After it upgraded its profit outlook for the year last week, Eagers share price has been breaking new ground, rising to a record $14.36 today in intraday trade after it also announced the sale of a truck business. His stake was agonisingly close yesterday when it reached $999,646,090.
Today, Eagers rose even higher and the value of his shares reached $1,003,840,409.
In 10 years, Politis’s net worth has grown from $182 million to more than $1.3 billion.
Greece born but raised in Blackall and educated at Ipswich Grammar and the University of Queensland, Politis, known affectionately as Uncle Nick, was already a billionaire before the Eagers share price surge but his 27 per cent stake in the company has grown almost $300 million this year alone.
Anyone who has spent time in Sydney would know his City Ford business as well as his high profile role as chair of the Sydney Roosters NRL club.
He kicked off his career with WFM Motors in 1974, which was later rebranded into City Ford.
The Eagers wealth creation has not been limited to Politis. Chairman Tim Crommelin, who also chairs stockbroker Morgans, has an indirect interest in 438,286 shares, worth more than $6 million and managing director Martin Ward has a direct and indirect stake of 2.5 million shares worth $36 million.
Eagers has been one of the companies that has benefitted from the impacts of the pandemic and vast pool of money created by government stimulus, which has added to the rush for new and used cars.
The demand for cars has been driven by a desire to keep away from public transport but also because people have not been able to travel so have splashed out instead on a new car.
Broker Morgan Stanley has a target price for the company of $17 and expects the company will produce a 2021 profit pre-tax of $250 million.Jump to next article