Main menu
Edison Group
  • Home
  • Equities

    Equities

    View All Equities

    Equities by Sector

    Pan African Resources

    MCap

    GBP695m

    Last close

    GBP0.36

    ▲ 0.95 (2.69%)

    Quadrise

    MCap

    GBP28m

    Last close

    GBP0.02

    ▲ −0.17 (−10.00%)

    Sareum Holdings

    MCap

    GBP33m

    Last close

    GBP0.26

    ▲ −1.25 (−4.59%)

  • Sectors

    Sectors

  • Thematics

    Thematics

    View All Thematics

    Latest

  • Audiovisual

    Audiovisual

    View All Audiovisual

    Latest

Severfield (LSE: SFR)

Last close As at 20/11/2024

GBP0.88

▲ 1.00 (1.15%)

Market capitalisation

GBP266m

Severfield is the market-leading UK structural steelwork fabricator operating across a broad range of market sectors. An Indian facility undertakes structural steelwork projects for the local market in a joint venture with India’s largest steel producer, JSW Steel.

The primary strategic aim is to maintain Severfield’s position as the leading UK structural steelwork supplier. JSSL targets similar sectors to those served in the UK; management has valued the Indian construction market at c £100bn pa, with a very low penetration of steel structures currently.

Latest Insights

View More

Industrials | Update

Severfield — Poised for expansion

Industrials | Update

Severfield — Performing well with improving outlook

Industrials | Flash note

Severfield — Multiple positives should excite investors

Industrials | Update

Severfield — FY24 expectations unchanged, order book robust
Visit Website

Sector

Industrials

Equity Analyst

Andy Murphy

Andy Murphy

Director, Financials & Industrials

Key Management

  • Adam Semple

    CFO

  • Alan Dunsmore

    CEO

Balance Sheet

Forecast net debt (£m)

22.3

Forecast gearing ratio (%)

10

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 5.5 7.3 35.4
Relative 9.2 10.0 25.3
52 week high/low 89.0p/50.0p

Financials

The highlight of Severfield’s FY24 results was the 14% increase in underlying operating profit despite declining revenue. This gives a clue to the increasing quality of earnings as the company captures future projects and benefits from its internal digitalisation programme, Project Horizon. Furthermore, the Indian JV rapidly improved profit and is expanding capacity to meet growing demand. The balance sheet offers scope for both the £10m share buyback and potential M&A. Our forecasts are unchanged, and we have introduced FY27 estimates. The FY24 AGM statement confirmed trends.

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2023A 491.8 40.4 32.5 8.61 10.2 6.0
2024A 463.5 46.1 36.5 9.49 9.3 5.0
2025E 528.4 46.0 36.0 9.42 9.3 5.0
2026E 539.0 50.2 39.8 10.61 8.3 4.5

Research

Update

Industrials

Severfield — Performing well with improving outlook

Flash note

Industrials

Severfield — Multiple positives should excite investors

Industrials

Update

Severfield — Poised for expansion
View All

Thematics

thematic

Industrials

The art of measurement – Challenges in metrology

thematic

Industrials

Deutsches Eigenkapitalforum (EKF) 2023 industrials

thematic

Industrials

The long and winding road

thematic

Industrials

Quantum computing: A booming industry
View All

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free