Belting markets have continued to be challenging in North America, Australia and EMEA. Encouragingly, the non-oil exposed AEP businesses have offset weakness in the oil related areas and this is expected to continue for the rest of the year. Net debt is in line with expectations and therefore we assume that the dividend will be held for the full year which should keep the share price in the 175p to 195p range (6% to 7% yield). We will reassess our price target following the analyst call but expe ....

22 Jul 2015
Belting markets continue to decline

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Belting markets continue to decline
Fenner (FENR:LON) | 0 0 3.1% | Mkt Cap: 880.0m
- Published:
22 Jul 2015 -
Author:
Singer CM Team -
Pages:
3 -
Belting markets have continued to be challenging in North America, Australia and EMEA. Encouragingly, the non-oil exposed AEP businesses have offset weakness in the oil related areas and this is expected to continue for the rest of the year. Net debt is in line with expectations and therefore we assume that the dividend will be held for the full year which should keep the share price in the 175p to 195p range (6% to 7% yield). We will reassess our price target following the analyst call but expe ....