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 resi ....
