Vianet’s FY25 trading update shows FY25E adjusted EBITA in line with the January trading update at £3.6m, proposed FY25E DPS of 1.3p or +24% ahead of our previous forecast, and a confident outlook that leads us to reiterate our FY26E financials and upgrade FY26E DPS by +17% to 1.4p. As highlighted in January, FY25E revenue growth of +1% to £15.3m has been impacted by customers in Unattended Retail favouring the rental model instead of the capex model, alongside extended customer decision-making ....
