S&U (SUS)

Business description

S&U’s Advantage motor finance business lends on a simple hire purchase basis to lower- and middle-income groups that may have impaired credit records which restrict their access to mainstream products. It has c 53,000 customers currently.

Stock data

Market cap.£280.6m
Last close2,340.00p
High / Low (52 weeks)2420.0p / 1883.5p
Stock market listingLN
Forecast net cash (£m)97
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual2.017.612.0
Relative *(0.2)15.24.1

* % Relative to local index

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Company news

Demand for S & U's products remains 'very robust'

Thu, 07 Dec 2017 09:56:15 GMT

S & U motors on

Tue, 28 Mar 2017 08:00:13 GMT

S & U's Advantage Finance in the driving seat

Fri, 10 Feb 2017 14:33:23 GMT

S & U has driven higher over the past month as lender's motor finance arm goes ...

Mon, 03 Jul 2017 15:02:18 GMT

Tracking the Technicals for S & U Plc (SUS.L)

Fri, 19 Jan 2018 13:30:00 GMT

Investment summary

S&U’s trading update for the period since its half-year end confirmed that it is trading in line with expectations and our estimates are unchanged. Transactions and receivables outstanding continue to grow even though underwriting criteria have been tightened. Impairment rates have edged up further but should stabilise and reverse as the loan book mix evolves.

Last updated on 08/12/2017

Y/E Jan Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2016A 45.2 21.5 19.5 132.4 17.7 N/A
2017A 60.5 27.1 25.2 169.1 13.8 N/A
2018E 80.0 33.8 30.3 201.9 11.6 N/A
2019E 95.6 41.6 35.5 235.8 9.9 N/A

Last updated on 08/12/2017

Latest research

Latest video

Executive Interview – S&U

Industry outlook

While there is regulatory concern over the growth in consumer lending in general, including the overall motor finance market, S&U does not offer PCP contracts, which have been the main source of growth and concern in this area. With most of its lending being used to fund used cars (average loan c £6,200), which provide customers with transport to work, S&U's main concern would be a rise in unemployment. Meanwhile demand for loans remains strong and there is good scope for S&U to continue to gain market share from its current level of c 1%.

Last updated on 02/11/2017

Key management

Chris Redford, FD
Anthony Coombs, Executive Chairman of the Board

Company address

Royal House
Prince's Gate
Homer Road
Solihull
B91 3QQ
United Kingdom
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