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GKN Share Discussion Threads
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|There was an article on the front page of the Sunday Times Business News this week which reported:
"Engineering giant GKN is toying with a rare fix for its £2bn pensions black hole — raising £250m of debt to pump into the schemes."
and stating that:
"Fixing GKN’s pension deficit could be a catalyst for the industrial heavyweight to do more deals, by bulking up either its aerospace or automotive arms. City sources believe it could even open the door to a break-up of the company."
But, at the end of the article:
"GKN declined to comment."
So, who knows whether the "toying" has any legs.|
|Peel hunt raise 475....now let's hope we get the pension news|
|GKN Plc : Berenberg raises target price to 400p from 346p|
|You mean you've sold half of your holding?|
|GKN Plc : HSBC raises target price to 445p from 395p
I've taken half the chips off the table today.|
|Following Nissan's and Vauxall/Peugeot's comments, GKN would benefit for the need to onshore more components and strengthen the automotive supply chain in the UK.
Talks of £100m fund to that effect.|
Good British company.|
|GKN : *JPMORGAN RAISES GKN PRICE TARGET TO 410 (399) PENCE - 'OVERWEIGHT'|
|GKN's sales and profits rose in the year to the end of December.
On a management basis sales rose by 22% to £9,414m and operating profits were up 14% at £773m.
Pre-tax profits were up 12% at £678m and earnings per share rose by 12% to 31.0p.
On a reported basis, sales were up 22% at £8,822m, operating profits were up 4% at £335m and pre-tax profits rose by 19% to £292m.
The dividend of 8.85p per share is up 2%.
Chief executive Nigel Stein said: "This is a good set of results with GKN continuing to make underlying progress in line with our expectations.
"We performed well against our key markets, overcoming some demand weakness and demonstrating once again the strength of our businesses, strong market positions and leading technology.
"Strategically we made good progress, including smoothly integrating Fokker and completing the disposal of Stromag - evidence of our sharper focus on capital allocation towards Aerospace and Automotive markets.
"We expect 2017 to be another year of further growth, helped by the benefits of the actions taken in 2016 and GKN's constant focus on continuous improvement."|
|Biggest rise since last July/AugustNice results|
|End of live presentation.
With the pension contributions almost capped and a pension deficit under control, GKN still looks lowly valued vs Auto/Aerospace subcontractor peers.|
|I spent 50' trying to figure out what the expectations were on this one, notably for the net debt. I'm glad the market is taking the numbers ex-Fokker well, but the conf call will hopefully confirm that.|
|Nice move on GKN
SNR more expensive, but more US than UK, which is positive with the new US admin.
Some discussion on price of spare parts on seeking alpha.|
|A section of the Company, GKN Driveline, is certainly well placed to benefit from the substantial change to electric and hybrid driven vehicles which is gathering momentum and will become the norm in future years. CH.|
Yes same order, but moved from 92 to 100, and 50 options added.|
|Order raised this morning to 100 + 50 options
Engines from CFM (Leap) not RR.|
|From yesterday: GE Capital Aviation Services has ordered another 75 Boeing 737 Max 8 aircraft, worth $8.25 billion at list prices.
The order will grow the lessor's 737 Max order book to 170 aircraft, says the airframer. The order was booked in December and announced today.|
|GKN got a boost as Bank of America Merrill Lynch upgraded its stance on the stock to 'buy' from 'neutral' and upped the price target to 365p from 350p.
"As we move into 2017, we believe GKN provides one of the strongest earnings growth profiles in the sector, through both organic improvement and restructuring," Merrill said, adding that the valuation has been weighed on by deteriorating sentiment in aerospace & autos end markets.
However, the bank said the stock's discount to peers has grown too wide and is now attractive. It noted the shares are now trading a 33% discount to the benchmark Stoxx 600 index 12 months forward versus its 10-year average discount of 14%.
"We think this valuation discount is extreme, and is an attractive entry point in the context of the strong earnings growth we expect relative to the rest of the sector."
BofA ML said it sees top-line deceleration but bottom line acceleration. It said organic growth in Aerospace should remain low single digit organic 2017-18, as military improves and civil deteriorates. However, it sees a stronger earnings profit as the company continues to improve profitability on A350XWB and Fokker margins.
"Despite slower IHS' production outlook, Driveline should continue to outperform the market, in our view, and earnings should benefit from the group-wide restructuring programme and non-repeat of exceptional cost."
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