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Equity Bottom-Up

<p>Severfield’s (SFR’s) AGM statement retained management’s existing guidance for FY19. The year has started well in the UK – a more even profit profile is anticipated overall – and confidence in the Indian JV’s outlook is supporting plans for further investment. Overall, it is a very solid update with a consistent message to investors. The recent ex-dividend share price move has increased the attraction of earnings-based valuation multiples.</p>

Severfield’s (SFR’s) AGM statement retained management’s existing guidance for FY19. The year has started well in the UK – a more even profit profile is anticipated overall – and confidence in the Indian JV’s outlook is supporting plans for further investment. Overall, it is a very solid update with a consistent message to investors. The recent ex-dividend share price move has increased the attraction of earnings-based valuation multiples.

Severfield - Good, balanced UK trading, India orders growing

Severfield PLC

Severfield - Good, balanced UK trading, India orders growing