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Penske Automotive Group Inc - Stock Quote PAG

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Morningstar's Penske Automotive Group Inc Stock Analysis

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Penske Starts 2022 With Its Best Quarter Yet

Analyst Note

| David Whiston, CFA, CPA, CFE |

Penske Automotive Group started 2022 by posting an all-time record quarter with diluted EPS more than doubling year over year to $4.76, beating the Refinitiv consensus of $3.77. We plan to increase our fair value estimate by at least about 5% from $104 due to time value of money and more equity income growth for 2022 than we were previously modeling. Equity income rose by 115.9% in the first quarter, which is normally the weakest quarter for the firm’s equity method investments (mostly its 28.9% stake in Penske Transportation Solutions).

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Penske Automotive Group Inc's Company Profile

Business Description

Penske Automotive Group operates in 20 U.S. states and overseas. It has 147 U.S. light-vehicle stores including in Puerto Rico as well as 174 franchised dealerships overseas, primarily in the United Kingdom. The company is the second-largest U.S.-based dealership in terms of light-vehicle revenue and sells more than 35 brands, with 92% of retail automotive revenue coming from luxury and import names. Other services, in addition to new and used vehicles, are parts and repair and finance and insurance. The firm's Premier Truck Group owns 41 truck dealerships selling mostly Freightliner and Western Star brands, and Penske owns 23 CarShop used-vehicle stores in the U.S. and U.K. The company is based in Michigan and was called United Auto Group before changing its name in 2007.

Contact
2555 Telegraph Road
Bloomfield Hills, MI, 48302-0954
T +1 248 648-2500
Sector Consumer Cyclical
Industry Auto & Truck Dealerships
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 25,000

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