Pendragon

Pendragon (PDG)

Pendragon on the Web and Social Media

Pendragon News, Fundamentals and Discussion on:

Pendragon page on Interactive Investor
Pendragon page on Financial Times
Pendragon page on ADVFN
Pendragon page on London South East
Pendragon page on Bloomberg Markets
Pendragon page on This is Money
Pendragon page on Motley Fool
Pendragon page on Proactive Investors
Ayondo
Ayondo

Pendragon Socially Speaking

Pendragon RNS, News and Media

Headline

27 Oct 2017
Pendragon PLC - Holding(s) in Companyfrom Interactive Investor
27 Oct 2017
RNS press release - PENDRAGON PLC - Holding(s) in Company from Proactive Investors
25 Oct 2017
Pendragon PLC - Director/PDMR Shareholdingfrom Interactive Investor
25 Oct 2017
RNS press release - PENDRAGON PLC - Director/PDMR Shareholding from Proactive Investors
23 Oct 2017
Pendragon PLC - INTERIM MANAGEMENT STATEMENT AND STRATEGY UPDATEfrom Interactive Investor
23 Oct 2017
Pendragon PLC - Directorate Changefrom Interactive Investor
23 Oct 2017
RNS press release - PENDRAGON PLC - Directorate Change from Proactive Investors
23 Oct 2017
RNS press release - INTERIM MANAGEMENT STATEMENT AND STRATEGY UPDATE from Proactive Investors
23 Oct 2017
News - Car dealer Pendragon slumps as it forecasts £15mln tumble in full-year profits from Proactive Investors
13 Oct 2017
Pendragon PLC - Holding(s) in Companyfrom Interactive Investor
13 Oct 2017
RNS press release - PENDRAGON PLC - Holding(s) in Company from Proactive Investors
7 Sep 2017
Pendragon PLC - Holding(s) in Companyfrom Interactive Investor
7 Sep 2017
RNS press release - PENDRAGON PLC - Holding(s) in Company from Proactive Investors
3 Aug 2017
Pendragon PLC - Director/PDMR Shareholdingfrom Interactive Investor
3 Aug 2017
Pendragon PLC - Director/PDMR Shareholdingfrom Interactive Investor
3 Aug 2017
RNS press release - PENDRAGON PLC - Director/PDMR Shareholding from Proactive Investors
3 Aug 2017
RNS press release - PENDRAGON PLC - Director/PDMR Shareholding from Proactive Investors
1 Aug 2017
RNS press release - Results for 6 Months Ended 30 June 2017 from Proactive Investors
18 Jul 2017
RNS press release - PENDRAGON PLC - Total Voting Rights from Proactive Investors
18 Jul 2017
RNS press release - PENDRAGON PLC - Holding(s) in Company from Proactive Investors
18 Jul 2017
RNS press release - PENDRAGON PLC - Holding(s) in Company from Proactive Investors
27 Apr 2017
RNS press release - INTERIM MANAGEMENT STATEMENT from Proactive Investors
14 Feb 2017
RNS press release - Results for year ended 31 December 2016 from Proactive Investors
25 Oct 2016
RNS press release - INTERIM MANAGEMENT STATEMENT from Proactive Investors
14 Oct 2016
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
13 Oct 2016
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
12 Oct 2016
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
11 Oct 2016
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
10 Oct 2016
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
10 Oct 2016
RNS press release - PENDRAGON PLC - Holding(s) in Company from Proactive Investors
7 Oct 2016
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
6 Oct 2016
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
6 Oct 2016
RNS press release - PENDRAGON PLC - Holding(s) in Company from Proactive Investors
5 Oct 2016
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
4 Oct 2016
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
3 Oct 2016
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
30 Sep 2016
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
30 Sep 2016
RNS press release - PENDRAGON PLC - Holding(s) in Company from Proactive Investors
30 Sep 2016
RNS press release - Directorate Change from Proactive Investors
29 Sep 2016
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
28 Sep 2016
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
27 Sep 2016
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
26 Sep 2016
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
23 Sep 2016
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
21 Sep 2016
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
20 Sep 2016
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
19 Sep 2016
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
14 Sep 2016
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
13 Sep 2016
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
12 Sep 2016
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
9 Sep 2016
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
8 Sep 2016
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
7 Sep 2016
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
7 Sep 2016
RNS press release - PENDRAGON PLC - Holding(s) in Company from Proactive Investors
6 Sep 2016
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
5 Sep 2016
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
5 Sep 2016
RNS press release - PENDRAGON PLC - Holding(s) in Company from Proactive Investors
2 Sep 2016
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors

