Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ARCELORMITTAL. We currently have 11 research reports from 2 professional analysts.
Frequency of research reports
Research reports on
FY16 OK, some hopes for FY17
10 Feb 17
ArcelorMittal reported FY16 results. Revenues reached US$56,791m (-10.6%), EBITDA US$6,255m (+19.6%), operating income US$4,161m (vs US$-4161m) and net income US$1,779m (vs US$-7,946m), keeping in mind FY15 was heavily burdened by impairments (US$4.8bn) and exceptional charges (US$1.4bn). Net debt at the end of FY16 stood at US$11,059m (vs US$15,684m a year ago). No real outlook was given, other than the good momentum mentioned in the market in early 2017.
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.
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
Small Cap Breakfast
19 Apr 17
Global Ports Holding—Intention to float on Standard List. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected 3 May. RTO of Escape Hunt raising £14m at 135p Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1. Admission expected 25 April but capital raising details TBC. ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.