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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Auto Trader Group plc    AUTO   GB00BVYVFW23

AUTO TRADER GROUP PLC

(AUTO)
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Auto Trader : issues 186 million pounds in new shares to shore up cash

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04/01/2020 | 08:40am EDT

UK online car marketplace Auto Trader said on Wednesday it is seeking to raise about 186 million pounds in an equity placement from institutional investors in a bid to shore up cash during the coronavirus crisis.

The company said up to 46.5 million new shares have been placed, worth 5% of its share capital, at 400 pence per share, a 8.9% discount to Monday's closing price.

"This equity raise will allow the group to resume its existing capital return policy at the earliest prudent opportunity," said the company, which has halted share buybacks and remained undecided about 2020 dividends.

Auto Trader also said its entire board has offered to forego at least half of their salaries and that it will furlough its employees.

Shares of the company were down 9.5% at 397.6 pence as of 1154 GMT.

Before the lockdown in Britain, Auto Trader had allowed auto retailers to advertise their vehicles on its website free of charge throughout April, leading to a record number of cars being displayed on its platform.

The FTSE 100 company said it expects to meet its covenant tests in March, but sees the September test showing an increase in its net debt to core profit ratio due to the free services provided.

Auto Trader expects the ratio to remain below the maximum threshold agreed with lenders at that point, however.

It had drawn on 289 million pounds of its 400 million pound revolving credit facility at the end of February, it said.

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Shounak Dasgupta, Bernard Orr and Jan Harvey)

Stocks mentioned in the article
ChangeLast1st jan.
AUTO TRADER GROUP PLC 1.02% 557.2 Delayed Quote.-7.33%
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Financials
Sales 2020 371 M 465 M 465 M
Net income 2020 202 M 253 M 253 M
Net Debt 2020 269 M 337 M 337 M
P/E ratio 2020 25,4x
Yield 2020 0,92%
Capitalization 5 314 M 6 623 M 6 648 M
EV / Sales 2019
EV / Sales 2020 15,0x
Nbr of Employees 798
Free-Float 96,9%
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Technical analysis trends AUTO TRADER GROUP PLC
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 490,95 GBp
Last Close Price 551,00 GBp
Spread / Highest target 23,4%
Spread / Average Target -10,9%
Spread / Lowest Target -36,8%
EPS Revisions
Managers
NameTitle
Nathan James Coe Chief Executive Officer & Executive Director
Edmund Warren Williams Non-Executive Chairman
Catherine Faiers Chief Operating Officer & Director
Jamie Warner Chief Financial Officer
Chris Kelly Technology Director
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