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ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC

(AML)
  Report
Delayed London Stock Exchange  -  11:35:29 2023-01-30 am EST
169.90 GBX   -0.18%
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TOP NEWS: Aston Martin trims guidance as shares drop on rising costs

11/02/2022 | 05:12am EST

(Alliance News) - Aston Martin Lagonda Global Holdings PLC on Wednesday saw shares drop as it revised its full-year profit guidance in light of concerns about costs and cash flow.

For the three months ended September 30, the Warwick, England-based luxury car company reported a pretax loss of GBP225.9 million, widened from GBP97.9 million year-on-year.

This was despite an increase in revenue, up 33% to GBP315.5 million from GBP237.6 million. Aston Martin attributed this result to strong pricing dynamics throughout its core portfolio, including an average selling price of GBP189,000 in the third quarter, up 28% from GBP148,000 a year prior.

Aston Martin shares were trading 15% lower at 90.00 pence each in London on Wednesday morning.

Operating losses of GBP58.5 million from GBP30.2 million brought the company's year-to-date total operating loss to GBP148.4 million.

Aston Martin said it had incurred incremental costs trying to mitigate new supply chain and logistical disruption issues over the quarter, adding that while it has now identified resolutions to these problems, it does not expect to see cash inflows from more normal capital dynamics until next year.

Despite a 3.0% increase in total wholesale volumes to 1,384 from 1,349 for the third quarter, Aston Martin now expects full-year growth in the range of 6,200 to 6,600 units, revised from a target of over 6,600 units.

Chief Executive Officer Amedeo Felisa said the company was taking steps to reduce the impact of supply chain issues, and also emphasised that new products like the DBR22 and the V12 Vantage Roadster were helping to strengthen its "ultra-luxury positioning".

Retail outpaced wholesales, with strong demand across product lines and DBX orders up by more than 40% year-on-year. Front-engine sports cars are now sold out into the second quarter of 2023, while luxury SUV DBX707 continues to see an acceleration in orders.

Chair Lawrence Stroll said financial headwinds were "already improving in Q4", and added that he remained "extremely confident in our strategy and ability to deliver the targets we have set".

In other news, on Tuesday, Ahmed Al-Subaey and Frederick Robertson were appointed to the board as non-executive directors of the Public Investment Fund. Ahmed Al-Subaey is CEO of Bahri, the national shipping company of Saudi Arabia.

Public Investment Fund recently joined Aston Martin as a new anchor shareholder following a GBP654.0 million equity capital raise. It now has a cash balance of GBP772.0 million, up from GBP419.0 million in December.

At September 30, the company had net debt of GBP833.4 million, up 3.0% from GBP808.6 million year-on-year.

By Holly Beveridge; hollybeveridge@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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Analyst Recommendations on ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC
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Financials
Sales 2022 1 354 M 1 676 M 1 676 M
Net income 2022 -429 M -531 M -531 M
Net Debt 2022 715 M 885 M 885 M
P/E ratio 2022 -1,42x
Yield 2022 -
Capitalization 1 188 M 1 470 M 1 470 M
EV / Sales 2022 1,41x
EV / Sales 2023 1,27x
Nbr of Employees 2 207
Free-Float 61,7%
Chart ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC
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Aston Martin Lagonda Global Holdings plc Technical Analysis Chart | MarketScreener
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Technical analysis trends ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 10
Last Close Price 169,90 GBX
Average target price 201,50 GBX
Spread / Average Target 18,6%
EPS Revisions
Managers and Directors
Amedeo Felisa Chief Executive Officer & Executive Director
Doug Lafferty Chief Financial Officer & Executive Director
Lawrence Sheldon Strulovitch Executive Chairman
Nick Lines Chief Technical Officer & Vice President
Roberto Fedeli Chief Technical Officer
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