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Equity Bottom-Up

<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)

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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