Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on RUSSEL METALS INC. We currently have 1 research reports from 1 professional analysts.
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RUSSEL METALS INC
RUSSEL METALS INC
Continuous deleveraging revives prospect of Rusal’s first ever dividend
17 Sep 15
At a time when aluminium is trading close to six-year lows, market premia are correcting, dividends from Norilsk Nickel are under pressure and other miners are thinking of a dividend cut/freeze, Rusal’s management is deliberating its first dividend payment since the company’s listing in 2010. After a strong Q1 15 – primarily on the back of the record weakness in the Russian rouble – the momentum has continued for most of Q2 15 as well. Although the rouble pared some of its losses vs. the US dollar as the average quarterly rate appreciated 16% qoq.
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.
South Disouq spuds
20 Mar 17
SDX Energy announced this morning that it has spudded the South Disouq (SD-1X) well in Egypt, targeting gas and oil across a number of intervals. This is a high impact event for SDX Energy, as current company 2P reserves of 4.7mmboe (post acquisition) would be dwarfed by success at South Disouq (we model a 65mmboe field of which SDX holds 55% WI), which could be developed quickly due to existing pipeline infrastructure passing through the block. Our valuation for South Disouq is 6.8p/share, although on success we would expect notable de-risking. Our core NAV is 42p with a full NAV (including South Disouq) of 57p/share. The well is due to take 30-45 days, so we would expect a result in mid late April.