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Research Tree provides access to ongoing research coverage, media content and regulatory news on OUTOKUMPU OYJ. We currently have 8 research reports from 1 professional analysts.
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FY16 results confirm the improvement in the group’s profitability
02 Feb 17
Outokumpu released its FY16 results. Sales reached €5,690m (-10.8%), EBITDA €355m (-33%), underlying EBITDA €298m (vs €196m), EBIT €103m (-55%), underlying EBIT €45m (vs €-101m) and the net result €144m (vs €86m). Net debt at the end of FY16 stood at €1,242m (vs €1,610m). Note the reported operating figures for FY15 included, amongst others, the capital gain on SKS (€409m) and are not directly comparable. A dividend of €0.10 will be proposed at the AGM. Looking forward, the group anticipates an underlying EBITDA of over €250m for Q1 17 (which compares to €196m in Q1 16) and a net debt level below €1.1bn by the year-end.
Q3 16 : signs of hope
03 Nov 16
Outokumpu released its Q3 16 results. Sales reached €1,419m (-4.6% yoy, +2.9% qoq), EBITDA €119m (vs €3m in Q3 15 and €62m in Q2 16), EBIT €40m (vs €-77m in Q3 15 and €6m in Q2 16) and the net result €13m (vs €-113m in Q3 15 and €-20m in Q2 16). Over 9 months, sales reached €4,183m (-15.5%), EBITDA €227m (vs €123m), EBIT €34m (vs €-113m) and the net result €-48m (vs €-222m). Net debt at the end of Q3 was €1,396m (vs €1,485m in Q2 16 and €2,012m last year).
H1 16 in line, more time needed to reach industry standards
26 Jul 16
Outokumpu has just released H1 16 numbers. Sales reached €2,765m (-20.2%), EBITDA €108m vs €120m (-10%), EBIT €-6m (vs €-36m) and net €-61m (vs €-107m). Net debt at the end of Q2 reached €1,485m (€1,551m in Q1 and €2,116m at year-end 2015. Note the underlying EBIT (i.e. without special items) reached €-25m in H1 vs €-23m in H1 15 and €-20m in Q1 16. Note the top-line is impacted by the SKS disposal. The lfl decline in sales is -14.% (vs -20.2% published).
Rather weak Q1 16 results.
27 Apr 16
Sales reached €1,386m (-21.6%), EBITDA €46m (-29%), underlying EBITDA €38m (-50%), EBIT €-12m (-20%), net result €-41m vs €-45m). Net debt at the end of Q1 stood at €1,551m (vs €2,034 a year ago and €1,610m at the end of Q4 15). For Q2, the group expects stainless steel market conditions to remain challeging, despite some improvement in the US, while the results will be burdened by weak ferrochrome prices. Altogether, Outokumpu expects flat volumes and a similar level of underlying EBIT, while a €40m charge will be booked in redundancy provisions as part of the €100m savings plan.
FY15 in line, while the outlook is cautious
11 Feb 16
Outkumpu released its FY15 results. Sales reached €6,384m (-6.7%), EBITDA totalled €531m (vs €104m), EBIT €228m (vs €-243m) and the net result €86m (vs €-439m). Underlying EBITDA (excluding special items) reached €196m vs €232m in FY14 and EBIT €-132m. Net debt at the end of FY15 was €1.61bn vs €1.974bn a year earlier, after the disposal of SKS. Note the capital gain on this disposal (€409m) is included in the EBITDA and EBIT released which look artificially high. No dividend will be paid.
Tough Q3 15
05 Nov 15
Outokumpu’s Q3 highlights: revenues were down 12.3% sequentially to €1,487m (and -17.4% yoy), EBITDA reached €3m (vs €55m in Q2 and €67m in Q3 14), EBIT was €-77m (vs €-26m in Q2 and €-9m a year ago) and the net result reached €-115m (€-62m in Q2 and €-77m in Q3 14). Net debt at the end of Q3 was €2,012m (vs €2,116m in H1). Note this is before the positive impact of the SKS disposal. Lastly, the group reminded that the CEO Mika Seitovirta will step down and be replaced by Roeland Bann as from 1 January 2016.
20 Feb 17
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The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Opuama production restarts
21 Feb 17
Eland has confirmed the successful restart of exports from OML 40 through the new shipping alternative that it has implemented. Sales from the export terminal are expected imminently, re-establishing cash generation for Eland. Cash at YE16 was US$11.1m which has since reduced to US$5.9m, mainly reflecting initial operating expenses for the shipping alternative. While it is early days, Eland has demonstrated its ability to restart exports and production from OML 40 following the shut-down of the Forcados terminal a year ago. Production to date is averaging around 7kbd and we expect that to ramp up as Opuama operational performance improves. At US$55/bbl Brent, we estimate Eland is generating a net cash margin of around US$25/bbl. We reiterate our Buy recommendation and 95p per share Target Price.
GMP FirstEnergy ― UK Energy morning research package
17 Feb 17
Enquest (ENQ LN): Speculative Buy, £0.65: Kraken FPSO in the field and hooked up in the North Sea | Ithaca Energy (IAE LN/CN)6: BUY, £1.40: Stella First Hydrocarbons in the North Sea | Bowleven (BLVN LN) (not covered): Denies claims made by Crown Ocean Capital