Vertu’s FY23 results beat Zeus estimates at a revenue, underlying PBT and net debt level. Vertu’s ongoing benefits of scale have led to strong earnings growth and FCF generation, meaning the Group has been able to increase DPS by 26.5% YoY to 2.15p (Zeus: 1.8p) and announce a new £3m share buyback. Trading in the first two months of FY24 has been strong, so we edge up underlying PBT estimates by £1.0m to £48.0m, having already upgraded by 8.6% on 2 March. Our updated valuation estimate is 108.0p ....
10 May 2023
Vertu Motors (VTU LN) - Continued outperformance
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Vertu Motors (VTU LN) - Continued outperformance
Vertu Motors PLC (VTU:LON) | 69.5 -0.1 (-0.3%) | Mkt Cap: 234.6m
- Published:
10 May 2023 -
Author:
Carl Smith, CFA -
Pages:
15
Vertu’s FY23 results beat Zeus estimates at a revenue, underlying PBT and net debt level. Vertu’s ongoing benefits of scale have led to strong earnings growth and FCF generation, meaning the Group has been able to increase DPS by 26.5% YoY to 2.15p (Zeus: 1.8p) and announce a new £3m share buyback. Trading in the first two months of FY24 has been strong, so we edge up underlying PBT estimates by £1.0m to £48.0m, having already upgraded by 8.6% on 2 March. Our updated valuation estimate is 108.0p ....