Published on: April 28, 2023
Structurally re-engineered to face new horizons
Severfield’s new divisional structure and Project Horizon operational improvement programme, outlined at the recent Capital Markets Day, better focuses the UK’s leading construction steel specialist on growth markets, in our view. These initiatives, and the opportunity for further expansion in Europe and India, could imply upside to our FY25E estimates and improved growth beyond that. We also believe that greater revenue transparency could suggest the potential for a re-rating.