PWR - Peter Warren Automotive Holdings

[System]

Peter Warren is a privately owned Dealership group with a rich heritage that has been operating in Australia for over 60 years. The Company currently operates 70 franchise operations and represents 27 OEMs across the Volume, Prestige and Luxury segments.

Peter Warren operates under 6 banners consisting of Peter Warren Automotive, Frizelle Sunshine Automotive, Sydney North Shore Automotive, Mercedes-Benz North Shore, Macarthur Automotive, and Euro Collision Centre.

Peter Warren operates 30 franchises across eight locations in Sydney, including at its flagship Warwick Farm dealership, and 40 franchises across nine locations in south-east Queensland and northern New South Wales.

PWR will list on the ASX on 27 April 2021.

New and Used Car Dealer | Warwick Farm | Peter Warren Automotive

Visit Peter Warren Automotive in Warwick Farm, established dealership and servicing specialist. Explore the website and browse through our full range of offers.

www.peterwarren.com.au

 

[Dona Ferentes]

was looking at their website yesterday. no mention of this float. ... but clearly no longer a 'family business' (and likely a succession plan/ generational exit/ property play?)

Listing date	27 April 2021 12:30 PM ##
Company contact details	https://www.peterwarren.com.au/ Ph: (02) 9828 888
Principal Activities	Automotive dealership
GICS industry group	TBA
Issue Price	$2.90
Issue Type	Ordinary Fully Paid Shares
Security code	PWR
Capital to be Raised	$260,000,000
Expected offer close date	20 April 2021
Underwriter	Fully underwritten. Jarden Australia Pty Ltd, Jefferies (Australia) Pty Ltd and Morgan Stanley Australia Securities Limited (Joint Underwriters and Lead Managers)

 

[So_Cynical]

All the Holden dealers got screwed and Honda recently terminating long term dealership agreements - shifting to a new distribution model. Also EV's need very little maintenance.

 

[Value Collector]

All the Holden dealers got screwed and Honda recently terminating long term dealership agreements - shifting to a new distribution model. Also EV's need very little maintenance.

Yep, with very little maintenance, Tesla sells their cars online directly, and rather than “dealerships” all across the city they General just have one company owned delivery centre where they deliver the cars to the customer.

In some cases they even just operate “pop up” delivery centres, where a tent in a car park every few weeks for a couple of days and trucks arrive dropping of cars while the workers do hand overs.

 

[divs4ever]

this is one of my full year tips

the family held APE for decades ( and i inherited some ) i bought some AHE as a side-door to the AHE-APE merger and then bought more APE in March 2020 @ $2.64

this industry makes no sense to me ( economically ) at the current time

DYOR

i do not currently hold this share and CURRENTLY do not have an order in the market

so why not have a nibble at PWR in the crazy times hoping this company can gain traction as well

( please note most of my shares do negative which is great if i am buying )

 

[divs4ever]

see it is going higher despite any real logic

( and so i haven't bought any , YET )

i could link to one of those economically inclined guys , that explain folks are just spending money ( on shares and cars ) while the money is still worth something ( and the banks haven't frozen the accounts )

lock-downs , travel restrictions rising fuel costs but shares in motor dealers are going up , so unless more people are living in their car ...

 

[divs4ever]

Peter Warren Automotive Holdings Limited H1 FY22 Result

Peter Warren Automotive Holdings Limited (ASX: PWR) (“Peter Warren” or “the Group”) announces its financial result for the half year ended 31 December 2021, delivering strong growth on prior year and performance well ahead of Prospectus forecasts. Highlights
• Underlying Profit Before Tax (PBT) of $36.3 million, up 35% on prior year
• Acquisition of Penfold Motor Group in December 2021, providing immediate scale in the Victorian market
• Inaugural interim dividend of 9.0 cents per share, fully franked
• Strong financial position, with a capital structure that supports Peter Warren's growth plans Mark Weaver, Chief Executive Officer of Peter Warren said: “We have delivered a strong and Prospectus beating result driven by diligent execution of our strategy, commitment to customer service and development of our people.” “Despite a challenging period impacted by COVID-19 lockdowns and supply constraints across our OEM partners, we have materially progressed our strategic geographic expansion and our omnichannel sales approach to great success.” “We welcome the Penfold Motor Group and its experienced management team into our group and look forward to further expanding our operating footprint over time, as we deliver our auto mall concept to Victoria.” “This result reflects the underlying strength of our business and is a credit to our teams who continue to adapt to the changing market conditions.
Reflecting this, the Board has declared an interim dividend in line with our target payout ratio to provide a return to our shareholders.”

