Stock data
| Market cap. | £17.6m |
| Last close | 9.75p |
| High / Low (52 weeks) | 13.9p / 8.2p |
| Stock market listing | AIM |
| Forecast net debt (£m) | 1.4 |
| Forecast gearing ratio (%) | 6 |
| Team | Industrials |
| Sector | Industrial Support Services |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | (1.27) | (20.41) | (16.13) |
| Relative * | 3.58 | (13.87) | (7.83) |
* % Relative to local index
Other companies covered in sector
| Y/E Sep | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (fd) (p) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2010A | 56.7 | 3.9 | 2.6 | 0.9 | 10.8 | 7.6 |
| 2011A | 59.7 | 4.1 | 3.0 | 1.3 | 7.5 | 64.6 |
| 2012E | 64.5 | 5.3 | 4.2 | 1.4 | 7.0 | 2.7 |
| 2013E | 66.0 | 5.4 | 4.7 | 1.6 | 6.1 | 3.5 |
Last updated on 19/04/2012
Latest research
Upside to the equity story
Update | Industrial Support Services | 09/02/2012
Looking forward
Flash note | Industrial Support Services | 01/12/2011
Doing the risky work
Outlook | Industrial Support Services | 28/09/2011
Investment summary
Silverdell is already the largest specialist environmental support services company in the UK. Its background lies in asbestos but its future lies in offering specialist industrial services to companies that operate in high-hazard regulated environments (weapons research labs, oil refineries etc). Its troubled history is now a fading memory. The recent trading statement showed the company now has a growing order book of £117m. Our conservative DCF suggests a 20p/share fair value and there is now the promise of a dividend. The recent IMS suggested that EBITDA margins might come under pressure in H1, but management is acting to address this.
Last updated on 23/04/2012
Industry outlook
Silverdell’s business comes predominantly from public and private sector businesses. While direct contracts from the construction sector are low (just 6% of revenues), austerity measures could reduce activity (in refurbishment, upgrades, and new build) in all business segments. Increasing the range of services is the key to offsetting this effect.
Last updated on 23/04/2012
Key management
| Stuart Doughty, Chairman |
| Sean Nutley, CEO |
| Ian Johnson , CFO |
Company address
| 14 Buckingham Street London WC2N 6DF United Kingdom 0207 389 6800 View website |
