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S&U (SUS)

Business description

S&U’s Advantage motor finance business lends on a simple hire purchase basis to lower- and middle-income customers who may have impaired credit records which restrict their access to mainstream products. At end FY18 it had over 54,000 customers.

Stock data

Market cap.£258.9m
Last close2,155.00p
High / Low (52 weeks)2790.0p / 1995.0p
Stock market listingLN
Forecast net debt (£m)130.8
Forecast gearing ratio (%)79
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(13.1)(17.1)8.3
Relative *(9.2)(9.4)16.0

* % Relative to local index

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Company news

S & U's motor finance arm continues to thrive despite slowdown in car sales

Wed, 07 Feb 2018 15:32:28 GMT

S&U says used car market strong as profits hit new record

Tue, 27 Mar 2018 09:30:15 GMT

Is There Now An Opportunity In S&U plc (LON:SUS)?

Mon, 19 Mar 2018 08:26:15 GMT

Why S&U plc (LON:SUS) Is A Top Dividend Stocks

Tue, 01 May 2018 09:56:15 GMT

S&U plc (LON:SUS) Is A Real Dividend Rock Star – Here Is Why

Thu, 01 Mar 2018 10:52:30 GMT

Investment summary

S&U’s non-prime motor finance business has experienced a further increase in the rate of impairment as some of its customers have been pressured by real income constraints and use of newer short-term credit products. Tighter criteria have been adopted in response and should reverse this trend while the Aspen property bridging pilot, if given the go ahead, should provide a useful additional source of growth in a specialist market.

Last updated on 27/09/2018

Y/E Jan Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2017A 60.5 27.1 25.2 169.1 12.7 N/A
2018A 79.8 33.3 30.2 202.4 10.6 N/A
2019E 92.4 39.9 35.0 235.0 9.2 N/A
2020E 106.7 47.9 41.8 280.0 7.7 N/A

Last updated on 28/09/2018

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. The relatively low value of the motor loans it makes, typically used to purchase used cars for transport to work means it is serving a segment that is likely to be more stable than new car financing. Pressure on real wages has probably affected some borrowers but with unemployment subdued and higher credit scores for new loans the outlook for Advantage motor finance remains encouraging.

Last updated on 27/07/2018

Key management

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

Company address

2 Stratford Court
Cranmore Boulevard
Solihull
B90 4QT
United Kingdom
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