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.
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
Small Cap Breakfast
19 Apr 17
Global Ports Holding—Intention to float on Standard List. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected 3 May. RTO of Escape Hunt raising £14m at 135p Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1. Admission expected 25 April but capital raising details TBC. ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
24 Apr 17
Lok’nStore* (LOK): Growth supported by a strong balance sheet (CORP) | Mortice* (MORT): UK acquisition (CORP) | Avacta* (AVCT): Another milestone – 1st non-therapeutics licence (CORP) | Petra Diamonds (PDF): Trading update and Q3 results (BUY) | Nasstar* (NASA): Growth and margin focus (CORP)