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         <td class="content-td" style="color: #525252; font-family: Helvetica, Arial, sans-serif; font-size: 15px; line-height: 22px; padding: 0">
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Hi there
           <img alt="wave" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F1f44b.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOUX:DfrIlrI_VuoKw9trTAU6-0Moj7FrA6Vs4VWltS38EFw" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
           <i>
           </i>
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           <i>
            We’ve started the
           </i>
           <b>
            <i>
             Weekend Read
            </i>
           </b>
           <i>
            . Each Saturday, we send you something interesting. Forward it on to your friends (or enemies).
           </i>
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           There weren’t many tech companies founded in 1976 still kicking around, but a couple of them have really lasted.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           In Cupertino, California: Apple.
           <img alt="green_apple" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F1f34f.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOUX:DfrIlrI_VuoKw9trTAU6-0Moj7FrA6Vs4VWltS38EFw" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           And in Reading, UK: Auto Trader.
           <img alt="blue_car" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F1f699.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOUX:DfrIlrI_VuoKw9trTAU6-0Moj7FrA6Vs4VWltS38EFw" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           OK, maybe not quite the same league!
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           But despite its print legacy, today’s Auto Trader is a bona fide tech company: the Rightmove of cars and one of the fastest growing stocks in the FTSE 100.
          </p>
          <h2 align="left" class="intercom-align-left" style="color: #282F33; font-size: 18px; font-weight: bold; margin-bottom: 7px; margin-top: 30px; text-align: left !important">
           Cue the ignition!
           <img alt="boom" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F1f4a5.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOUX:DfrIlrI_VuoKw9trTAU6-0Moj7FrA6Vs4VWltS38EFw" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
          </h2>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Auto Trader was founded as a simple listings magazine by businessman and future Reading FC chairman John Madejski.
          </p>
          <div align="left" class="intercom-container intercom-align-left" style="margin-bottom: 16px; text-align: left !important">
           <img src="https://inboxflows.com/_/image/https%253A%252F%252Fi2-prod.getreading.co.uk%252Fincoming%252Farticle10529602.ece%252FALTERNATES%252Fs615%252FJS77806895.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZpMi1wcm9kLmdldCJ9:1kXOUX:nnNXxD8LByYxB8Csl3TKFr8ykqzLgDomTWbWwaWgTH8" style="margin: 17px 0; max-width: 100%"/>
          </div>
          <p align="center" class="intercom-align-center" style="line-height: 1.5; margin: 0 0 17px; text-align: center !important">
           <i>
            #oldschoolcool
           </i>
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           On holiday in Florida, John saw a magazine that featured pictures of cars for sale.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           And like many great UK entrepreneurs before him, he promptly cloned the idea for the British market.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Initially his magazine listed all sorts of items, but the cars were the major sellers. So he renamed it Auto Trader and concentrated on listing vehicles, both new and secondhand.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           The 1980s were an era of excess and car sales were rising faster than ever. That meant a lot of people using Auto Trader.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           In 1982 John entered into what turned out to be a very effective partnership with Guardian Media Group (GMG).
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           While The Guardian newspaper tends to put journalistic integrity ahead of making money, GMG is a pragmatic deal-making machine!
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           In 1996, Auto Trader launched a website alongside the magazine - this later proved to be an extremely wise move.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           In 1998, John sold off his remaining stake in Auto Trader to a private equity firm for £174m but Auto Trader kept on rolling.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Co-owned by the PE firm and GMG, they now had a near-monopoly on the UK cars listing market.
           <img alt="muscle" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F1f4aa.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOUX:DfrIlrI_VuoKw9trTAU6-0Moj7FrA6Vs4VWltS38EFw" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
          </p>
          <h2 align="left" class="intercom-align-left" style="color: #282F33; font-size: 18px; font-weight: bold; margin-bottom: 7px; margin-top: 30px; text-align: left !important">
           The Guardian years 🗞
          </h2>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Over the next 10 years, Auto Trader was the financial engine of Guardian Media Group. While The Guardian racked up losses, Auto Trader’s steady cash flow kept the lights on at Guardian HQ.
