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FTSE 250 movers: Senior jumps on Berenberg 'buy'; TBC tumbles
(Sharecast News) - FTSE 250 (MCX) 21,915.79 -0.10% Senior jumped to the top of the FTSE 250 after an initiation of coverage at 'buy' by Berenberg, which said the recent agreement to sell the Aerostructures business was a "pivotal moment" for the company.
Berenberg said Senior's recent announcement that it has agreed to sell its aerostructures business was "a pivotal moment" for the company, in its view.
The German bank said the sale of the aerostructures business will give Senior the opportunity to structurally increase its group operating margins, focus on higher growth and more value-added products and provide more capital allocation options.
Following the completion of the sale, Berenberg reckons group revenues should "move closer to a more balanced revenue base" between industrial and aerospace end-market exposure.
"We therefore broaden the traditional aerospace and defence peer group to include more industrial fluid control peers. We expect re-rating potential ahead as revenue growth, margins and cash generation increase," said Berenberg.
"We apply a 25% discount to our EV/EBITDA-based price target to reflect the lower relative margin profile at Senior. Senior currently trades on CY26E EV/EBITDA of 8.4x, half the level of its higher margin and lower than its financially leveraged peers."
Elsewhere, Georgian bank TBC tumbled even as it reported a 23% increase in second-quarter operating income to 835m Georgian lari (£235m), while net profit rose 5% to GEL 346m, driven by strong net interest income and an increased loan book.
FTSE 250 - Risers
Senior (SNR) 196.40p 5.25% Ocado Group (OCDO) 394.70p 3.87% Harbour Energy (HBR) 229.80p 3.33% Aston Martin Lagonda Global Holdings (AML) 75.00p 3.31% Computacenter (CCC) 2,310.00p 2.76% Great Portland Estates (GPE) 342.50p 2.54% Hochschild Mining (HOC) 312.80p 2.36% Raspberry PI Holdings (RPI) 429.60p 1.80% CMC Markets (CMCX) 234.50p 1.74% International Workplace Group (IWG) 228.60p 1.69%
FTSE 250 - Fallers
TBC Bank Group (TBCG) 4,725.00p -6.80% Harworth Group (HWG) 180.50p -4.75% Auction Technology Group (ATG) 335.50p -4.14% Trustpilot Group (TRST) 233.60p -4.11% Rank Group (RNK) 149.60p -3.48% Burberry Group (BRBY) 1,189.00p -3.33% Baltic Classifieds Group (BCG) 345.50p -3.09% Lancashire Holdings Limited (LRE) 617.00p -2.53% Bloomsbury Publishing (BMY) 481.50p -2.43% Hill and Smith (HILS) 1,978.00p -2.08%
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