Mar 18th 2013 - Edison Investment Research today published a report on Lookers (LOOK.L, LSE:LOOK, LON:LOOK) entitled "Good Start To 2013". In summary, the report says:
Lookers has continued its impressive growth record, with record pre-tax profits for the fourth successive year, despite the fact that UK new vehicle registrations are running 20% below their 2003 peak. We cautiously forecast low single-digit earnings growth, although we believe the company has successfully addressed first-half issues in the Parts division. The share price has performed strongly over the past six months, in line with the sector, although we believe Lookers’ 2% premium to the peer group’s 2013 P/E rating is justified by its exposure to the higher margin aftermarket.
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