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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.

Focus on growing car finance

Update | Financials | 20/07/2015

Following an unsolicited offer, S&U is selling its home collect business. Strategically, the sale allows greater resource to be devoted to the higher-growth car finance business (cash proceeds £82.5m, NAV increased by £47m) and an as yet unquantified but significant capital repatriation. Our valuation shows a modest increase on the disposal. We have cut our near-term normalised earnings forecasts modestly as the benefit of the full deployment of the sale proceeds is unlikely in the forecast period.

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Stock data

Market cap.£303.1m
Last close2525.000p
High / Low (52 weeks)2790.0p / 1925.0p
Stock market listingLN
Forecast net debt (£m)145
Forecast gearing ratio (%)86
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(0.6)(9.5)26.9
Relative *0.2(7.4)24.5

* % Relative to local index

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