Safestyle has released an unscheduled update indicating market conditions have sharply deteriorated. FENSA indicates installations down 18% in Jul/Aug. While SFE continues to take share, margin has been significantly impacted. We forecast 320bps deterioration in H2 vs prior assumptions. This and lower sales means PBT has been downgraded 17.5% this year and 18.6% next year. Net cash forecasts are reduced by a similar amount but are sufficient to hold the dividend at last year’s level. With a new ....
08 Sep 2017
N+1 Singer - Safestyle UK - Market deterioration hits forecasts by 18%
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
N+1 Singer - Safestyle UK - Market deterioration hits forecasts by 18%
- Published:
08 Sep 2017 -
Author:
Matthew McEachran -
Pages:
4
Safestyle has released an unscheduled update indicating market conditions have sharply deteriorated. FENSA indicates installations down 18% in Jul/Aug. While SFE continues to take share, margin has been significantly impacted. We forecast 320bps deterioration in H2 vs prior assumptions. This and lower sales means PBT has been downgraded 17.5% this year and 18.6% next year. Net cash forecasts are reduced by a similar amount but are sufficient to hold the dividend at last year’s level. With a new ....