Severfield - Progress made, more expected
A good all-round performance in FY18 provided some positive markers of progress including rising UK margins, a steep step-up in the Indian JV order book and a special dividend declared for the year. While we acknowledge some sector variations, the overall trading outlook appears to be similarly robust and our estimates are modestly higher now. A c 4% near-term yield (ie final plus special DPS) is an obvious draw. Sector diversity provides resilience and additional growth potential in our view.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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