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S&U (LSE: SUS)

Last close As at 10/10/2024

GBP16.75

▲ −70.00 (−4.01%)

Market capitalisation

GBP213m

S&U’s Advantage motor finance business lends on a simple HP basis to lower- and middle-income groups that may have impaired credit records restricting access to mainstream products. It has c 65,000 customers. The Aspen property bridging business has been developing since its launch in 2017.

UK consumer confidence continued to improve year to date, used car prices have remained stable and transactions have picked up. UK residential property market data continue to improve as inflation and mortgage rates have moderated, with a further boost likely from the latest base rate cut.

Latest Insights

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Financials | Update

S&U — Timing is everything

Financials | Flash note

S&U — Anticipating regulatory clarity in H2

Financials | Update

S&U — Elevated regulatory impact

Financials | Outlook

S&U — PBT ahead, encouraging volume trends
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Sector

Financials

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Anthony Coombs

    Executive Chairman of the Board

  • Chris Redford

    FD

Balance Sheet

Forecast net cash (£m)

247

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (6.7) (12.8) (25.7)
Relative (6.6) (13.8) (33.3)
52 week high/low 2310.0p/1580.0p

Financials

S&U will publish interim results on 8 October. It expects H125 PBT of c £12.8m which, because of the pressures on Advantage Finance, is below its earlier expectations. Despite a strong performance from Aspen Bridging, it no longer expects to meet the previous consensus expectation and we have revised our FY25e PBT to £27m. Much depends on the timing of a satisfactory conclusion to discussions with the FCA on collections procedures and forbearance. S&U expects this in H2, and should presage a good recovery at Advantage, but the exact timing remains uncertain. The recent cut in base rate, and those that may follow, should positively affect funding costs and earnings, with all debt variable rate and unhedged.

Y/E Jan Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2023A 102.7 49.4 41.4 277.5 6.0 N/A
2024A 115.4 49.2 33.6 209.3 8.0 N/A
2025E 123.3 46.5 27.0 166.9 10.0 N/A
2026E 130.3 57.5 36.2 223.4 7.5 N/A

Research

Flash note

Financials

S&U — Anticipating regulatory clarity in H2

Update

Financials

S&U — Elevated regulatory impact

Financials

Update

S&U — Timing is everything

Outlook

Financials

S&U — PBT ahead, encouraging volume trends

Update

Financials

S&U — Impairments drag FY24 PBT, moderation in FY25

Update

Financials

S&U — Maintaining cautious approach

Update

Financials

S&U — Resilient despite macroeconomic uncertainty

Update

Financials

S&U — Softer volumes but solid EBITDA growth expected

Update

Financials

S&U — Results on track to meet FY24 expectations

Outlook

Financials

S&U — Confident but remaining prudent in approach

Update

Financials

S&U — FY23 results set to meet expectations
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Thematics

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