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On Tuesday, Deutsche Bank (ETR:DBKGn) adjusted its price expectations for Senior Plc, a company listed on the London Stock Exchange (LON:LSEG) (SNR:LN) and over-the-counter (OTC: SNIRF), reducing the price target from GBP2.20 to GBP2.10. Despite the adjustment, the firm maintained its Buy rating on the stock.
The change in price target comes after Senior Plc’s fiscal year 2024 results, which slightly surpassed the revised forecasts. The company reported earnings before interest, taxes, and amortization (EBITA) of GBP45.2 million and earnings per share (EPS) of 7.0 pence, which were modestly higher than Deutsche Bank’s estimates of GBP44.0 million and 6.0 pence, respectively. The early trading for fiscal year 2025 is reportedly on track, and the company is expected to see "good growth" over the year. This anticipated growth is attributed to increased build rates, operational efficiency improvements, and better contract pricing.
The analyst’s report indicates that the overall profit expectations for Senior Plc remain largely unchanged. The company is currently in the advanced stages of selling its Aerostructures business, and additional details on this segment’s recent performance were provided. Despite Aerostructures having incurred operating losses over the past three years, it is projected to turn around to a profit of GBP9 million to GBP11 million in fiscal year 2025.
The sale of the Aerostructures business is seen as a strategic move that will allow Senior Plc’s management to concentrate on the more profitable and consistent Aerospace divisions. The disposal is expected to streamline the company’s focus and potentially enhance shareholder value through a more concentrated business model.
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