DYOR

i do NOT hold this share but DO have an order in the market , currently

 

[divs4ever]

PWR Europe moves to Rugby, acquires the business of UK based Bespoke Motorsport Radiators and appoints new General
Manager
PWR Holdings Limited (ASX: PWH) is pleased to advise that:
• It has secured new 38,647 square metre premises at Rugby in the UK and moved its PWR Europe operations from Silverstone
to new premises at Rugby last week
• It has acquired the UK based business, Bespoke Motorsport Radiators (BMR), which completed on 30 January 2023. BMR’s 4-
year average revenue is £520,000 per annum. The £674,870 consideration for the acquisition will be funded out of existing
cash
• Both Docking Engineering and BMR will operate as part of PWR Europe from the Rugby premises, expanding the Group’s
manufacturing capabilities and capacity to service our current European customers. It will provide capacity for future growth
opportunities in the Motorsport, Automotive, Industrial, Marine and Aerospace and Defence sectors
• Wayne Rodgers has been appointed General Manager of PWR Europe.
“We are pleased to have secured these premises at Rugby which paves the way for PWR Europe to build a manufacturing facility
in the UK which has been a long-term objective of PWR, said PWR Managing Director, Kees Weel.
“We are also pleased to have completed the acquisition of BMR which strengthens our manufacturing base in Europe, building on
the recent acquisition of Docking Engineering.
“BMR is one of the leading core manufacturers and suppliers of high performance motorsport radiators, intercoolers and oil
coolers in the UK. They service customers undertaking a classic car restoration project to the next generation touring cars on the
grid.
“We are delighted to welcome the two owners of BMR, Daren Sharpe and Wayne Howkins and their team of 7 experienced
manufacturing staff to the PWR Group. We are committed to investing in growing the UK manufacturing facility and we have
plans to expand output in the next 12 months.
“We have also appointed a new General Manager of PWR Europe, Wayne Rodgers. Wayne brings over 22 years of experience
within the Motorsport and Performance aftermarket sector, along with 10 years of race experience as a co-driver. With a proven
track record of enhancing business growth, operational efficiency and profitability, Wayne has enjoyed international success in
both Europe and the US motorsport and performance markets.
“Wayne was previously Head of Performance and Motorsport UK – Business Development at Goodridge, Managing Director of
Marchesini Wheels (a subsidiary of the Brembo group), director of Brembo USA Performance aftermarket, Technical Sales
Manager of Federal Mogul’s Ferodo brand and Motorsport Sales Manager for Silkolene.
“PWR’s General Manager of Production, Mick Cullen will head to Rugby next week for 2 months to help Wayne set up the new
manufacturing facility at Rugby”, said Kees Weel.
Authorised for release by the Board of PWR.

=============================================================================================

DYOR

i hold PWR ( bought in May 2022 )

gee , i hope they have done the maths here

basket case UK , the push to electric vehicles ( and other crazy agendas )

 

[divs4ever]

