olivLaw · European equity research
S&U PLC SUS.L
United Kingdom · London Stock Exchange · ISIN GB0007655037 · Vertical: Listed companies from United Kingdom
S&U PLC is a UK specialist finance provider operating through Advantage Finance, a lender in the non-prime motor finance sector, and Aspen Property Bridging Finance, which offers bridging loans to property developers. For the year ended 5 February 2026, both divisions reported profit growth, while gearing rose to 97.1%. The company may need additional funding if its growth rate is sustained.
At the close of 05 Nov 2026, S&U PLC (SUS.L) stock was 19.00 GBP (+0.00% on the day), with market capitalisation 230.8 m GBP, P/E 9.7 on diluted EPS of 1.95 GBP over the last 12 months, dividend yield 5.52%, beta 0.31, 52-week range 17.45–24.10 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 48.8
- neutral
- Bollinger (20, 2)
- 18.71 – 19.20
- in the upper half of the band · %B 0.59 · band width 2.6%
- SMA 50 / 200
- 19.35 / 20.20
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.10 / -0.13
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.5% | −0.6% | +1.2 pp | — |
| 3 months | −2.7% | −4.2% | +1.5 pp | — |
| 6 months | −5.9% | +4.3% | −10.3 pp | — |
| Year to date | −8.7% | +7.5% | −16.2 pp | — |
| 1 year | +8.3% | +9.9% | −1.7 pp | +5.8% |
| 3 years | −11.6% | +49.8% | −61.5 pp | +26.3% |
| 5 years | −34.0% | +42.8% | −76.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 9.8, median 11.3, max 12.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 115.4 m | 115.6 m | 107.4 m |
| Revenue YoY | unavailable | +0.2% | −7.1% |
| Net income | 25.4 m | 17.9 m | 23.7 m |
| Net income YoY | unavailable | −29.6% | +32.4% |
| Diluted EPS | 2.09 | 1.47 | 1.95 |
| Diluted EPS YoY | unavailable | −29.5% | +32.4% |
| net % | 22.0% | 15.5% | 22.1% |
| Free cash flow | -711.0 k | 64.3 m | -22.4 m |
Balance sheet & financial health
Fiscal year 2026 · 05 Feb 2026
- Cash
- 0 GBP
- Financial debt
- 241.8 m GBP
- Net debt
- 241.8 m GBP
- Equity
- 249.0 m GBP
- Total assets
- 501.2 m GBP
- Debt / equity
- 0.97x
- Current ratio
- 22.28x
- ROE
- 9.7%
- ROA
- 5.0%
- FCF margin
- -20.8%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 115.4 m | 115.6 m | 107.4 m | esef· 27 May 2026verified |
| Cost of revenue | 22.8 m | 16.4 m | 23.6 m | esef· 27 May 2026verified |
| Gross profit | 68.4 m | 63.7 m | 70.8 m | esef· 27 May 2026verified |
| Operating income | 48.6 m | 44.8 m | 46.2 m | esef· 27 May 2026verified |
| Interest expense | 15.1 m | 18.1 m | 14.3 m | esef· 27 May 2026verified |
| Pre-tax income | 33.6 m | 24.0 m | 31.8 m | esef· 27 May 2026verified |
| Income tax | 8.1 m | 6.1 m | 8.1 m | esef· 27 May 2026verified |
| Net income | 25.4 m | 17.9 m | 23.7 m | esef· 27 May 2026verified |
| Diluted EPS | 2.09 | 1.47 | 1.95 | esef· 27 May 2026verified |
| Dividend per share | 1.33 | 1.15 | 1.05 | esef· 27 May 2026derived |
Balance sheet · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.0 k | 5.2 m | 0 | esef· 27 May 2026verified |
| Receivables | 1.4 m | 1.4 m | — | esef· 13 May 2025verified |
| Current assets | 222.4 m | 239.0 m | 226.7 m | esef· 27 May 2026verified |
| Property, plant & equipment, net | 2.3 m | 2.5 m | 2.9 m | esef· 27 May 2026verified |
| Total assets | 466.8 m | 445.1 m | 501.2 m | esef· 27 May 2026verified |
| Accounts payable | 4.9 m | 3.3 m | 4.8 m | esef· 27 May 2026verified |
| Short-term debt | 881.0 k | 0 | 296.0 k | esef· 27 May 2026verified |
| Long-term debt | 223.5 m | 197.5 m | 241.5 m | esef· 27 May 2026verified |
| Current liabilities | 8.5 m | 8.8 m | 10.2 m | esef· 27 May 2026verified |
| Total liabilities | 232.7 m | 207.0 m | 252.2 m | esef· 27 May 2026verified |
| Equity | 234.2 m | 238.1 m | 249.0 m | esef· 27 May 2026verified |
| Shares outstanding at year end | 12.2 m | 12.2 m | 12.1 m | esef· 27 May 2026derived |
Cash flow · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -446.0 k | 65.0 m | -21.5 m | esef· 27 May 2026verified |
| Capex | 265.0 k | 726.0 k | 883.0 k | esef· 27 May 2026verified |
| Free cash flow | -711.0 k ≈ | 64.3 m ≈ | -22.4 m ≈ | esef· 27 May 2026derived |
| Investing cash flow | -189.0 k | -685.0 k | -839.0 k | esef· 27 May 2026verified |
| Financing cash flow | -2.5 m | -59.1 m | 17.1 m | esef· 27 May 2026verified |
| Dividends paid | 16.2 m | 14.0 m | 12.7 m | esef· 27 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 230.8 m GBP
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.5% | 25 (vs peers) | 18% |
| Net margin · Quality | 22.1% | 74 (vs peers) | 11% |
| FCF conversion · Quality | -94.4% | 0 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.2x | 26 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 22.3x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 9.7x | 83 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -9.7% | 0 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 5.5% | 79 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet56/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality32/100 · 3/3 factors with a value
- Returns· partial79/100 · 1/2 factors with a value
- Valuation46/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
S & U PLC (SUS.L). Latest full fiscal year: 2026; data up to 2026-02-05.
