The end of the great car boom: AP Eagers issues surprise earnings downgrade
The great car boom has ended with the country’s biggest dealer, AP Eagers, issuing a surprise earnings downgrade, which saw the shares slump almost 20%.
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Eagers Automotive takes bigger stake in electric vehicle JV
03 Jul 2023 – Eagers Automotive (ASX:APE) has increased its interest in the retail joint venture with electric vehicle manufacturer BYD.
Read MoreEagers’ Timely Shift to Electric Paying Off
Eagers Automotive reckons rising demand for EVs – especially BYD – will help it offset an expected softening in sales over the next two years.
Read MoreEagers Humming Along on All Cylinders
On Thursday, the sector’s major player Eagers Automotive confirmed the continuing longevity of the car industry boom, saying there’s more to come as the transition to EVs takes over.
Read MoreTurnaround Continues as Eagers Beavers Away
Yesterday car dealer Eagers Automotive revealed a further upgrade for its interim results to the one issued on May 18, helping the share price continue its recovery from mid-June lows.
Read MoreAPE – Morgans rates the stock as Add
The broker downgrades forecasts for Eagers Automotive and the target price falls to $14.00 from $14.40, while the Add rating is unchanged.
Read MoreAPE – Morgans rates the stock as Add
The target price, lowered to $14.40 from $16.70, is still well in advance of the current share price and the Add rating is retained.
Read MoreWednesday Whispers: BSL, BLD, APE
A fair bit of news around the ASX on Wednesday, and here’s all the latest from steelmaking giant BlueScope, Kerry Stokes-controlled Boral and local automative retailer Eagers.
Read MoreAPE – UBS rates the stock as Buy
Buy rating and $18.35 target price retained.
Read MoreAPE – Morgans rates the stock as Add
The broker reduces its target price to $17.20 from $20.45. The Add rating rating is maintained, given the potential for EA123 strategy execution and ongoing efficiency improvements.
Read MoreAPE – Morgans rates the stock as Add
Morgans lifts its EPS forecasts for FY21-FY23 by 10%, 20% and 20%, respectively, and raises its price target for Eagers Automotive to $19.20 from $1.39.
Read MoreAPE – Morgans rates the stock as Add
The target price is increased to $17.39 from $16.86 and the Hold rating is maintained.
Read MoreEagers Automotive Enjoys Luxury Conditions
Eagers Automotive is experiencing a rare combination in the automotive sales industry – tight supply and strong demand. Will it last?
Read MoreEagers Automotive Downsizes With Daimler Trucks Divestment
Vehicle dealer, Eagers Automotive is continuing to break up and sell off assets unwanted from the takeover last year of rival Automotive Holdings (AHG).
Read MoreAPE – UBS rates the stock as Buy
According to UBS, Eagers Automotive delivered a strong trading update. Key drivers were considered to include supply constraints resulting in lower domestic inventory levels and continued execution of cost-out initiatives.
Read MoreProfit Rebounds At Car Dealer AP Eagers
The takeover last year of its biggest rival, Automotive Holdings, has continued to boost the revenue and earnings of Eagers Automotive.
Read MoreAP Eagers Shares Rev Higher Despite First Strike, Profit Slump
The market took a profit warning from AP Eagers yesterday in its stride, sending the shares in the country’s biggest listed car dealer up by more than 11%. The company’s annual meeting was told that underlying profit for the June half of the calendar financial year will fall 23.6% to $40.3 million as the COVID-19 pandemic hammered car sales lower.
Read MoreAPE – Morgans rates the stock as Upgrade to Add from Hold
AP Eagers has reduced its workforce, applied for JobKeeper, been granted rental relief and has deferred all non-essential capex, Morgans notes. Importantly, the company has secured additional working capital facilities, taking its liquidity to $392m, greater than the broker previously assumed.
Read MoreAP Eagers Shares Lift On Cost Cutting
Shares in listed care dealer, AP Eagers surged more than 25% yesterday after it revealed had cut 1,200 jobs as well as lopping other its costs as car sales slump due to the economic shock and lockdowns generated by the coronavirus pandemic.
Read MoreCar Sales In Reverse For 23rd Straight Month
It would be fair to say that Australia’s new car market remains in a deep recession after February became the 23 monthly fall in sales in the last 24 months.
Read MoreAPE – Morgans rates the stock as Add
The trading update reflected tougher market conditions and a softer-than-expected outcome for Automotive Holdings in the year to date. Morgans suspects this reflects a more conservative accounting treatment by AP Eagers, softer new vehicle sales, and underperformance by Automotive Holdings.
Read MoreACCC Releases The Brakes On Car Merger
The creation of the country’s biggest car dealer remains on track after the bidder, AP Eagers, agreed to sell some assets to allow the bid for Automotive Holdings to proceed.
Read MoreAP Eagers Jammed By Slowdown In Car Sector
Brisbane-based AP Eagers may have won the battle for its main listed rival, Automotive Holdings (AHG) but that doesn’t mean it has been immune from the impact of the deepening slow down in the car sector.
Read MoreAuto Holdings Downgrades Outlook Prior To Eagers Buyout
Yesterday’s trading update was all a bit ‘after the event’ from Automotive Holdings (AHG) now that it has fallen on its knees and accepted the paper offer from its biggest shareholder AP Eagers (which owns 28.8%).
Read MoreHigher Bid Sees AP Eagers Lock Down Auto Holdings
The Automotive Holdings Group (AHG) board has unanimously recommended shareholders accept the AP Eagers’ (APE) improved scrip offer of one AP Eagers share for every 3.6 AHG shares. This compares to an earlier offer of one AP Eagers share for every 3.8 AHG shares.
Read MoreAP Eagers On Track To Lock Up Auto Holdings
AP Eagers (APE) bid for Australia’s largest listed car dealer, Automotive Holdings (AHG) looks like it is all over bar the shouting.
Read MoreShould Automotive Holdings Investors Trade In Their Shares?
The mooted merger of Australia’s biggest and second-biggest car dealers groups make sense, but there are still some curves and potholes to navigate.
Read MoreAHG Taps The Brakes On AP Eagers Offer
‘Go away’ (said quietly), ‘for a while at least’ seems to have been the message yesterday from Automotive Holdings Group (AHG) to its biggest shareholder, AP Eagers and its all paper takeover offer.
Read MoreAP Eagers Revs Up Investors With Upbeat Update
Shares in car dealer AP Eagers jumped more than 8% at one stage yesterday after it sprang a surprise earnings upgrade on investors.
Read MoreA.P. Eagers Sales Growth Hits The Brakes
Australia’s oldest listed automotive retail group, A.P. Eagers earned run of earning a consecutive annual record profits came to an end in 2017.
Read MoreAP Eagers Avoids Downgrade
Brisbane-based car dealer, A.P. Eagers has belied the market gloom about its share price in recent months with a profit upgrade that revealed a tiny 0.3% rise in pre-tax profit for the six months to June 30. That is better than the downgrade in may suggested.
Read MoreUpdates; Another Car Retailer Cuts Profit Forecast
It seems there might be a bit more to the slump in profitability in the car retailing sector as A.P. Eagers joined its takeover target, Adtrans yesterday in revealing a sharp fall in expected first half and 2010 earnings.
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