Founded in 1977, Speedy Hire is the UK's leading provider of tools and equipment hire services to a wide range of customers in the construction, infrastructure, industrial, and support services markets, as well as to local trade, and retail. The Group provides complementary support services through the provision of training, asset management and compliance services.

25 Nov 2024

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%.

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