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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Aston Martin Lagonda Global Holdings plc    AML   GB00BFXZC448

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC

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Aston Martin Lagonda Global : McLaren looks to Asia and hybrid cars to stay on track

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12/03/2019 | 01:29pm EST
FILE PHOTO: The McLaren Grand Tourer is seen during a world premiere at the Top Marques fair in Monaco

British exotic sports car maker McLaren Automotive will bank on expanded sales in Asia and a new generation of hybrid cars as it steers toward a potential public offering, the company's chief executive said on Tuesday.

"We need to put more cars into Asia," McLaren CEO Mike Flewitt said in a meeting with reporters in Detroit. Sales of McLaren's carbon fibre and aluminium sports cars, which start at about $200,000 in the United States, have fallen in the United Kingdom, its largest market. Flewitt said that reflects uncertainty over Brexit.

Demand in the United States and in Asian markets outside of China remains strong, he said.

McLaren plans to open dealerships in Vietnam and the Philippines, Flewitt said. "The next big ones are India and Russia. We're not in either and probably should be."

Flewitt has said in the past that the owners of the McLaren Group, led by Bahrain's sovereign wealth fund, are considering an initial public offering by 2025. An IPO will likely come after all parts of the group, including McLaren Racing and a unit that markets technology, are generating cash, he said on Tuesday.

Exotic sports car makers have a mixed record on public markets. Ferrari has been one of the auto sector's best-performing stocks, up 68% this year. However, British premium sports car maker Aston Martin Lagonda Global Holdings has suffered a 59% decline.

McLaren sold about 4,800 cars in 2018, and is on track for a slightly lower number in 2019, Flewitt said.

An important piece of McLaren's expansion strategy will be unveiled next spring - a hybrid car with a new architecture under the skin. However, McLaren does not plan to follow its rivals into the SUV market.

"We couldn't afford to do it," Flewitt said, adding, "it just doesn't fit the brand."

By 2024, McLaren will have additional production capacity coming online to increase sales to 6,000 cars a year - if the company can hit that volume without sacrificing profit margins, Flewitt said.

Profitability plays a role in McLaren's decision, so far, not to develop an all-electric car, Flewitt said.

Eventually, the super car niche will go electric, but for McLaren that will have to wait for lighter, lower-cost, solid-state batteries to be ready for commercial use, he said.

"Nobody is out there making money with electric cars," he said. "We can do what we need to do with hybrids."

(Reporting by Joe White in Detroit; Editing by Matthew Lewis)

By Joseph White

Stocks treated in this article : Ferrari, Aston Martin Lagonda Global Holdings plc
Stocks mentioned in the article
ChangeLast1st jan.
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC -1.84% 564.4 Delayed Quote.-53.87%
FERRARI 0.24% 165.23 Delayed Quote.66.16%
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Financials (GBP)
Sales 2019 1 047 M
EBIT 2019 56,9 M
Net income 2019 -25,9 M
Debt 2019 767 M
Yield 2019 -
P/E ratio 2019 -46,7x
P/E ratio 2020 41,6x
EV / Sales2019 1,96x
EV / Sales2020 1,52x
Capitalization 1 287 M
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Technical analysis trends ASTON MARTIN LAGONDA GLOBA
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Mean consensus HOLD
Number of Analysts 10
Average target price 514,30  GBp
Last Close Price 564,40  GBp
Spread / Highest target 15,2%
Spread / Average Target -8,88%
Spread / Lowest Target -49,0%
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Managers
NameTitle
Andrew Charles Palmer President, Group CEO & Executive Director
Penelope L. Hughes Non-Executive Chairman
David Jeremy King Chief Special Operations Officer & Vice President
Mark Wilson Group Chief Financial Officer & Executive Director
Maximilian Szwaj Chief Technical Officer & Vice President
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