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
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Pendragon Socially Speaking

Pendragon RNS, News and Media

Headline

15 Feb 2018
Pendragon PLC - Holding(s) in Companyfrom Interactive Investor
15 Feb 2018
RNS press release - PENDRAGON PLC - Holding(s) in Company from Proactive Investors
13 Feb 2018
Pendragon PLC - FULL YEAR RESULTS FOR 31 DECEMBER 2017from Interactive Investor
13 Feb 2018
RNS press release - FULL YEAR RESULTS FOR 31 DECEMBER 2017 from Proactive Investors
13 Feb 2018
News - Pendragon shares jump as improving trend offsets as-expected 20% drop in underlying 2017 profit from Proactive Investors
12 Jan 2018
Pendragon PLC - Transaction in Own Sharesfrom Interactive Investor
12 Jan 2018
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
11 Jan 2018
Pendragon PLC - Transaction in Own Sharesfrom Interactive Investor
11 Jan 2018
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
10 Jan 2018
Pendragon PLC - Transaction in Own Sharesfrom Interactive Investor
10 Jan 2018
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
9 Jan 2018
Pendragon PLC - Transaction in Own Sharesfrom Interactive Investor
9 Jan 2018
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
8 Jan 2018
Pendragon PLC - Transaction in Own Sharesfrom Interactive Investor
8 Jan 2018
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
5 Jan 2018
Pendragon PLC - Transaction in Own Sharesfrom Interactive Investor
5 Jan 2018
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
4 Jan 2018
Pendragon PLC - Transaction in Own Sharesfrom Interactive Investor
4 Jan 2018
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
3 Jan 2018
Pendragon PLC - Transaction in Own Sharesfrom Interactive Investor
3 Jan 2018
RNS press release - Transaction in Own Shares from Proactive Investors
2 Jan 2018
RNS press release - Transaction in Own Shares from Proactive Investors
20 Dec 2017
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
19 Dec 2017
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
18 Dec 2017
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
15 Dec 2017
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
14 Dec 2017
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
13 Dec 2017
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
12 Dec 2017
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
11 Dec 2017
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
8 Dec 2017
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
7 Dec 2017
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
6 Dec 2017
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
5 Dec 2017
RNS press release - PENDRAGON PLC - Transaction in Own Shares from Proactive Investors
4 Dec 2017
RNS press release - STRATEGY UPDATE from Proactive Investors
4 Dec 2017
News - Pendragon to sell its US motor business from Proactive Investors
27 Oct 2017
RNS press release - PENDRAGON PLC - Holding(s) in Company from Proactive Investors
25 Oct 2017
RNS press release - PENDRAGON PLC - Director/PDMR Shareholding from Proactive Investors
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
RNS press release - PENDRAGON PLC - Holding(s) in Company from Proactive Investors
7 Sep 2017
RNS press release - PENDRAGON PLC - Holding(s) in Company from Proactive Investors
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

Pendragon Charted

Pendragon Discussion on Interactive Investor

Re: Finals by sound money

  Thu, 15 Feb 2018 22:10:00 GMT
In at 24.5. Like the cash generation, experienced management and clear strategy.

Also a contrarian play on Brexit. Another undervalued company.

M
By sound money

NEW ARTICLE: Have Pendragon shares turned the corner? by II Editor

  Tue, 13 Feb 2018 15:16:00 GMT
"As chief executive of car showroom business LSE:PDG:Pendragon since 1989, Trevor Finn has seen his fair share of industry ups and downs over the years.That's why when he purchased £445,000 worth of shares in his own company the day after a ..."

LINK
By II Editor

Finals by Hardboy

  Tue, 13 Feb 2018 08:27:00 GMT
Given what could have come out, I'm reassured by these.

Pre-tax profits just beat forecasts, and margins "normalised" in Q4. Apart from New sales, all parts of the business showed very healthy signs of growth. Debt is at quite manageable levels, the pension deficit has reduced, dividend is up; and they have a clear policy for the next few years.

In fact if the business is sound, as it appears, with an EPS of 3.7 & FY Dividend of 1.56; at <21 it's trading on a PE of around 5.6; with a yield of around 7.5%, which is well covered (more than twice) and the net assets are worth more than the company (@ nearly 30p) This all indicates it is way undervalued, and should be trading at least above its NAV.

(In the current Brexit state I won't give any UK focused business a strong buy recommendation - except maybe pawnbrokers.)
By Hardboy

Huge Volume by Hardboy

  Mon, 18 Dec 2017 17:07:00 GMT
Traded today, but little effect on sp.
By Hardboy

Re: Strategy by Hydrogen Economy

  Mon, 04 Dec 2017 12:42:00 GMT
Hardboy

I no longer hold here so I only glanced at this but thoughts

"Impressed with the speed they've come up with it since the Interims"
Seems like a whiff of anxiety, if not panic,

Sale of fast growing US business- to get good price. Could be a good move and would support the share buy-backs but a bit odd reaction to issues driven by problems in the UK new sales market. I wonder about getting out of the US when the economy looks to be strengthening and tax cuts possibly about to kick-in. US looked like useful geographic diversity to me.

Scaling back new sales activity and increasing used sales outlets- that may be the current state of the market isn't there a danger that by the time the changes are implemented the market will swing against used vehicles (I don't know but what happens when all the dirty VW diesels hit the SH market?)

Their software systems business does look like one worth building on.

Market seems to have given it a cautious approval.

H2
By Hydrogen Economy

Strategy by Hardboy

  Mon, 04 Dec 2017 07:29:00 GMT
Interesting new strategy announced this morning.

Impressed with the speed they've come up with it since the Interims.

Not sure how the market will react -

Basically - Sell US business, reduce new car locations, concentrate on 2nd hand sales.

In difficult times, concentrating on your core strengths is good. If this releases capital too, that is always a good thing (depending how it is used.)

Is leaving a buoyant economy to concentrate on an economy in difficulty sensible?

Is moving from a fully integrated car dealer to a giant Arthur Daly the right way to go?

I'm guessing the markets will see it as good, but not entirely convinced.
By Hardboy

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