We believe Vp’s 6% share price fall yesterday (15% YTD) following Speedy Hire’s material profit warning is unjustified. Speedy’s warning (consensus downgrades of 35%/20% to FY24/FY25 PBT forecasts) is something we had flagged as likely at the time of its interims in November after Speedy’s management team guided to a fairly heroic 80% H2 weighting. We see very little read across to Vp, where numbers are sensibly positioned (52%/48% H1/H2 PBT weighting) and where trading continues to be more resilient than peers (H1 adj. PBT +1% versus -56% at Speedy and -30% at HSS) whilst maintaining a superior margin. We put this down to Vp’s specialist focus, its diversified end market exposure and a strong management team. There is a mixed end market picture but we expect overall activity to remain stable for Vp. With the shares trading on a Mar. ’24 P/E rating of only 7.7x and yielding 6.8%, we believe value is evident for this quality operator. We remain at Buy and reiterate our 1,000p TP.