Aston Martin Lagonda (lon:aml)
Aston Martin – Half Year Results

Aston Martin Lagonda Financials

ItemCurrent PeriodPrevious Period
Period6 Months6 Months
Adjusted Earnings
Adjusted EBITDA(£89m)£21m
Statutory Profit(£200m)(£63m)
Adjusted Profit(£213m)(£71m)
Total Debt£751m£843m
Net Debt

Commentary History
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Aston Martin Lagonda Share Price
Grade:The Black Grade - Shares That I Think Could Collapse To Nothing Or Suffer A Massive Share Issue.
Title: Aston Martin – Half Year Results
Company: AML - Aston Martin Lagonda
Share Price Then: 52.75p
Author: Ian Smith
Date: Wed 29 Jul 2020
Comments: Anybody who has been following Aston Martin is bound to be expecting a disastrous set of numbers for the 2020 H1, pretty much most of which is outside of the management’s control.

Total number vehicles sold down from 5,438 t0 2665 and revenue down to £146m, from £406m and net debt is horrible at £751m, although £110m are lease liabilities, the cost of financing this debt was£68m.

The company has around £360m in cash, but £1,000m in debt if you exclude the lease liabilities

Remember that they have just been back for £668m from shareholders pretty much wiping out the old owners, the total share count at 30 June 2020 was 1,824m, increased by 1,596m

For some reason the share price has risen a bit on this news, maybe it is not quite as bad as some had expected, but for me it

Yet again the update stresses the benefit of the F1 team, the costs of this are unclear, are the bigger sponsors going to be dropped so the car is mostly Aston Martin.

It also seems a bit odd to be expecting returns from a racing program so quickly especially where the team is one of the best of the also rans rather than a winner.

As of today there is some controversy over the design of their car, have the followed the rules requiring them is design certain parts themselves?

So much is dependent now on the DBX not just doing well but doing exceptionally well, I just can’t see how another big share issue is avoidable unless the DBX sells just reasonably well and the company is taken over by its creditors.
Read Count: 388/13167

Buy/No Buy In A Nutshell
NegativesToo much debt and they have already done a share issue to fix that, very heavily reliant on sales of the DBX the new SUV, a worrying number of statements about how sponsoring the Stroll owned F1 team is great news.
PositivesNew management getting much more aggressive with people complaining that they asked for and were given loans but they can't afford them.
Initial Review Price51p
Last Review Price55.73p
Last Review Date02-Sep-2020
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