Peter Warren to acquire Toyota and Volkswagen dealerships​

Highlights
• Peter Warren to acquire a majority share in three dealerships in NSW; Toyota at Warwick Farm, Toyota and
Volkswagen at Bathurst
• Continued delivery of Peter Warren’s consolidator strategy as the second major acquisition in two years
• Toyota, the largest automotive brand in Australia, has provided its approval and its addition to the Peter
Warren portfolio provides a platform for further growth in dealerships
• Acquisition consideration of $45m to be funded by existing debt providers
• Expected to be immediately EPS accretive after funding costs
• Current Dealer Principals and key management to continue operating the businesses, with Toyota requiring
Dealer Principals to hold minority shareholdings
• The acquired dealerships will add substantially to Peter Warren’s order book that is increasing as new
vehicle demand exceeds supply, which is being impacted by several factors. Peter Warren is closely
monitoring supply in its approach to the year end of 30 June 2023
• Transaction subject to shareholder approval with an EGM expected to be held in July 2023
Peter Warren Automotive Holdings Limited (ASX: PWR) (“Peter Warren” or “the Company”) announces that it
has entered into agreements to acquire a majority share in three New South Wales (NSW) dealerships for an
estimated total consideration of $45m, representing both Goodwill and Net Assets.
The dealerships to be acquired are Peter Warren Toyota at Warwick Farm, Bathurst Toyota and Bathurst
Volkswagen. All are majority owned by the Warren family, a significant shareholder of Peter Warren.
For the financial year ended 30 June 2022 the businesses generated a combined turnover of $180m with
approximately 110 employees. The businesses will continue to be run by the existing management teams,
providing strong continuity for customers and the OEM partners.
Mark Weaver, Chief Executive Officer of Peter Warren said: “We are delighted to continue the delivery of our
consolidation strategy with an investment in Australia’s market leader, Toyota. This milestone provides
opportunity for further expansion as we continue to grow in a highly fragmented market”.
“The VW and Toyota operations are well-run dealerships and we are excited to welcome them to Peter Warren.
We expect the acquisition to deliver significant value to shareholders and be immediately EPS accretive after
funding costs."
In each business the incumbent Dealer Principal will retain their role and continue to hold a minority
shareholding in accordance with the OEM requirements. Peter Warren will acquire 80% of the Warwick Farm
Toyota operation and 95% of Bathurst Toyota and Volkswagen.
Peter Warren Automotive Holdings Limited
ACN 615 674 185
13 Hume Highway, Warwick Farm, NSW, 2170
Funding and completion
Peter Warren will fund the acquisition from existing debt providers under a master debt facility with no
additional security being provided. The Company retains debt capacity and unsecured property for potential
future acquisitions. After taking into account funding costs, the acquisition is expected to be immediately EPS
accretive.
The transaction does not involve the acquisition of any additional property. Peter Warren Toyota is located at
the Warwick Farm property owned by the Company and currently leased to the vendors, being the Warren
Family. Bathurst Toyota and Volkswagen are located on property owned by the Warren family and a third-party
landlord. The Company will enter new long-term leases for the operations in Bathurst, on arm’s length
commercial terms.
Peter Warren confirms that Toyota approval has been obtained. This transaction remains subject to customary
completion conditions. The transaction is also subject to shareholder approval due to the relationship between
the Warren Family and the various selling entities. Paul Warren is a member of the Board of Directors of the
Company.
Peter Warren shareholders will be asked to approve the transaction at an Extraordinary General Meeting which
is expected to be held in July 2023. Further information on the transaction, including an Independent Expert’s
Report, will be available for shareholders to consider prior to the meeting. The transaction is expected to
complete in August 2023.
Vehicle supply and order book update
The acquired dealerships will add substantially to Peter Warren’s order book, which continues to grow
organically as new vehicle demand exceeds supply.
Peter Warren is being impacted by inconsistent supply of new vehicles in some areas, due to biosecurity
backlogs, port congestion and shipping delays. In other areas full supply exists. These supply dynamics impact
the scheduling of customer deliveries on a week-to-week basis. Both brands to be acquired are experiencing
similar supply chain dynamics, impacting customer delivery schedules.
Peter Warren is closely monitoring these vehicle supply impacts in the approach to its year end on 30 June 2023.
Further information
Peter Warren is being advised by Gilbert + Tobin in relation to its acquisition of the Toyota and Volkswagen
dealerships.

