Results to August 2015 are in line with expectations as indicated in September. The outlook for FY16 is moderately below prior expectations and a restructuring of ECS North America is expected which will cost up to £10m. With net debt to EBITDA likely to rise towards 2.5x, the dividend looks to be under pressure. We expect to reduce our price target and remain at Hold but we await further detail at the analyst presentation.

11 Nov 2015
US coal still deteriorating; US restructuring

Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
US coal still deteriorating; US restructuring
Fenner (FENR:LON) | 0 0 3.1% | Mkt Cap: 880.0m
- Published:
11 Nov 2015 -
Author:
Singer CM Team -
Pages:
3 -
Results to August 2015 are in line with expectations as indicated in September. The outlook for FY16 is moderately below prior expectations and a restructuring of ECS North America is expected which will cost up to £10m. With net debt to EBITDA likely to rise towards 2.5x, the dividend looks to be under pressure. We expect to reduce our price target and remain at Hold but we await further detail at the analyst presentation.