Auto Trader Group plc (ATDRF)
ÜberbewertetFundamental
64
Kurs
$452.80
Marktkapitalisierung
$3.55B
Teil 1 · Was das Unternehmen wert ist
Übersicht
Auto Trader runs the UK's largest online marketplace for buying and selling cars, listing vehicles from independent and franchised dealers alongside private sellers. It does not buy or sell cars itself, or take a cut of each sale; instead it charges dealers a subscription to advertise their stock and offers tools like valuations, finance and part-exchange that plug into that marketplace. Its scale — most UK car buyers start their search there — is the product it sells to dealers.
Wie das Geld verdient wird
Almost all revenue comes from dealers paying a recurring subscription for the right to advertise their vehicles on Auto Trader, priced by how many cars a dealer lists and what extra products (finance leads, data tools) they add on top — not from a fee per car sold. A much smaller slice comes from consumer-facing services and from manufacturers and agencies advertising new-vehicle stock, rather than from private individuals paying to list a single car.
Umsatz nach Segment
Subscription fees from independent and franchised car dealers advertising their stock, the core of the business.
Smaller revenue from consumer-facing tools and from manufacturers and agencies advertising new-vehicle stock on the platform.
Wettbewerbsvorteil
Netzwerkeffekte · BreitBuyers go to Auto Trader because it lists the most cars; dealers advertise there because that is where the buyers already are. Auto Trader accounts for over 75% of time spent on UK automotive classified sites and is roughly ten times larger than its nearest competitor, a gap that is hard to close because a rival marketplace with fewer buyers attracts fewer dealer listings, and vice versa.
Was die Nachfrage antreibt
Mäßig zyklischRevenue depends less on how many cars change hands in the UK than on how many dealers keep paying to advertise, so even a slow used-car market does not hit Auto Trader as directly as it hits a dealer. Demand is still tied to the health of the UK car market and to consumer confidence more broadly.
Wichtigste Risiken
- Competition from disruptive technology — The company names failure to keep up with new technology and changing consumer behaviour, such as new ways of buying cars, as a principal risk to its dominant position.
- Regulatory and tax changes — New rules such as the UK's Digital Services Tax already cut into profit, recognising a £10.2 million charge in FY2025, and further regulatory change could add further costs.
- Legal and regulatory compliance — The company operates under consumer protection, data and advertising regulation, and non-compliance in any of these areas is named as a principal risk.
- Brand and reputation — Much of Auto Trader's value rests on being the trusted place to search for a car; anything that damages consumer trust in its listings or data could weaken that position quickly.
Die Argumente dafür
Buyers argue that Auto Trader's marketplace advantage is close to unassailable — ten times the scale of its nearest rival and the large majority of UK car-shopping attention — and that its subscription model means revenue holds up even when the number of cars actually changing hands slows down.
Die Argumente dagegen
Sellers worry that new digital taxes and regulation are already eating into margins, that any technology shift in how people shop for cars could erode an advantage built for the current way of searching, and that a marketplace this dominant invites scrutiny from regulators and dealers pushing back on pricing power.
Written by the editors, published on 18. August 2026
Direct competitors
Who this company fights with for the same customers
Generated on 23. August 2026 with claude-opus-5 — shared with all users
Its cargurus.co.uk marketplace sells dealer advertising subscriptions in Britain on the same model as Auto Trader, and the UK is one of the markets where it is actively adding dealer accounts.
It is the UK's second-largest used-car classified marketplace, selling the same listing packages to the same franchised and independent dealers Auto Trader depends on, and competing for the same car buyers.
It competes for the same UK dealer marketing budgets, generating new-car enquiries and running a Sell My Car auction that takes part-exchange and private-seller stock Auto Trader also wants.
Its motors section is the main free alternative for UK private sellers and also sells paid dealer packages, competing with Auto Trader for both listings and buyer traffic.
Bilanz & Liquidität
Umsatz
$566M
Letzte 12 Monate bis zum zuletzt gemeldeten Quartal — Schätzung aus Kennzahlen je Aktie
Nettogewinn
$263M
Letzte 12 Monate bis zum zuletzt gemeldeten Quartal — Schätzung aus Kennzahlen je Aktie
Freier Cashflow
$244M
Gesamtes Eigenkapital
$382M
Gesamtverbindlichkeiten
$211M
Current Ratio
1.73
Zinsdeckungsgrad
-
Schulden/EBITDA
0.52
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$193.47
Aktueller Kurs
$452.80
Sicherheitsmarge
-134.0%
Innerer-Wert-Spanne
$125.75 - $261.18
Streubreite zwischen den verwendeten Bewertungsmethoden, kein statistisch kalibriertes Konfidenzintervall.
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
1329.42
ROE
60.2%
P/B-Verhältnis
915.49
P/FCF
1455.94
Bruttomarge
79.1%
ROIC
51.7%
Rentabilitäts-Radar
Wertschöpfung (Wettbewerbsvorteil)
ROIC-AusreißerROIC
51.7%
WACC
7.6%
ROIC − WACC
+44.2 pp
Der ROIC übersteigt die Kapitalkosten: Das Unternehmen schafft Wert für die Aktionäre.
Fundamentalanalyse-Kriterien
Bestanden (12)
- ROIC 51.7%
- Gross Margin 79.1%
- Debt/Equity ratio
- Operating Margin 62.9%
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- ROE 60.5%
- Revenue Growth 5Y 18.9%
- PEG Ratio 0.59
- Earnings Quality (OCF/NI) 1.10
- Net Margin Trend 47.1% vs 47.0%
Nicht bestanden (9)
- Price CAGR 1.36%
- P/FCF 1455.94
- P/B Ratio 915.49
- CapEx intensity
- Price below Graham Number
- DCF valuation (Overvalued)
- Analyst Consensus 36% Buy
- Earnings Surprise avg -4.5%
- Piotroski F-Score 2/9
Nicht verfügbar (6)
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Share Dilution (missing shares data)
Piotroski F-Score
Ernsthafte finanzielle Bedenken
Gewinnqualität
Hohe Qualität: Gewinne durch Cashflow gedeckt
Aktienverwässerung
Aktienrückkäufe. Aktionärsfreundlich
Institutionelle Beteiligungen
Für dieses Unternehmen liegen keine institutionellen Meldungen vor.
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Mr. Nathan James Coe | CEO & Executive Director | 47 |
| Mr. James Jonathan Warner C.M.A. | CFO & Director | 41 |
| Mr. Chris Kelly | Chief Technology Officer | - |
| Ms. Alison Ross | Chief People & Operations Director | 51 |
| Ms. Karolina Edwards-Smajda | Chief Product Officer | - |
| Ms. Claire V. Baty | Company Secretary & Director of Governance | - |
Prüfungsrisiko
2
Vorstandsrisiko
1
Vergütungsrisiko
3
Aktionärsrechterisiko
1
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Latest News
Recent headlines for ATDRF, sourced from Markets Gazette.