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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....
21p ask
BOOM
The question that remains to be answered is, how many more allegations are going to come out the woodwork?
Former, disgruntled employees may feel this is their opportunity to speak up which could leave PDG facing further libel and the reputational damage will be lasting.
To me it seems this toxicity is top down from management.
Comparatively, Sytner, Vertu and other reputable dealership franchises seem to have their houses in order.
Keep an eye open for further press coverage coming.
Unbelievable...This is the only press of late...it beggars belief... particularly when all the other Major Dealer Groups are posting positive press and developing policies to ensure employees are respected and protected for their cultures, gender and beliefs, Heads need to roll imho
Perhaps an isolate case but it seems PDG has dealerships breeding a toxic work culture.
Source: https://www.dailymail.co.uk/news/article-9921621/Porsche-salesman-wins-unfair-dismissal-claim-racial-abuse.html
£400k worth, let’s hope the tide is turning
Nice chunky buys at close.
Made it on to the top risers for a change
When is the next update due?
Hopefully!
Broker rating 27p. We need some news to get this moving
Can we finally break 20p
Not enough positive publicity being put out by the company or any meaningful operational updates .....unlike all the other major players who are posting regular upbeat trading updates hence no movement
I’m in exactly the same boat and it’s frustrating.
Can't work out why this isn't flying. Loaded up a while ago but remain flat, but the underlying business has improved and compared to the online start up valuations we should be multiples of where we are right now.
I guess i am just going to sit this out until something does happen.
Bit disappointed with 4% today, this should be up 15%. It will come, just needs a nudge. 20-21p on the cards again soon. Hopefully thin trading in holiday season will help nudge this uo
Up nearly 4%
Definitely due a massive rerate
And sales at Marshall’s they expect same again in 2022
We always track market cap of lookers who are 13-15% ahead now. Get ready for this to lift off
https://www.am-online.com/news/market-insight/2021/08/09/just-10-of-car-buyers-want-wholly-online-retail-experience
All this free used car market advertising from Cynch and Carzoo will benefit us massively
Seems very undervalued after today’s results.