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.
Edison Investment Research is a leading international investment research company. It has won industry recognition, with awards both in the UK and internationally. The team of 95 includes over 60 analysts supported by a department of supervisory analysts, editors and assistants. Edison writes on more than 400 companies across every sector and works directly with corporates, fund managers, investment banks, brokers and other advisers. Edison’s research is read by institutional investors, alternative funds and wealth managers in more than 100 countries. Edison, founded in 2003, has offices in London, New York and Sydney and is authorised and regulated by the Financial Services Authority (www.fsa.gov.uk/register/firmBasicDetails.do?sid=181584). more »