Severfield is the UK's market leader in the design, fabrication and construction of structural steel.
Strong start to year highlighted in upbeat AGM
Severfield (SFR ) has maintained its FY25E guidance in its AGM statement. We maintain our estimates only four months into the current year, but note comments on improving market conditions in its UK and European markets and, in particular, accelerated expansion plans in its Indian JV. We have argued that the UK’s leading steel specialist should benefit from long-term growth markets, such as green energy transition and datacentres. Despite the shares having risen 64% from their 52-week low, they are trading at an apparently undemanding FY26E PER of 7.9x.