Marshall of Cambridge

www.marshallgroup.co.uk TICKER: Private     EXCHANGE:

Founded in 1909, Marshall of Cambridge (Holdings) Ltd is a private, family owned company, employing 5,786 staff. In 2018, the business generated >£80m of EBITDA on revenues of £2.5bn, and has significant organic opportunities ahead. Not only, accelerating expansion at its leading aerospace/defence (MADG) and motor retail businesses (MMH - 64.46% owned). 

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Undervalued Aerospace and Defence stock
Published: May 10 2019

Marshall of Cambridge (Holdings) Ltd is a private, family owned company that was founded in 1909 and is now of significant size, employing 5,786 staff.
In 2018, the business generated over £80m of EBITDA on revenues of £2.5bn, and has significant organic opportunities ahead. We expect accelerating expansion at its leading aerospace/defence (MADG) and motor retail businesses (Marshall Motors which is AIM listed, but owning a 64.46% shareholding). 
Additionally there is scope to address  its loss making Fleet Solutions arm, and to be more active in high-tech venture capital investments. And in terms of assets the Group might be able to unlock significant value over time from its 900 acres estate at Cambridge. 
The non-voting priority ordinary shares (NVPOs) can be traded freely via a special off-exchange matching facility administered by stockbroker James Sharp. The NVPOs currently attract business property relief, and so can fall outside a person’s estate for inheritance tax purposes.
The most recent traded price for a NVPO was 285p, yet our analysis (using sum-of-the-parts methodology) indicates a current fair value for the Group of 532p. We would note that this excludes any further upside arising from additional land being made available for redevelopment. 

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