Further to a strong start to the FY15 year, we increased our forecast earnings estimate by 5% reflecting strong demand and operational leverage within the Advantage motor finance model; our revised FY15 forecast equates to 21% growth. We believe an FY15 PE of 14x understates the quality of group earnings with good visibility assisted by the length of the loans within Advantage and a resilient Home Credit business reflecting the large number of customers and small loan size. The equity ownersh
02 Jun 2014
Growing competitive Advantage
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Growing competitive Advantage
S&U plc (SUS:LON) | 1,892 0 0.0% | Mkt Cap: 230.0m
- Published:
02 Jun 2014 -
Author:
Ben Thefaut -
Pages:
6
Further to a strong start to the FY15 year, we increased our forecast earnings estimate by 5% reflecting strong demand and operational leverage within the Advantage motor finance model; our revised FY15 forecast equates to 21% growth. We believe an FY15 PE of 14x understates the quality of group earnings with good visibility assisted by the length of the loans within Advantage and a resilient Home Credit business reflecting the large number of customers and small loan size. The equity ownersh