Figures computed from the financial statements: revenue 107.4 m GBP in 2026; YoY growth -7.1%; net margin 22.1%; ROE 9.7%.
The estimated value range is 16.17–23.35 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 19.77 GBP, the price of 19.00 GBP leaves a potential of 4.0% (value / price − 1) and a margin of safety of 3.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 22.1%
- Current ratio: 22.3x
- P/E (TTM): 9.7x
- Shareholder yield (distributions): 5.5%
What contradicts it
- ROIC: 7.5%
- FCF conversion: -94.4%
- Interest coverage: 3.2x
- FCF yield: -9.7%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| SUS.LS & U PLC | 230.8 m | 9.7 | 9.7% | 22.1% | −7.1% | 0% / −11% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for SUS.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 10.16 Total return -43% · Per year -43% | 18.05 Total return 0% · Per year 0% | 27.31 Total return 50% · Per year 50% |
| 3 years | 8.07 Total return -47% · Per year -19% | 16.29 Total return 1% · Per year 0% | 27.31 Total return 63% · Per year 18% |
| 5 years | 6.40 Total return -50% · Per year -13% | 14.70 Total return 1% · Per year 0% | 27.31 Total return 76% · Per year 12% |
- Exit P/E± 4.07
- Net margin± 2.85
- Annual revenue growth± 2.57
- Annual dilution± 0.24
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
S&U PLC is a UK specialist finance provider operating through Advantage Finance, a lender in the non-prime motor finance sector, and Aspen Property Bridging Finance, which offers bridging loans to property developers. For the year ended 5 February 2026, both divisions reported profit growth, while gearing rose to 97.1% 1. The company may need additional funding if its growth rate is sustained.
SWOT
Strengths
- The company has two complementary divisions and a long record of profitability, under stable family management 1.
- Underwriting and scoring processes are described as advanced, and customer relationships are a stated strength 1.
- Aspen keeps conservative loan to value levels and reports good portfolio quality with strong recoveries 1.
Weaknesses
Opportunities
Risks
- Credit riskhigh
The main risk is non-payment by non-prime customers, and a deterioration in the economy could increase impairment 1.
- Funding and liquidity riskhigh
High gearing and dependence on bank facilities could limit growth if access to funding worsens 1.
- Regulatory and conduct riskhigh
The FCA consultation and complaints over commissions could lead to extra costs and penalties 1.
- Operational riskmedium
Reliance on IT systems and cybersecurity could expose the company to outages or fraud 1.
- Vehicle value riskmedium
The value of used vehicles that secure loans could fall, reducing recoveries 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Outcome of the FCA consultation on broker commissions2027
- Completion of longer-term funding for the five-year growth plan2027
- Trend in gearing and use of the RCF facilitiesnext 10-K
- Trend in complaints reaching the Financial Ombudsman Service2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
S&U operates in two areas of specialist finance, both limited to the UK market 1. Advantage Finance, based in Grimsby, provides hire purchase credit to customers in lower and middle income groups, some with impaired credit records. Aspen Property Bridging Finance offers short-term bridging and small-scale development finance to SME builders, with a gross average loan to value of 70% 1. The group is in a recovery phase following the conclusion of Advantage's s166 review in April 2025 1.
Management describes the model as built on three generations of family management and a conservative approach to both credit quality and funding 1. The company states it is focused on Consumer Duty compliance and on complaints linked to motor finance commissions 1.
Segments
Market context
Management cites growth in the UK used car market, which could support demand for Advantage loans, although electric vehicles remain a modest share of the market 1. The bridging market is described as sluggish, and mainstream banks could leave room for specialist lenders in small, short-term loans 1.
The company warns that consumer credit is exposed to a weaker UK economy, with stalled growth, rising unemployment and uncertain interest rates 1. If these conditions worsen, customer repayments could be affected 1.
Trends
- Recovery after the s166 reviewtailwind
Conclusion of the s166 review in April 2025 allowed Advantage to return to higher lending volumes, which could reduce impairment provisions 1.
- Regulation of motor finance commissionsheadwind
The FCA consultation on broker commissions could impose additional costs and provisions if the outcome is unfavourable 1.
- Rising demand for financemixed
Portfolio growth and additional investment needs could keep gearing high, but could also open access to longer-term funding 1.
- Stable used car and property pricestailwind
Stable property and used vehicle prices support repayment quality if the market remains steady 1.
Competitive position
The company argues that mainstream banks and newer challengers lack the speed and flexibility needed for smaller, short-term loans, which gives specialist lenders an edge 1. Its competitive advantage rests on technology, bespoke service and in-house scoring 1.
In the non-prime motor finance market, competition also comes from specialist lenders, which could put pressure on margins 1. The sources do not identify listed US competitors, so none are named here.
- Mainstream banks and challengers
Competitors in small, short-term lending, which the company considers slow and less flexible 1.
- Specialist non-prime motor lenders
Competitors in motor finance for customers with impaired credit histories 1.
- Property bridging firms
Competitors in bridging loans for developers, in a market the company describes as sluggish 1.
- Claims management firms
Not direct competitors, but they influence complaint volumes and the operating costs of Advantage 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202627 May 2026
- Annual report 202627 May 2026
- Annual report 202513 May 2025
- Annual report 202513 May 2025
Sources
- [1] Annual report, fiscal year ended 2026-02-05 (ESEF) · SEC / S&U PLC · 05 Feb 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.