Pendragon Charted

Pendragon Discussion on Interactive Investor

it has started! by mildmouth

  Wed, 22 Nov 2017 17:06:00 GMT
extract from article re Marshalls

"In the year ending 31 December 2017 these dealerships are expected to generate £40m turnover and a pre-tax loss of approximately £1.3m before central overhead charges

Closure costs are expected to be approximately £6m which includes £2m of non-cash items including asset and goodwill impairments.*

What I would like to know is how they ever justified carrying goodwill for lossmaking dealerships, why was it not written down before? Apply that to PDG and it could be scary!


By mildmouth

Lookers by Hardboy

  Thu, 09 Nov 2017 17:36:00 GMT
Gave us their Q3 update this morning, and it was a similar pattern to Pendragon, but overall the figures were looking good and it was one of today's top risers. I would have expected PDG to rise in connection, but no....
By Hardboy

Today's RNS by Hardboy

  Fri, 27 Oct 2017 17:31:00 GMT
Explains the large volume of shares traded on Tuesday. Good to see it is a significant buy, rather than rats deserting the sinking ship.

Someone believes it is good value at these prices.
By Hardboy

Re: goodwill danger?? by mildmouth

  Thu, 26 Oct 2017 12:51:00 GMT
Goodwill is just a number on the balance sheet (representing payment for a business in excess of net tangible assets of that business) and has zero value (unlike other assets) unless you can sell the business or make extra profits from having paid for it. If your profits start to reduce then that goodwill will be worth less and if you try to sell the business may be worth as little as zilch.

I have never thought motor dealerships (other than exceptional franchises and locations) are worth more than net tangible assets for the simple reason that in a downturn or if the franchise becomes less popular or makes more demands they can quickly become less profitable or even unprofitable, in which case the goodwill is a total write-off. At the very least goodwill should be written down each year against profits, but changes to accounting standards no longer require this if it passes what is in effect a totally subjective test by the directors.

Hence, dangerous!
By mildmouth

UK Car Output by Mister Ed

  Thu, 26 Oct 2017 09:35:00 GMT
Todays production numbers for Sept. are pretty grim for domestic demand, down 14% vs Sept.16. The outlook for motor dealers depends on Brexit outcomes and how far confidence falls. I don't share PDG management optimism for 2018. A wider market decline could produce trading opportunities but a cautious approach is needed for a sector that could stay weak for a long time and depends on international politics. Good news on transitional trade arrangements is badly needed.
By Mister Ed

NEW ARTICLE: Why Pendragon shares just surged 18% by II Editor

  Wed, 25 Oct 2017 13:41:00 GMT
"LSE:PDG:Pendragon's profits warning on Monday was another worrying sign for a car industry hit by an oversupply of vehicles and faltering consumer confidence. It sent shares in the dealerships business - best known for its Evans Halshaw and ..."

LINK
By II Editor

Re: goodwill danger?? by Gooffy

  Tue, 24 Oct 2017 23:41:00 GMT
Found it in last accounts.

The cash flow is good tho and more than covers dividend in addition debt has reduced and share buy back plus director buying.

