Positive start to important H2 trading period
Market conditions have been challenging but Speedy has delivered resilient metrics in H125 trading and is investing for growth.All eyes now turn to an expected acceleration of revenue and profit growth in H2 with visible drivers for doing so. The recent share price performance suggests some investor scepticism that this will be achieved, but a c.11% NAV discount and 9.2% prospective dividend yield also catch the eye ahead of further newsflow.
We have retained our 51.1p/ share fair value estimate and evidence of accelerating H2 growth will justify this position. Ahead of that, we note that Speedy is now trading on an 11% discount to its H125 NAV and offers an FY25E dividend yield of 9.2%.
Speedy Hire provides hire equipment and services to enable the delivery of customer projects. Co.'s reportable business segments comprise U.K. and Ireland Asset Services and International Asset Services. The U.K. and Ireland Asset Services delivers asset management, with tailored services and a continued commitment to relationship management. The International Asset Services delivers major overseas projects and facilities management contracts by providing a managed site support service.
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