          </p>
          <div align="left" class="intercom-container intercom-align-left" style="margin-bottom: 16px; text-align: left !important">
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          </div>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Eventually, financial pressures pushed GMG to sell off stakes to another private equity firm: Apax Partners. GMG finally sold out of the whole business in 2014 for £600m at a valuation of £1.75B.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Apax then quickly took the business public at a valuation of £2B.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           The lesson here? Private equity firms know how to make an exit.
          </p>
          <h2 align="left" class="intercom-align-left" style="color: #282F33; font-size: 18px; font-weight: bold; margin-bottom: 7px; margin-top: 30px; text-align: left !important">
           The Rightmove of cars
           <img alt="woman" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F1f469.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOUX:DfrIlrI_VuoKw9trTAU6-0Moj7FrA6Vs4VWltS38EFw" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
           🏾‍
           <img alt="computer" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F1f4bb.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOUX:DfrIlrI_VuoKw9trTAU6-0Moj7FrA6Vs4VWltS38EFw" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
          </h2>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Now a public company, Auto Trader has become a fully fledged tech firm and Britain’s largest, most sophisticated car marketplace.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           They list vehicles from professional dealers and private sellers, as well as new cars fresh from manufacturers.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Just like Rightmove’s main customers are estate agents, not buyers, Auto Trader’s direct customers are car dealers. Their attentions are focused on making their dealer platform as valuable as possible.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           As well as having the biggest audience, they also offer rich data, video and sophisticated advertising options for dealers.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           The numbers are strong.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           <b>
            In the financial year ending June 2018:
           </b>
          </p>
          <ul style="list-style-type: disc; margin: 0 0 20px 40px; padding: 0">
           <li>
            Revenue was up 7% to £331m
           </li>
           <li>
            Their average revenue per retailer rose by £149/month
           </li>
           <li>
            Operating profit up 10% to £220m
           </li>
           <li>
            For a very healthy operating margin of 67%
           </li>
          </ul>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Despite the car market declining, they’re growing sales and profits, as well as better monetising their customers.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           From a traditional value/price to earnings point of view, Auto Trader is not the bargain it used to be though.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Right now, Auto Trader’s PE ratio is 33. For comparison, Rightmove’s PE ratio is 31.85.
          </p>
          <h2 align="left" class="intercom-align-left" style="color: #282F33; font-size: 18px; font-weight: bold; margin-bottom: 7px; margin-top: 30px; text-align: left !important">
           Speed bumps 😬
          </h2>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           There are some big potholes ahead too, which Auto Trader will have to navigate with care.
          </p>
          <ul style="list-style-type: disc; margin: 0 0 20px 40px; padding: 0">
           <li>
            The UK car market slowing down
            <img alt="snowflake" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F2744.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOUX:DfrIlrI_VuoKw9trTAU6-0Moj7FrA6Vs4VWltS38EFw" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
            ️
           </li>
           <li>
            Brexit car market chaos 🇬🇧
           </li>
           <li>
            Dealer discontent over high platform costs
            <img alt="rage" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F1f621.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOUX:DfrIlrI_VuoKw9trTAU6-0Moj7FrA6Vs4VWltS38EFw" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
           </li>
          </ul>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Of these, the Brexit risk is probably the most severe, considering Auto Trader operates solely in the UK.
          </p>
          <hr style="border-style: solid none none; border-top-color: #DDD; border-top-width: 1px; margin: 50px 30%"/>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Auto Trader are a high margin internet marketplace with a dominant position over a near-universal market.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           That said, the cat’s clearly out of the bag vs a couple of years ago and the stock is now priced similarly to other marketplace businesses.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           The mega-growth in share price of the last few years won’t necessarily repeat itself.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           However, if you’re looking for a UK tech business with a firm handle on profits you might well consider this 43 year old banger!
          </p>
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            Read the whole story
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           We're receiving a lot of email replies.
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           Talk soon,
           <br/>
           Toby
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           P.S. Forwarded this email? Check out
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