Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ARCELORMITTAL. We currently have 9 research reports from 2 professional analysts.
|15Dec16 08:00||GNW||ArcelorMittal announces financial calendar for 2017|
|07Dec16 11:30||GNW||ArcelorMittal European Media Day|
|17Nov16 07:00||GNW||ArcelorMittal, Evonik, LafargeHolcim and Solvay investigate trans-sector technological potential to reduce carbon emissions under a new "Low Carbon Technology Partnerships Initiative (LCTPi) (*)"|
|08Nov16 01:32||GNW||ArcelorMittal expanding global portfolio of automotive steels in support of Action 2020 goals|
|08Nov16 06:01||GNW||ArcelorMittal Europe reports EUR371m operating profit for Q3 2016|
|08Nov16 06:00||GNW||ArcelorMittal reports third quarter 2016 results|
|28Oct16 02:00||GNW||ArcelorMittal announces the publication of third quarter 2016 Ebitda sell-side analyst consensus figures|
Frequency of research reports
Research reports on
Q3 OK but the outlook is not overly optimistic
08 Nov 16
Arcelor released Q3 16 results. Sales reached US$14,523m (-7%), EBITDA US$1,897m (+40%), EBIT US$1,204m (vs US$20m) and net income US$680m (vs US$-711m). Over 9 months, sales amounted to US$42,665m (-14%), EBITDA US$4,594m (+11%), EBIT US$3,352m (+186%) and net income US$1,376m (vs US$-1,260m). Net debt at the end of Q3 was US$12,193m (US$12,747m in H1 and US$15,684m at year-end 2015). The group indicates that profitability in Q4 will be lower, due to the combination of lower steel prices in the US and the rapidly rising metallurgical coal prices.
H1 16 not bad at all
29 Jul 16
Sales amounted to US$28,142m (-17%), EBITDA US$2,697m (-2.9%), operating income US$2,148m (+86%), and net income US$696m (vs US$-549m). EBITDA almost doubled in Q2 vs Q1 (US$1.77bn vs US$0.93bn) and came in above consensus (US$2,418m) for H1. Note operating income is boosted by a US$0.83bn one-off gain on employee benefits in the US, as is net income. Net debt reached US$12.7bn vs US$17.3bn a year ago and US$13.3bn in Q1 (keep in mind the US3.1bn capital increase in Q1 16). In terms of outlook, the group still anticipates an EBITDA of « over US$4.5bn » for FY16 and is « cautiously optimistic » while some may have expected an upgraded guidance.
Q1 16 roughly in line
06 May 16
Revenues reached US$13,399m (-22.8%), EBITDA amounted to US$927m(-32.7%), operating income US$275m (-48.2%) and net loss US$416m (vs US$728m). Net debt at the end of Q1 was US$17.3bn (vs US$15.7bn at year-end 2015) while the pro-forma net debt (i.e. post capital increase and the disposal of Gestamp) reached US$13.3bn. The company expects FY16 EBITDA to be « in excess of US$4.5bn » (unchanged vs the comment at the end of Q4), the impact of the improving steel environment being expected to be fully reflected in the H2 numbers. However, this will lead to working capital consumption (currently estimated at c.US$500m) but the group still believes it can be FCF positive for the full year.
Weak FY15 and a massive rights issue
05 Feb 16
Arcelor surprisingly released FY15 results today (was planned next Friday) and announced a €3bn capital increase. FY15 looks in line (i.e. weak) with sales of US$79.3bn, EBITDA of US$5.23bn, operating income of US$-4.1bn and net result of US$-7.9bn. Results include US$4.8bn of impairments (mainly on Mining assets) and US$1.4bn in inventory write-downs on weak steel prices. No need to say these results and the capital increase will weigh on the share price. On top of this, the guidance for FY16 so far calls for an EBITDA of US$4.5bn (i.e. another c. -15%) "in current operating conditions". This would be far below our and the market’s expectations (US$5.4-5.5bn). The group also announced the disposal of its 35% stake in Gestamp (a Spanish supplier to the auto industry) for €875m. The Mittal family will take part in the capital issue to take place in H1 on the basis of its current stake, and thus invest c.US$1.1bn.
Q3 15: the going gets (real) tough …
06 Nov 15
ArcelorMittal's 9 months figures: revenues reached US$15,589m (-7.3% qoq, -22.4% yoy), EBITDA US$1,351m (-3.5% qoq, -29.1% yoy), operating income a mere US$20m (vs US$579m and US$959m respectively) and finally, net result a loss of US$711m vs US$179m and US$22m in Q3 14. Note Q3 (mainly) includes a US$527m charge at the operating level relating to inventory write-offs. Net debt at the end of Q3 totalled US$16.8bn vs US$16.6bn in June and US$17.8bn in Q3 14. The group issued a profit warning (the second one this year), now calling for an EBITDA of US$5.2-5.4bn for FY15 vs US$6-7bn previously, on the back of deteriorating conditions, driven both by the pressure on the price side (Chinese exports) and a wait-and-see attitude from customers. The group also announced its intention to suspend its dividend for 2015.
GMP FirstEnergy ― UK Energy morning research package
06 Dec 16
Transglobe Energy (TGL CN); BUY, C$5.25: Homeward bound… back to Canada | Great Eastern Energy Corporation (GEEC LN) (not covered): Reserves update in India | BP (BP LN) (not covered): Acquiring interest in Tangguh in Indonesia | Exillon Energy (EXI LN) (not covered): Production update in Russia | Genel Energy (GENL LN); SPECULATIVE BUY, £2.60: Receipt of payment for Taq Taq export in Kurdistan | ExxonMobil (XOM US) (not covered): Relinquishing blocks in Kurdistan
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
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.
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.