Interesting point though good will has a value unless you go bust, I don't think Pendragon is going bust on a earnings per share basis it's worth more..

comments welocme please
By Gooffy

Re: goodwill danger?? by Gooffy

  Tue, 24 Oct 2017 23:25:00 GMT
Where is this figure from please searched interim accounts and goodwill is 0
By Gooffy

Brexit effect by Gooffy

  Tue, 24 Oct 2017 22:10:00 GMT
Reflecting on latest RNS

It looks like the high pound is costing the franchises more money and reducing profits hence the comment on reviewing franchises

I wonder if EU will realise it's stupidity when Citreon, BMW and other franchises start closing.

This is why pendragon is switching to second hand and service, there IT side is doing well, recently signed a deal with Hyundai.

60 million is 10 million less than liberium quoted, less share buy backs or debt reduction would have meant the same profit so not sure why a big downgrade.

Key statement is profit is expected to rise 2018 so whether to average down is the question, need to visit some sites and see what is happening there.

Think this is oversold myself especially as directors bought at 30p
By Gooffy

goodwill danger by mildmouth

  Tue, 24 Oct 2017 22:07:00 GMT
PDG's statement has brought sharply back into focus that of their net worth of £418 million no less than £365 million is represented by goodwill. Accounting standards these days allow goodwill to be preserved on the balance sheet based (IMHO) on far too subjective tests, thereby flattering profits.

Once franchises start to be seen as a burden rather than an asset (as can happen in a downturn and, from the statement, would appear already to be happening in certain cases)the potential for goodwill write-offs is huge.

By my rough calculation the net tangible asset per share is £53m divided by 1421 million shares, so 3.7p per share. That provides very little support to the share price about 6 times higher even now.
By mildmouth

Broker Downgrade by Mister Ed

  Tue, 24 Oct 2017 10:53:00 GMT
Liberium downgrade to hold (buy), target 25p (43p - Aug.01).
The wisdom of brokers, eh?
Expect the other sector players to announce similar warnings before year end. They are all on similar ratings. PDG looked a bit rich before the selloff. The next 18-24 months could see quite a shake-out. Lookers and Vertu are acquisitive, funded and prepared to buy the right sites. But I think the sales slowdown could be drawn out with Brexit torture so investors will need to show some patience. The companies which have repositioned more successfully to used and after sales will be the eventual winners. I note VTU has not been hit so hard this week.
By Mister Ed

Re: odder than odd by Yee Wo

  Tue, 24 Oct 2017 07:47:00 GMT
“Takeover??”. The question is though, Who? Mr Finn et al are probably now of an age we’re the Golf Course has huge appeal, the balance sheet of The Dragon has been being tidied up nicely over the last few years. I just can’t see what assets PDG has which would be of appeal to any of the large scale existing operators in the UK! Interestingly yesterday’s news pushed Inchcape shares below 800p for a few hours yesterday which does strike me as a Buy. (Disclosure : I’m a Long Term Holder of Inchcape). If Pendragon stays at this price for any length of time it may become a HY investors plaything?
By Yee Wo

odder than odd by Gooffy

  Mon, 23 Oct 2017 12:50:00 GMT
NEDs purchase at 30p

Share buy back as well

Shares managed down

Takeover??
By Gooffy

Re: odd by seadoc

  Mon, 23 Oct 2017 12:33:00 GMT
More odd that there was an instant fall of 17% and rock stable thereafter. I bought these at 138p in 2000 and sold out at 222p (old money 10 for 1?) about 18/12 months later. I was a bit gobsmacked as they rose to £10, or about x5 what I sold for. Been on watch list ever since but as one I have sold and for my information and education. Has been very sensitive to news over last 15yrs and in some way a leading indicator. There have been a lot of "value" posts on all the motor companies and buy recommendations, based on holding values of the sites. I am not sure how much of their property is leased, nor length of leases but I see this as being the problem. I am looking for a few shorts (only 1.6% as of a couple of days ago) .

Regards,

Seadoc
By seadoc

odd by Gooffy

  Mon, 23 Oct 2017 09:46:00 GMT
Perhaps less debt reductions and no buybacks might help
By Gooffy