Morning All!

Pendragon ( Pendragon (LON:PDG) ) – 20.9p – £297.6m – PER 6.02

Results For The 12 Months To End December 2017 –  Well, someone was obviously paid well to make these as unclear as possible. Looks like Revenue up about 5% (£4,739m) with PBT down 10% (£65.3m). EPS is down a few percent to 3.7p. Expects 2018 to be in-line with expectations.

This latest update is probably a little better than expected. This is in real value territory here, the yield is a well covered 7% and the PER is just 6.  2 obvious downsides, the Net Debt and the industry in general. Get over those 2 and it’s not looking so bad. Actually Pendragon (LON:PDG), Vertu Motors (LON:VTU) and Cambria Automobiles (LON:CAMB) all seem quite cheap at the moment. Tempting but perhaps not just yet.

Can’t find much else so that’s it from me this morning – What’s your thoughts on the Car Retailers at present?

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