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S&U (LSE: SUS)

Last close As at 21/11/2024

GBP12.65

— 0.00 (0.00%)

Market capitalisation

GBP154m

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 has weakened ahead of the UK budget although used car prices and transactions have remained stable year to date. UK residential property market data continue to improve as inflation and mortgage rates have moderated, and should continue to benefit from the expected further reductions in base rate.

Latest Insights

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Financials | Update

S&U — The time to look ahead

Financials | Update

S&U — Timing is everything

Financials | Flash note

S&U — Anticipating regulatory clarity in H2

Financials | Update

S&U — Elevated regulatory impact
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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)

215.6

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (31.7) (31.0) (42.7)
Relative (30.0) (29.2) (47.4)
52 week high/low 2310.0p/1260.0p

Financials

H125 PBT of c £12.8m was in line with the company’s earlier guidance, a significant decline versus the prior year period but an improvement compared with H224. Customer repayment collections and earnings in the motor finance business were materially affected by the temporary restrictions agreed with the Financial Conduct Authority. These have since been lifted, and while regulatory discussions are ongoing, this is an important step towards the strong recovery in motor finance earnings that we forecast. Meanwhile, as previously reported, the property lending division continues to perform strongly, with a positive outlook for continuing growth. The recent cut in the 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 4.5 N/A
2024A 115.4 49.2 33.6 209.3 6.0 N/A
2025E 117.9 46.1 27.0 165.8 7.6 6.6
2026E 120.3 55.0 36.3 224.0 5.6 N/A

Research

Update

Financials

S&U — Timing is everything

Flash note

Financials

S&U — Anticipating regulatory clarity in H2

Financials

Update

S&U — The time to look ahead

Update

Financials

S&U — Elevated regulatory impact

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
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Thematics

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