Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on APERAM. We currently have 6 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
Q3 and FY16 outlook fully in line
08 Nov 16
Aperam released Q3 16 results. Revenues reached US$1,015m (-8.8%), EBITDA US$124m (+14.8%), EBIT US$81m (+20.9%) and net income US$54m (+74). Over 9 months, sales reached US$3,212m (-11.6%), EBITDA US$359m (-9.3%), EBIT US$234m (-10.7%) and net US$156m (+12.2%). Net debt at the end of Q3 amounted to US$241m (vs US$280m in Q2). The group expects EBITDA to slightly increase in Q4 vs Q3, with full-year EBITDA thus reaching at least US$483m.
H1 results: decent with some hopes for improvement
27 Jul 16
Aperam released H1 numbers. Sales reached US$2,197m (-12.8%), EBITDA US$235m (-18.4%), EBIT US$153m (-21.5%) and net income US$102m (-5.6%). Free cash flow (ex-dividend) amounted to US$93m (-8.8%). Net debt at the end of Q2 was US$280m vs US$338m in Q1 and US$316m at year-end 2015. The group expects Q3’s EBITDA to be similar to Q2’s, which would imply c. US$360m in EBITDA over 9 months, with a further decrease in net debt.
Very decent Q1 16 results
05 May 16
Q1 16 revenues reached US$1,076m (-14.5%), EBITDA US$112m (-15.8%), EBIT US$73m (-15.1%) and net income US$49m (+16.7%). Net debt at the end of Q1 16 amounted to US$338m vs US$316m at year-end 2015 and US$508m in Q1 15. The company anticipates a « slight increase » in EBITDA for Q2 while the net debt should « slightly decrease ».
FY15 in line, while outlook is rather unclear
11 Feb 16
Aperam released its FY15 results. Revenues reached US$4,716m (-14%), EBITDA US$501m (-8%), EBIT US$327m (+10%), and the net result US$172m (+81%). Net debt at year-end 2015 amounted to US$316m vs US$536m a year earlier. The dividend proposed will be US$1.25 (vs zero) and in line with what was already announced, to be paid in four installments (March, June, September, December). The outlook calls for a slight increase in EBITDA in Q1 16 vs Q4 15 where it reached US$105m. This compares to US$133m in Q1 15.
Tough times for all players
06 Nov 15
Aperam 9 months figures show a 13.3% decline in sales to US$,635m, a decrease in EBITDA of 8% to US$396m, a slight increase in operating income (+7.8%) to US$262m and, lastly, a strong increase in net income to US$139m (vs US$76m). Net debt at the end of Q3 reached US$419m vs US$454m in H1. The group also indicated Q4 EBITDA should be "comparable to Q3", thus implying a full-year EBITDA in the €500m region. A dividend of US1.25 will be proposed at the AGM.
H1 15 results: good and in line; cautious tone though going forward
29 Jul 15
Aperam released H1 15 results. They show sales down 11.1% to US$2,522m, EBITDA down 1.7% to US$288m, EBIT up 21.1% to US$195m (on lower depreciation/impairments, keeping in mind the forex impact since the reporting is in US$) and the net result almost doubling to US$108m (vs US$55m). Net debt at the end of H1 15 stood at US$454m, down from US$508m a quarter earlier. Looking forward, the group expects EBITDA in Q3 to be lower than in Q2 due to seasonality and the current economic environment, with net debt expected to decrease slightly further.
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.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
Minor delay but lower cost and better visibility enhance the investment profile
13 Jan 17
First oil at Stella is delayed by about a month, reducing the contribution of Stella to FY17 production by the same period. While this has an impact on FY17e free cash flow, this is negligible to our valuation. More importantly, FY17 opex are estimated at only US$18/boe, below our estimates of US$20/boe. There are opportunities to reduce opex further. Harrier is expected to reach first oil in 2018, one year earlier than we expected and at a cost of US$40 mm lower than we anticipated. The overall development cost is less than US$6.0/boe. Ithaca holds numerous discoveries around Stella that would be developed with a similar cost structure to Harrier.
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.