GB : Speedy Hire - Strong balance sheet boosts outlook

Speedy’s March 2021 results are 6% better than we expected, driven by stronger than expected margins. Speedy has continued to outperform the market helped by superior service and continuing to win back smaller customers. Speedy should benefit from the favourable construction outlook, boosted by market outperformance and options from its strengthened balance sheet. We see upside to our 90p target, set using ROCE/WACC, as returns improve and capital is redeployed.

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