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BCA Marketplace

Trading up at half-year

Update | Industrial Support Services | 05 Dec 2018

Interim results indicate the resilience of BCA’s model in the face of still challenging UK market fundamentals. The company delivered top-line growth of 22% and adjusted EBITDA growth of 12.7% and is able to maintain its expectation that market forecasts for FY19 will be achieved. While the uncertainties in new car markets persist, largely due to supply-side constraints and the looming Brexit, we maintain our EBITDA estimates for this year and next despite some divisional mix changes. The FY20 P/E multiple of just 15.7x is undemanding in our view given BCA’s investment proposition delivering healthy cash flows.

BCA Marketplace

'Phygital' vehicle remarketing and services

Initiation | Industrial Support Services | 01 Aug 2018

BCA Marketplace (BCA) offers unique access to each stage of the vehicle lifecycle. Dominant in used car vehicle exchange, the company has built up its presence in vehicle buying through We Buy Any Car (WBAC) and is developing its Automotive Services division. Going forward, the company aims to develop its market-leading positions through its range of physical and digital (‘phygital’) offerings and services in the UK and Europe.

Cenkos Securities

Transparent, entrepreneurial business model

Update | Financials | 26 May 2016

Cenkos (CNKS) is a specialist institutional stockbroker with a consistent track record of profitability since its formation. Its entrepreneurial approach has helped attract an expanding client list and win mandates for substantial transactions, including the fund raise of over £1bn for BCA last year. The level of profit is subject to market fluctuations but the current valuation appears to reflect cautious assumptions given the group's historical performance and attractive yield.