LONDON (ShareCast) - (Sharecast News) - Analysts at Berenberg lowered their target price on aerospace and defence outfit Senior from 180.0p to 150.0p on Wednesday, stating that while the firm was "well-positioned", its shares also appeared to already be "fairly valued".
Berenberg said Senior's full-year 2021 results demonstrated a "good operational performance", with revenues and profits in line with January's pre-release, and said cash was again the standout, driven by management's ongoing control of working capital and capex further strengthening the balance sheet.

The German bank also highlighted that Senior's plan to reinstate its dividend in 2022 indicated confidence in the outlook, in its view, backed by good order intake.

"We, therefore, believe the group remains well-positioned to benefit from the ongoing recovery in its core markets," said Berenberg.

However, the analysts stated they already consider the shares to be fairly valued, trading in line with the European civil aerospace sector at 14.0x 2024 price-to-earnings ratio.

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