Severfield-Rowen (LON:SFR) - Resetting the baseline
Mar 21st 2013 - Edison Investment Research today published a report on Severfield-Rowen (SFR.L, LSE:SFR, LON:SFR) entitled "Resetting The Baseline". In summary, the report says:
Contract travails had been well covered in a previous IMS, but Severfield-Rowen’s FY12 results showed the full extent of the financial impact. Recapitalising the business and tempering the expected pace of margin rebuilding sets the scene for a low-profile recovery against a backdrop of still-tough UK industry conditions. The Indian JV is a bright spot and is becoming well established in its local market. Estimates are some way from previous mid cycle levels, but forward valuation multiples are already looking reasonable.
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