GKN has issued another warning in relation to its Aerospace US business. A review of working capital has been initiated across all Aerospace plants in North America. While this review is not yet complete it is likely to result in a further write-off estimated to be between £80m and £130m, much of which built up before 2017. We cut our EPS forecast for 2017 to 23p and we now expect no final dividend to be paid. Our new target price is 230p (300p).