The group has recently been trimmed from five into three businesses: civil aerospace, power systems, and defense. The simplification is part of a long-term turnaround plan, led by Chief Executive Warren East.

In March, the aero-engine maker said it was on track to meet its goals, after it beat 2017 forecasts and promised further cost-savings. That news saw shares surge 15 percent in one day but all of those gains have since been erased.

The firm is to hold a capital markets day Friday, at which it is expected to announce more than 4,000 job cuts from its current global workforce of 50,000.

In a note Monday, researchers at Swiss bank UBS said Friday’s event would be “an important milestone in the company’s attempt to rebuild trust with the market.”

UBS said in order for investors to upgrade Rolls-Royce shares, the market would first need to understand how quickly the company can cut its costs and get more clarity on how badly the engine issues are affecting the business.

UBS said it currently forecasts Rolls-Royce to post free cash flow of £432 million in 2018 and £820 million in 2019.

Meanwhile, Barclays’ aviation analyst Phil Buller told CNBC that since 2012, Rolls-Royce management had done a good job in cutting costs and had now secured a “baseline of profitability.”

Buller said in an email Friday that while he had faith in Warren East’s ability to further improve margins, the company’s stated aim of topping £1 billion of free cash flow by 2020 may prove elusive.

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