Eagers Automotive Ltd

APE: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$21.60	Xzgxv	Fykdxqbrr

Eagers Automotive Earnings: Record-High Deliveries but New-Car Sales Beginning to Normalize

Angus Hewitt

Feb 22, 2024

Narrow-moat Eagers Automotive's calendar-2023 revenue grew 15% to AUD 10 billion, near the top end of guidance and about 3% ahead of our forecast. This was driven mostly by record new-car sales in Australia, up 13% on 2022 to 1.2 million vehicles. Manufacturing halts, freight issues, and semiconductor shortages, which plagued shipments in the aftermath of the pandemic, are abating. New vehicle sales have risen despite pressure on household finances as the order backlog is filled.

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