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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Meggitt PLC    MGGT   GB0005758098

MEGGITT PLC

(MGGT)
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Meggitt says financial position strong after media report

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08/06/2020 | 03:56am EDT

British engineering firm Meggitt said on Thursday its liquidity was strong and that it continues to trade in line with its expectations, adding it had committed facilities in place worth 856 million pounds.

On Wednesday Bloomberg reported that Meggitt was considering selling as much as $600 million in new stock and was working with advisers to review its debt options.

"The Group notes the recent press speculation regarding potential debt or equity funding options," Meggitt said in response.

"The group continues to review a range of trading scenarios and associated actions to mitigate any material adverse change to the industry outlook," it said in a statement.

Meggitt, a supplier to planemakers Airbus and Boeing, added it has access to additional liquidity under the Bank of England's COVID Corporate Financing Facility.

The company has already announced job cuts equivalent to 15% of its global workforce of 12,000 people.

In recent weeks airlines including easyJet and British Airways-owner IAG have looked to shareholders to raise money.

Meggitt customer Rolls-Royce, has said it is considering its options.

Meggitt shares, which have lost more than half of their value this year, were down 5% to 279 pence at 0744 GMT.

(Reporting by Sarah Young; editing by Kate Holton and Jason Neely)

Stocks mentioned in the article
ChangeLast1st jan.
AIRBUS SE 3.82% 62.31 Real-time Quote.-52.25%
EASYJET PLC 3.33% 502.4 Delayed Quote.-64.51%
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A. 1.16% 94.08 Delayed Quote.-77.22%
MEGGITT PLC 1.94% 262.7 Delayed Quote.-60.00%
ROLLS-ROYCE HOLDINGS PLC -3.93% 149.25 Delayed Quote.-78.15%
THE BOEING COMPANY 6.44% 166.08 Delayed Quote.-52.10%
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Financials
Sales 2020 1 772 M 2 275 M 2 275 M
Net income 2020 -116 M -149 M -149 M
Net Debt 2020 823 M 1 056 M 1 056 M
P/E ratio 2020 -16,7x
Yield 2020 0,51%
Capitalization 2 005 M 2 547 M 2 574 M
EV / Sales 2020 1,60x
EV / Sales 2021 1,43x
Nbr of Employees 12 599
Free-Float 98,9%
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Technical analysis trends MEGGITT PLC
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TrendsBearishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 341,05 GBX
Last Close Price 257,70 GBX
Spread / Highest target 117%
Spread / Average Target 32,3%
Spread / Lowest Target -9,58%
EPS Revisions
Managers
NameTitle
Tony Wood Chief Executive Officer & Executive Director
Anthony Nigel Russell Rudd Non-Executive Chairman
Paul Devaux Group Operations Director
Louisa Sachiko Burdett Chief Financial Officer & Executive Director
Guy Serge Berruyer Senior Independent Non-Executive Director
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