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Date de l'analyse:14/05/2017 Cours: 48p Nb d'actions: 397 269 839 Market cap: 190 689 522 GBP Net debt: 9m GBP (-21M of net dept plus 30M due to business timing, see capital allocation section below) EV: 200M GBP Business The group is the 5th car dealer in UK. The market is fragmented and being consolidated. Vertu Motors is also participating in this consolidation by purchasing under performing  dealer and driving them back to normal profitability and eventually building a scaled franchised dealership. The company wants to grow cash flow by growing revenues, managing margins and working capital. Working capital is very important in this business as accounts payable and account receivable constitute an important part of the balance sheet. So far, the business has been growing through equity offering. However, the management indicates that they now want to use existing cash flow and debt to fund future acquisitions and capex. The table below show the planned ...

Following the analysis of Overstock , I got interested by Wayfair as Overstock's CEO keeps talking about Wayfair, expecially during the Q4 2016 conference call, highlighting their pretended non sustainable growth. This made me curious to compare both competitors and to follow Wayfair's evolution. Date of analysis: 06/05/2017 Share price: 48,85$ Number of shares: 50 338 973 of  class A (1 vote per share) and 35 617 581 of class B (10 votes per share) Market cap: 4 113 m$ Net debt: -348m$ (but this cash would be required for accounts payable, see below) EV: 3765m$ Interesting discussions are: https://seekingalpha.com/article/4051586-wayfair-see-80-percent-downside http://www.cornerofberkshireandfairfax.ca/forum/investment-ideas/w-wayfair/ Operations/Business Wayfair is an online retailer for home products with currently 8 millions products offered by 10 000 suppliers. 2016 revenues are 3,8b$ and  90% of revenues are in US, but they are trying t...