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The Q3 23 results were solid, coming in above the consensus and our own expectations. The Special Steel business as well as the “Americas” proved resilient in terms of prices while Europe and the “side-businesses” suffered. Lower input costs led to satisfactory results. The sound cash generation led the group to suggest a share buy-back (up to 4.5% of the share capital at the current price). We will revise our forecasts and target price a tick upwards.
Companies: SSAB (SSAB-A:STO)SSAB AB Class B (SSAB.B:OME)
AlphaValue
SAAB released Q223 numbers which were almost in line with the street’s expectations. That said, the market focused on the deteriorating outlook going in to Q3 and possibly the end of the year. Europe, in particular, remains a concern. In this context, we will most likely revise downwards our numbers, at least for FY23.
The Q123 results came in higher than consensus. Of course, they were down compared the fantastic FY22, but held up reasonably well, in particular thanks to volumes. This bodes well for the Swedish group in terms of its ability to post sound results going forward. That said, the momentum in the sector has partly faded away and it is becoming increasingly difficult for players to post strong share price performances.
The group posted, as expected, record results for FY22. The momentum of the steel market has faded away, but to a lesser extent than feared so far. Price (and margins) will still decline going into Q1 23. We will revisit our estimates after this release, as well as integrate the likely share buy-back.
A very decent set of numbers for Q3 22. The outlook calls for a degree of slowdown in Q4. We will adjust our numbers a tick to the upside for FY22, with no major impact on valuation. Despite its low valuation ratios, the stock still suffers from unfavorable momentum.
Companies: SSAB (SSAB-A:STO)SSAB AB Class A (SSAB.A:OME)
Research Tree provides access to ongoing research coverage, media content and regulatory news on SSAB. We currently have 35 research reports from 3 professional analysts.
Alien today reports intraday that the Western Australian Government has granted a mining licence for the Hancock iron ore project for a 21-year term. The granting of the mining licence is the latest milestone delivered by Alien as it advances the project towards development and production.
Companies: Alien Metals Ltd
WHIreland
Companies: A4N ARS ANTO RIO TYM AAZ AAL SRB EEE
SP Angel
Companies: CLA STM GLN FXPO KAV GWMO CEY BHP THX EEE
I3 has announced the sale of the majority of its royalty interests in Canada, for US$24.8m cash. This allows the company to fully repay amounts drawn on its debt facility and create a working capital surplus, giving I3 significant additional funding flexibility going forward
Companies: i3 Energy Plc
Zeus Capital
Companies: AURA G6M PDL HUM KAV JAY RBW CUSN AFP GMET
Challenger has announced a £1.5m investment in the company from investor Charlestown Energy. This now allows Challenger to be fully funded for the foreseeable future as it works towards closure of its significant Uruguay farm out to Chevron, and the US$12.5m cash payment to be received once this is achieved.
Companies: Challenger Energy Group PLC
Enwell has released its Q1 2024 update, showing ongoing production and limited natural decline versus the previous period, alongside further cash generation.
Companies: Enwell Energy plc
Jubilee today reports its Q3 and third quarter operational results from its expanding operations in Zambia (copper) and South Africa (chrome and PGM). South Africa is on a growth trajectory with record chrome production of 409kt in the quarter (Q2 FY2024 381kt) and a monthly record in March of 145kt and production YTD of 1.13Mt (0.94Mt). Jubilee is well underway to its annual target capacity of 2,1Mt/yr especially with the new 300kt/yr chrome plant at Thutse expected to be operational in August
Companies: Jubilee Metals Group PLC
• The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate. • Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Tethys Oil’s unrisked recoverable prospective resources on the block are estimated to be 435.9 mmbbl (Pmean). • The geological chance of success ranges from 6% to 11% for the six
Companies: Tethys Oil AB (TETY:OME)Tethys Oil Ab (TETY:STO)
Auctus Advisors
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