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
$10.16 |
Change
-0.080(0.78%) |
Mkt cap ! $2.623B | |||
| Open | High | Low | Value | Volume |
| $10.25 | $10.25 | $10.12 | $7.396M | 727.0K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 1323 | $10.16 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $10.17 | 1057 | 1 |
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| Last trade - 16.10pm 08/07/2024 (20 minute delay) ? |
| APE (ASX) Chart |