Morning all!

Lookers ( Lookers (LON:LOOK) ) – 50p – £193m – PER 6

Q3 Trading Update – Challenging environment continues, expects Underlying FY PBT to be circa £20m (latest forecast was circa £20m), Net Debt stands at £73.9m, freehold property valued at £312m (some will be sold though), 80p a share. The CEO and COO both go!

Doesn’t look great but could this be a “blood on the street” opportunity? Strip out the Net Debt and there’s still a value here of, what, 60p+ in freehold.

As always, all comment most welcome!

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