Edison Issues Initiation on Marshall Motor Holdings (MMH)

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MMH trades on an FY18e P/E ratio of 5.7x on our forecasts, 28% lower than the average for UK auto retailers (excluding Inchcape). We do not believe the discount is warranted by relative growth potential, which is supported by a progressive dividend policy. We believe an in line rating is more appropriate, which together with a potential unwinding of the sector's multiple contraction seen since the Brexit vote could drive a significant re-rating.

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