Aston Martin Lagonda (lon:aml)
Aston Martin – Not A Great Start As A Plc But Do The Numbers Hide Success?

Aston Martin Lagonda Financials

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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 – Not A Great Start As A Plc But Do The Numbers Hide Success?
Company: AML - Aston Martin Lagonda
Share Price Then: 1077p
Author: Ian Smith
Date: Mon 04 Mar 2019
Comments: Aston Martin had a history of owners who struggled to make the company a success and there seem to be concerns that in its current for as a plc it may continue to struggle.

Dropping from an IPO price of 1,700p to 1,100p in a fairly even line before starting to recover, the 2018 results brought it down to nearly 1,000p

During 2018 they sold 6,441 vehicles with £1.1billion of sales but debt of about £560 million and the latest report is full of things that worry me. The biggest is that so many numbers are reported as “adjusted” I worry that this creates a false picture; In this case they turn a £68million profit into a £57million loss.

After considering that the IPO incurred £136 million of expenses and these were genuinely one-offs as they mostly relate the removal of preference shares and employee incentives then there may be hope.

These one-offs hit year financing expenses really hard at £141million, but £61million of this was preference share interest due to be paid being paid in one chunk leaving a real value of £80million.

I am stll struggling to get past the many adjustments that have been made but am tending to the conclusion that the headline numbers are close to meaningless and it was actually a good year!
Read Count: 350/7045

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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