This is a quality stock.
Just starting a thread - I'll post more very shortly.

K******

Severfield-Rowen Plc, results for year ended 31 Dec 2008 on Wednesday 25 March 2009.

A forward P/E of just 6, way too cheap imho.

looks like the Brokers think its a buy also and way too cheap...

Severfield-Rowen PLC

FORECASTS
2009 2010
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

ABN AMRO
30-03-09 BUY 33.98 27.20 20.00 23.96 19.17 15.00

Cenkos Securities
26-03-09 BUY 32.50 26.40 20.00 23.50 19.10 15.00

KBC Peel Hunt Ltd [R]
19-03-09 HOLD 42.06 33.22 20.00

FinnCap [R]
05-03-09 BUY 44.80 33.90 20.00

Eden Group
04-02-09 BUY

2009 2010
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 33.25 26.80 20.00 23.73 19.14 15.00

1 Month Change -8.78 -6.35 0.00 0.23 0.04 0.00
3 Month Change -12.43 -7.97 -0.34 0.23 0.04 0.00


GROWTH
2008 (A) 2009 (E) 2010 (E)

Norm. EPS -17.20% 2.45% -28.58%

DPS 45.31% -13.98% -25.00%

INVESTMENT RATIOS

2008 (A) 2009 (E) 2010 (E)

EBITDA m 40.88m 30.36m

EBIT m 34.00m 24.00m

Dividend Yield 14.13% 12.16% 9.12%

Dividend Cover 1.12x 1.34x 1.28x

PER 6.29x 6.14x 8.60x

PEG -0.37f 2.50f -0.30f

Net Asset Value PS p 133.20p 128.93p

I take it you like it then cyners/.

looks to me like its one hot little stock about to get much bigger.

not sure ...... have put on watchlist (ditto WSP), but suspect there will be some froth blown away during the day

ITS CHEAP

so is ASDA's chicken, but that is no recommendation - lol!
this is another share that started strongly and then just sat, despite the general euphoria

ARSENAL AND TERM 5

?????? ...... did they put in the baggage handling system or just the miles and miles and miles of walking and no signposts?

STEEL WORKS YOU SILLYMAN

Brokers positive...

Severfield-Rowen PLC

FORECASTS

2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

ABN AMRO
30-03-09 BUY 33.98 27.20 20.00 23.96 19.17 15.00

Cenkos Securities
26-03-09 BUY 32.50 26.40 20.00 23.50 19.10 15.00

FinnCap [R]
05-03-09 BUY 44.80 33.90 20.00

Eden Group
04-02-09 BUY

2009 2010

Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 33.98 26.85 20.00 23.96 19.14 15.00

1 Month Change -8.05 -6.30 0.00 0.46 0.04 0.00
3 Month Change -8.05 -6.54 0.00 0.46 0.04 0.00


GROWTH
2008 (A) 2009 (E) 2010 (E)

Norm. EPS -17.20% 2.64% -28.72%
DPS 45.31% -13.98% -25.00%

INVESTMENT RATIOS

2008 (A) 2009 (E) 2010 (E)

EBITDA m 41.33m 31.20m

EBIT m 34.00m 24.00m

Dividend Yield 12.95% 11.14% 8.36%

Dividend Cover 1.12x 1.34x 1.28x

PER 6.86x 6.68x 9.38x

PEG -0.40f 2.53f -0.33f

Net Asset Value PS p 133.20p 128.93p

Bought these a couple of days ago at 208p including costs. Hoping for around 280p.

Worth a good look. Fundamentals seem sound to me. BDYOH

Goes ex-divi on wed 13th May - 10p.

Business Financial Newswire
"Severfield-Rowen says that trading has continued at a strong level during the first five months of 2009 and that pre tax profits will be ahead of management's expectations.

But this is tempered by the news that the Company is experiencing a significant decline in demand in the Company's key UK construction sectors and as a result will implement further cost reductions and reconfigure capacity.

Tom Haughey, Chief Executive Officer, says:"We continue to have a relatively strong order book, currently valued at 267 million, which will be increasingly sustained by export sales supplied from our UK facilities, albeit at lower margins which are also subject to exchange rate fluctuations.

"We have good visibility for the current year and remain confident of a strong financial performance for the rest of 2009, but are cautious in our outlook for 2010."

Looks like heading to sub 150p again. A chance to average down for those still holding.

StockMarketWire.com
Structural steel group Severfield-Rowen expects a recovery in business performance starting in 2013.

The company says its results this year are being adversely affected by a small number of projects in three of its UK businesses.

But it says its overall leading position in terms of market share and activity is undiminished. It adds: "The UK order book and the known mix of secured projects, together with the reorganisation of the affected businesses, lead us to expect a recovery in business performance starting in 2013.

"In India, we see very strong demand for our services and we will continue to work with our partner to grow the business at the fastest appropriate pace."

StockMarketWire.com
Steel company Severfield-Rowen said its UK operations for the full-year had been materially adversely affected by cost overruns, and that it would review its current contract base.

In light of this, the company had decided a change in leadership was required and chief executive Tom Haughey was standing down with immediate effect. Chairman John Dodds would assume his role, pending the appointment of a new CEO.

The company had earlier said its UK businesses were operating in a difficult climate with pricing pressure and protraction of contractual settlements posing significant challenges as clients and the supply chain compete harder in a shrinking market.

"Since then our UK performance has been further, and materially, adversely affected by cost overruns on our 122 Leadenhall contract," Severfield-Rowen said in a trading statement.

"As a result, the board intends to review expeditiously its current contract base and will provide a further update to the market, as soon as possible, when it has greater clarity on the financial impact of this exercise," it said.

At Dec. 31, 2012, the company's net borrowings were £30 million, with the order book stable at £209 million.

Severfield-Rowen said it was in talks with its lending banks regarding compliance with its covenants.

"The discussions with the Company's lending banks, and its other stakeholders, will continue with the objective of placing the Group on sound financial foundations that support its UK business and the further development of its Indian joint venture," the company said.

Dodds said he was disappointed by the trading update.

"My task, now, is to re-establish the credibility of the Group with all its stakeholders, bring greater control and discipline to its operations and secure Severfield-Rowen's longer term financing."

Harry - do you follow these? If so, is it worth the effort of researching?

Not really. It's on my watch list atm as a possible recovery play when the economy starts to improve, but looks like they have bigger problems than previously thought. I'll continue to watch, but suspect there is more downside to come & a possible threat to the div. I get IC mag each week and I think they were recently tipped, but looks like even the experts get their fingers burnt every now & then!