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Edison Investment Research

Leading International Investment Research

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Equity Bottom-Up

<p>In its year-end update, S&amp;U confirmed FY17 finished strongly and in line with market expectations. Advantage motor finance recorded a 32% increase in customer numbers and the impairment ratio is running in line with expectations. Funding remains in place for further growth at Advantage and the bridging finance pilot, which is now open for business.</p>

In its year-end update, S&amp;U confirmed FY17 finished strongly and in line with market expectations. Advantage motor finance recorded a 32% increase in customer numbers and the impairment ratio is running in line with expectations. Funding remains in place for further growth at Advantage and the bridging finance pilot, which is now open for business.

<p>S&U&#8217;s December trading update was reassuring, confirming strong growth in both customer numbers and receivables in the Advantage motor finance business. While impairments relative to revenues have ticked up, this was in line with management expectations. Our estimates are essentially unchanged and the valuation appears conservative given continued growth potential at Advantage and the new opportunity that the bridging finance pilot may provide.</p>

S&U&#8217;s December trading update was reassuring, confirming strong growth in both customer numbers and receivables in the Advantage motor finance business. While impairments relative to revenues have ticked up, this was in line with management expectations. Our estimates are essentially unchanged and the valuation appears conservative given continued growth potential at Advantage and the new opportunity that the bridging finance pilot may provide.

United Kingdom

S&U plc is a UK-based specialist motor finance and property bridging lender. It operates through its trading subsidiaries, Advantage Finance Limited, which provides non-prime motor finance, and Aspen Bridging Limited, which focuses on property bridging finance. The company was founded in 1938 and is headquartered in Solihull, United Kingdom.

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S&U (SUS LN)

Trading remains strong

In its year-end update, S&U confirmed FY17 finished strongly and in line with market expectations. Advantage motor finance recorded a 32%...

Edison Investment Research

Strong growth continues

S&U’s December trading update was reassuring, confirming strong growth in both customer numbers and receivables in the Advantage motor finance...

Edison Investment Research

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