This content is only available within our institutional offering.
11 Nov 2015
US coal still deteriorating; US restructuring
Sign in
This content is only available to commercial clients. Sign in if you have access or contact support@research-tree.com to set up a commercial account
This content is only available to commercial clients. Sign in if you have access or contact support@research-tree.com to set up a commercial account
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.