Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on APERAM. We currently have 7 research reports from 1 professional analysts.
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FY16: not bad at all...as usual!
10 Feb 17
Aperam released FY16 results. Revenues reached US$4,265m (-9.6%), EBITDA US492$m (-1.8%), EBIT US$317m (-3%) and net income US$214m (+24.4%). Net debt at the end of FY16 was US$154m (vs US316$m at the end of FY15 and US$241m in Q3). A dividend of US$1.50 will be proposed as well as a share buy-back programme of up to US$100m. The group expects Q1 17 EBITDA to increase sequentially and a new reduction in net debt.
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.
M&A coming to a company near you?
16 Mar 17
Markets have retained their relative strength over the last fortnight. We have seen a mixed reaction to the Budget last week, the passing of the Brexit Bill earlier in the week and the first interest rate hike by the Federal Reserve in the US yesterday. Against this backdrop, we have seen some notable M&A activity across a range of sectors which may move down the market capitalisation scale. We now face an extended period of heightened speculation but “no running commentary” regarding Brexit in the UK after Article 50 is triggered at the end of the month.
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.
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 Momentum Continues - 2017 to be a Good Year
16 Mar 17
Welcome to IIR’s second “Blue Book” for Junior Resource Companies. This publication covers over 60 resource companies that were present at the 121 Group’s 2017 Cape Town Conference, held at Welgemeende in the Gardens district on February 6-7, 2016. The summaries in the book have been prepared with the assistance of the 121 Group based in London/ Hong Kong and Gavin Wendt from Minelife in Sydney, with the introduction being prepared by Mark Gordon and Gavin Wendt. The company information is accurate as at the time of the conference – and further information on the companies can be provided upon request.
Bang to rights
21 Mar 17
Tullow unexpectedly announced a US$750m rights issue on Friday at a 45.2% discount to the previous close. While this step confirms our investment thesis, the scale of the discount and the timing look like a slap in the face for investors and/or indicative of a weaker financial position than we are modelling. We publish revised estimates to reflect the impact of the issue and cut our Target Price to 215p per share (from 245p). We maintain our Hold recommendation.