the lowly sector comparable valuation it has today. As this is now in the rear view mirror we will see continuing value adjustments - 150p this year would be ballpark fair value.
Who now owns 20% of this company? CONSTELLATION AUTOMOTIVE HOLDINGS LIMITED owned by Tdr Capital Gp Iv Limited who are owned by Tdr Capital Nominees Limited who are owned by Tdr Capital Llp bla blah
Says in the news, purchased by (not from) Brammells Constellation, so I had the impression it was his investment vehicle. Anyway whether it is or not at 102p it really speaks volumes s about where the SP is going. Min 102p or a takeout bee coming and things could get hot..
Edward, I read elsewhere that Brammall is part owner of constellation. Either way I reckon a bid is on its way here soon also - if not why buy such a large holding - just to let someone else run it? Don;t think so. Think I will add.
Constellation paid approx 16x Marshall Motor's forecast earnings for FY 2022.
LOOK's forecast this year is 17.5p with 10p for FY 2022.
160p - 280p
So they paid 102 , surely that sets a floor?
The article in Share News is totally wrong to say that Brammall is associated with Constellation.
Constellation bought Brammall's shares, and they have history of paying large premiums for car dealers.