=========================================================================================

DYOR

i hold PWR

 

[Dona Ferentes]

• PWR Holdings Managing Director Kees Weel discloses sale of 2.0 million shares, says he remains fully committed to the business and delivering on growth objectives

 

[divs4ever]

Peter Warren Automotive Holdings Limited Trading Update

Peter Warren Automotive Holdings Limited (ASX: PWR) (“Peter Warren” or the “Company”) today provides a trading update.
Whilst revenue has continued to grow, Peter Warren now expects underlying profit before tax for FY24 to be in the range of $52m to $57m.
The reduction in earnings versus market expectations reflects the following:
• A significant increase in vehicle supply by OEM’s has led to greater competition between dealerships and lower gross profit margins on new vehicles.
The contraction in new vehicle margins has occurred across the industry and is the most acute in brands and models where supply levels and inventory holdings are highest;
• The level of customer demand for new vehicles has reduced as a result of cost-of-living pressures; and
• Peter Warren interest costs have increased versus the prior year in line with interest rates and inventory.
The revenue streams of the business have performed well with growth being achieved in a number of areas, including the volume of vehicles sold. Service and parts revenue has continued to see good growth, along with used cars where further growth is expected.
Peter Warren has implemented a number of steps to mitigate the impact of the decline in new car margins including:
• Limiting inventory levels and associated costs by partnering with OEM’s on supply intake and increasing sales and marketing activities in some areas;
• Maximising the revenue growth in service, parts and used cars by leveraging our size, scale and existing platforms; and
• Continuing our cost-management activities to limit cost increases and maximise the leveraging of fixed costs as revenues continue to grow across the business.
These actions have not fully offset the impact of falling new car margins.

The new vehicle order-bank has also cushioned the margin reduction but order-bank refill is now occurring at lower margins.

Looking ahead, the Company expects that new car margins may remain under pressure and see some further small reductions.

However, Peter Warren will continue to benefit from ongoing growth in service, parts and used cars and also by the continued management of costs and inventory.

Ultimately, margins and performance are expected to remain above the levels seen prior to the Covid disruption.

The Board remains committed to the Company’s growth strategy including selectively pursuing disciplined acquisitions.

With low levels of net debt and a strong balance sheet underpinned by property, Peter Warren remains well-placed for the longer-term.

This announcement was authorised for release by the Board of Peter Warren.

-ENDS

i hold PWR ( and have a small top up order in the market )

not fantastic news , but liable to be more honest than most company's updates

 

[divs4ever]

Peter Warren Automotive Holdings Limited

Appointment of Chief Executive Officer


Peter Warren Automotive Holdings Limited (ASX: PWR) (“Peter Warren” or the “Company”) is pleased to announce the appointment of Mr Andrew Doyle as Chief Executive Officer of the Company.

Mr Doyle will commence in the role no later than November 2024 after returning to Australia from the UK. Mr Doyle is an Australian with more than 30 years of automotive experience in Australia and overseas, including most recently as Managing Director of Audi UK (7 years), Managing Director of Audi Australia (4 years) and Managing Director of Audi Ireland (3 years).

Andrew’s extensive OEM experience is supplemented by his retail knowledge including his oversight of the largest Audi dealership in Australia.
He commenced his career with BMW Australia and BMW Canada and holds both a degree in Social Science / Economics from Melbourne University and a post-graduate degree in Marketing from Monash University.
Mark Weaver will step down from the role of Chief Executive Officer at the end of the financial year and Paul Warren will be appointed as Interim Chief Executive Officer until Andrew Doyle commences.
x Paul Warren currently performs the role of Executive Director and there will be no changes to his remuneration and employment arrangements as disclosed in Peter Warren’s 2023 Annual Report. John Ingram, Chairman said. “The Board is delighted to appoint a person of Andrew’s calibre.
Andrew is known in Australia as a trusted, respected and experienced automotive Chief Executive.
The board is confident that he is the right person to lead our people and build upon the growth that the business has achieved to date.

On behalf of the Board, we welcome Andrew and look forward to working with him”. Mr Doyle said “I am very excited to take up the leadership of Peter Warren as it continues its growth path at an exciting time for the industry.
From a distance, I have admired the group’s achievements and I am enthusiastic to build on those.
I will be re-locating back to Australia with my family and I look forward to meeting and working with the talented team who have achieved so much”.
A summary of the material terms of Mr Doyle’s employment agreement is included as an annexure to this ASX Announcement.

This announcement was authorised for release by the Board of Peter Warren.

i hold PWR