Senior’s share price has been depressed in the latter part of 2015, affected by ongoing oil & gas sector woes as well as loose read across from the VW scandal and aerospace aftermarket weakness. We feel that the Group offers much stronger visibility than most of its peers thanks to its large rump of commercial aerospace business and that, overall, the outlook should remain positive into 2016. We also continue to feel that Senior could be an M&A target in an active sector, or could continue to be an accretive acquirer. Given the subdued outlook for more general industrial companies, we feel that Senior should outperform in 2016.