Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on VOESTALPINE AG. We currently have 9 research reports from 1 professional analysts.
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Prices and profits have started to more than stabilise
09 Feb 17
The group’s revenue increased by 3.9% to €2.69bn in Q3 16/17 which brought the ytd number to €8.1bn (-3.3%). EBITDA was up by 13% to €356m and down by 12% to €1.06bn, respectively. This trend was similar for net earnings after minorities (+28% to €101m and -32% to €326m). Revenue was slightly below but EBITDA and net earnings were slightly ahead of our forecast.
Prices have not really stabilised in Q2 16/17
09 Nov 16
The price fall has moderated somewhat, but has continued to be negative. As a result, the group’s revenue was down by 5.4% to €2.64bn which brought the H1 number to €5.41bn, a fall of 6.5%. However, Voestalpine’s operating earnings stabilised somewhat in Q2 (EBITDA: +1.6% to €371m) whereas it was still down by 21% to €705m in H1. We had expected H1 numbers of €5.49bn and €690m, respectively. For the full-year, management now expects EBITDA to come in at last year’s level (statement before: ‘almost’ on last year’s level) whereas the outlook for an unchanged EBIT number has been maintained.
Life has got tougher
09 Aug 16
Voestalpine suffered a 7.7% revenue setback to €2.77bn in Q1 16/17 (FYE 31 March) and a 37% EBITDA decrease to €527m. All of the group’s other profit numbers are also sharply down. However, some of this is the result of one-off consolidation effects of €137m realised in Q1 last year. Excluding this gain from last year’s EBITDA number still leaves a profit setback of 14% for the current year, while we had expected a decrease of 5% and a revenue number of a good €2.9bn.
All steel prices down, but reasonable profits
02 Jun 16
Voestalpine’s sales and profit decline has accelerated in Q4 15/16 (through to March) as steel prices fell sharply. However, the numbers are very much in line with our projections. Full-year revenue was down by 1.1% to just below €11.1bn (-8.4% in Q4) and EBITDA fell by 5.5% to €1.45bn (-46%) in Q4). Net profit after minorities was up by 9% to €585m in the full year. These profit number changes are based on what Voestalpine released a year ago and not on the adjusted 2014/15 numbers management released today. We had expected revenue of €11.16bn, EBITDA of €1.50bn and net earnings of €615m.
Largest ever heavy plate order received for Nord Stream 2
19 Apr 16
Voestalpine was the supplier of heavy plates to Russian tube producer OMK, which delivered a total of 170,000 tons of tubes for Nord Stream 1 and was completed in 2012. Although final political decisions are still pending, OMK has received a 33% stake in the new order for Nord Stream 2. Deliveries are expected to start in August 2016 and will last through to February 2018. According to Voestalpine, this order is for several hundred thousand tons of heavy plates, i.e. clearly more than for the first project. The pipeline will be built next to the first one, thus connecting Russia and Western Europe via the Baltic Sea. It is not only objected by several countries in Midwest Europe (like Poland and the Baltic States) but also by others as it increases Europe’s dependence on Russian energy supply. This order will clearly help fill the capacities of Voestalpine’s Grobblech GmbH, which is part of the group’s Carbon Steel division. Whether it will also allow to generate a decent margin remains to be seen as the competition for these kinds of large-scale orders is, because of the investment slump in the energy industry, fierce to say the least.
9M 2015/16 numbers almost matched our projections
10 Feb 16
The group continued generating rising carbon steel and special steel prices in the last quarter. However, as shipments were down, consolidated revenue fell by 4% to slightly less than €2.6bn and the 9M revenue is up by only 1.5% to €8.38bn. This has also taken its toll on quarterly EBITDA which fell by 5% to €315m but is up by 11% to just above €1.2bn through to December. Both revenue and EBITDA numbers are below our projected €8.56bn and €1.23bn, respectively.
27 Mar 17
Elecosoft* (ELCO): Steadily building profits (CORP) | Bioventix* (BVXP): Interim results lead to upgrades (CORP) | Hurricane Energy (HUR): Halifax discovery (BUY) | KBT Business Technology* (KBT): interims and contract win (CORP) | Independent Oil & Gas* (IOG): Licence updates (CORP)
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)
GMP FirstEnergy ― UK Energy morning research package
27 Mar 17
Amerisur Resources (AMER LN)6; HOLD, £0.30: Reduced 2017e production outlook and year-end 2016 reserves | Condor Petroleum (CPI CN)8 ; BUY, C$3.50: Reports 4Q16 results and remains on track for first production from Turkey in mid-2017e | Hurricane Energy (HUR LN) (not covered): Halifax well update in the UK | Cairn Energy (CNE LN): BUY, £2.90: Update on the VR-1 well in Senegal by Far (FAR AU) (Not covered) | Royal Dutch Shell (RDSA/B LN) (not covered): Divestment of Gabonese assets
Strong trading leads to upgrades
22 Mar 17
On the back of today’s positive trading update and slightly upgraded profit forecasts for FY2017, FY2018 and FY2019 we have reviewed our DCF analysis. This has led to an increased DCF valuation per share of 1500p (from 1200p) which we have made our new target price (from 1200p). Both TFP and JC Paper have contributed to the upgrades shown in the table below as have favourable currency movements. With the potential for further upgrades due to capitalising 3DP costs to come we maintain our Add recommendation.
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.