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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.

Growth opportunities and delivery

Outlook | Financials | 01/10/2015

S&U Group is fundamentally changing following the sale of its home collect business (£50.5m profit on disposal and a £1.25 special dividend). Resources (S&U currently has net cash) will be devoted to accelerated growth in motor finance and SME specialist lending. The special dividend was below our forecast, but reflects management confidence in its opportunities. H116 motor division profits (£9.7m, £7.7m in H115) were ahead of the run rate of our estimates, primarily due to better impairments.

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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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