Severfield - Positive start to FY22
Severfield provided a pretty robust year-to-date trading update to coincide with its AGM, including a stronger UK order book position and, in our view, firmer pipeline sentiment than previously. The company’s broad sector capability is serving it well and input cost challenges appear to being managed effectively. Severfield’s share price has traded in a narrow range in recent months and its P/E dips below 10x next year on our slightly updated estimates.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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