Severfield - Strength in diversity
Strong H118 results and positive order book development cause us to raise estimates, especially for the current year with better dividend prospects also. UK economic uncertainty will provide challenges but we believe that Severfield’s sector diversity and some pipeline project opportunities should allow the company to continue to grow. Further order book gains and the application of surplus cash balances (via investment or distribution) can be catalysts for further share price recovery.Severfield is a structural steelwork company, engaged in construction contracts business. Co. serves the construction and infrastructure markets, which cover a range of clients from contractors and developers, to engineers and architects. Co.'s construction sectors consist of commercial offices, Industrial and distribution, stadia and leisure, retail, and data centers and other. Co.'s infrastructure sectors consist of transport, power and energy, and health and education. Co. manages the fabrication and construction process, from initial scheme design, through detailing, specification and manufacture to the eventual handover to clients.
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