APE - EAGERS AUTOMOTIVE LIMITED
Citi rates APE as Neutral (3) - The Citi analyst's first take on the 1H24 trading update from Eagers Automotive points to a "very tough" operating environment.
Revenue for the first 4-months of 2024 rose by 18.3% and underlying profit before tax is expected to reach only 85% of the comparable 1H23 result at $176m, well below the broker's $225m forecast and consensus at $211m.
Citi points to cost of living pressures and weakening consumer demand, inflationary cost pressures, increased discounting as inventory stocks grows, a weak NZ market and the BYD brand not meeting expectations.
Management guidance infers a profit before tax margin declne of -100bps in the 1H24 versus 1H23.
Neutral rating. Target $13.85.
Ann: AGM Material including Market Guidance, page-22
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Last
$10.49 |
Change
0.140(1.35%) |
Mkt cap ! $2.708B | |||
| Open | High | Low | Value | Volume |
| $10.36 | $10.54 | $10.32 | $6.059M | 580.6K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 100 | $10.42 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $10.49 | 5714 | 2 |
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| Last trade - 16.10pm 06/09/2024 (20 minute delay) ? |
| APE (ASX) Chart |