In today’s briefing:
- MMA Offshore Ltd – Increased Scheme Offer of $2.70/Share; Trading Update
- Severfield – Performing well with improving outlook
MMA Offshore Ltd – Increased Scheme Offer of $2.70/Share; Trading Update
- Cyan MMA Holdings Pty Ltd (Cyan) has increased its scheme consideration to $2.70 cash per share, up from $2.60 per share and has designated the offer as best and final.
- A supplementary Scheme Booklet is expected to be released 21 June; scheme voting is for 1 July.
- MMA Offshore Ltd (MRM) recently released a 2H24 trading update, noting earnings visibility and performance across the current half has continued to improve.
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Severfield – Performing well with improving outlook
Severfield’s FY24 results demonstrate robust profit growth despite declining revenue, and management highlighted the positive outlook in its key markets of the UK, Continental Europe and India. The total order book has also remained at elevated levels despite the loss of the £50m Sunset Studios order, highlighting the underlying future earnings visibility. The FY25e P/E rating of 8.1x is comfortably below the long-term average of c 10x, implying material risk is discounted in the rating. The stock yields over 5% despite a recent bounce in the share price, an added attraction.
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