Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SSAB AB-A SHARES. We currently have 8 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
SSAB AB-A SHARES
SSAB AB-A SHARES
FY16 in line; some hope going forward
15 Feb 17
SSAB’s FY16 results. Sales reached SEK55,544m (-2.7%), EBITDA SEK4,951m (+38%), operating profit SEK1,213m (vs SEK-243m) and net income SEK943m (vs SEK-505m). Net debt at the end of FY16 amounted to SEK17,887m (vs SEK23,156m in FY15). No dividend will be proposed. In terms of outlook, the group expects a good level of demand in both North America and Europe for Q1 17, with lower imports into the US. Overall, prices are expected to be on the rise compared to Q4.
Q3 16 in line; some hopes on prices but Q4 to be softer
28 Oct 16
SSAB released Q3 results. Revenues reached SEK13,477m (-1%), EBITDA SEK1,635m (x2.2), EBIT SEK707m (vs SEK-191m) and net profit SEK591m (vs SEK-285m). Over 9 months, revenues reached SEK40,912m (-9.1%), EBITDA SEK3,885m (+12.3%), EBIT SEK1,106m (vs SEK635m) and the net result SEK870m (vs SEK167m). Net debt at the end of Q3 was SEK18.2bn (vs SEK18.4bn in H1 and SEK23.1bn by year-end 15 (pre-capital increase)).
H1 16: not bad; let’s not get too excited though
22 Jul 16
Sales reached SEK27,435m (-10.8%), EBITDA SEK2,329m (-15.2%), EBIT 468m (-44.7%), net income SEK491m (-30.5%). These figures exclude « items affecting comparability », which are now quite low though (SEK-79m in H1 16 vs SEK-39m in H1 15 at the operating level). Operating cash flow reached SEK1,228m (vs SEK2,246m), mainly achieved in Q2 (SEK1,151m) and net cash flow SEK415m.
Conditions of the rights issue
24 May 16
The group will proceed with a rights issue of Class B shares amounting to c.SEK5bn with preferential rights for existing shareholders in SSAB. Shareholders in SSAB are entitled to subscribe for 7 new B shares for 8 old A and/or B shares held. The subscription price is SEK 10.50 per share. For subscriptions to shares that will be registered with Euroclear Finland and listed on Nasdaq Helsinki, the subscription price is to be paid in euros based on the European Central Bank EUR/SEK reference rate on 31 May 2016. The subscription price in euros will be announced via a press release on or about 31 May 2016.
SSAB’s uninspiring Q1 16 and a SEK5bn rights issue
22 Apr 16
Sales reached SEK12,964m (-16.1%), EBITDA SEK764m (-50.%), operating income SEK -190m (vs SEK564m) , net profit SEK-131m (vs SEK314m). Operating cash-flow reached SEK77m (vs SEK784m last year). The group expects stable demand in Q2 with slightly higher prices. Net debt at the end of Q1 stood at SEK23,213m vs 23,156 (at the end of FY15).
FY15: nothing to dream about; decent cash flow though
12 Feb 16
SSAB released FY15 results. Sales reached SEK56,864m (-5.4% pro forma), EBITDA SEK3,655m (-13.3%), operating income SEK-128m (vs SEK1,005m), and a net result of SEK-400m (vs SEK112m). On a clean basis, adding back items affecting comparability, EBITDA would be SEK3,541m and operating profit SEK-242m. Net debt at year-end 2015 reached SEK23,156m (vs SEK24,674m in FY14). No dividend will be proposed. The group also annnounced a workforce reduction (465 or c.3%) to be negotiated before April.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
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.
Playing the long term, with short-term risks
16 Feb 17
After the publication of the annual results, we update our view and highlight the key points. Q4 16 key highlights As a reminder, the company reported results 30% below expectations at $400m for Q4 16. By division: 1) In upstream, underlying replacement costs profit came to $400m, vs. a loss a year earlier of $728m and a loss of $224m in Q3 16, reflecting the ongoing lower costs which have benefited from simplifications, efficiencies and lower exploration write-offs. In the US, the loss is still $147m. Production came in at 2.19mbpd, down 5.5% yoy due to disposals and up 1.8% on an underlying basis thanks to ramp-ups. One of the key events during the quarter was the renewal of BP’s onshore concession in the UAE with a 10% interest in the ADCO onshore oil concession. In terms of outlook, production should be higher in 2017 and will depend on the timing of project start-ups, acquisitions, divestments, and OPEC quota. Also the Abu Dhabi concession will be visible as from Q1 17. 2) In downstream, replacement costs profit came to $877m, down from $1.2bn a year ago and $1.4bn in Q3 16. The US division showed a loss of $371m vs a gain of $1.25bn. Non-US Fuel business earnings halved to $417m due to the weaker refining environment as well as the impact from the particularly large turnaround at the Whiting refinery. In lubricants, profit rose to $357m, reflecting the continued strong performance in its growth markets and premium brands as well as simplifications and greater efficiencies. The margin should remain unchanged for Q1 17. 3) Rosneft. Underlying replacement costs profit came to $135m, down from $235m a year ago, affected by the increased government take. Production was at 1.15mbpd, up from 1.03mbpd a year ago. This reflects the completion of the acquisition of Bashneft and Rosneft’s increased stake in the PetroMonagas venture. BP received a dividend of $322m after deduction of the withholding tax, in July 2016. On the Macondo oil spill, the charge taken for the Q4 16 pre-tax was $530m. This reflects BP’s latest estimates for claims including business economic loss. The pre-tax cash outflow on costs related to the oil spill for the full year 2016 was $7.1bn. Cash flow Excluding the Gulf of Mexico payment, the operating cash flow was $4.5bn. Underlying operating cash flow excluding the oil spill-related payment was $17.8bn for the full year. Proceeds during the year and the scrip dividend were not enough to cover capex and the cash dividend. Gearing at the end of the year increased to 27% ($35.5bn debt), in the high range of the group’s target of 20-30%. Organic capital was $16bn, below original guidance of $17bn to $19bn. Capex in 2017 should be close to $16-17bn. Divestment proceeds should be higher in 2017, close to $5bn and then reducing by $2-3bn per year after 2018. The total costs of the Deepwater payment should fall to $2bn in 2018 and then $1bn per year as from 2019. In 2017, this should be close to $5bn. All in all, including the latest acquisitions, cash flow break-even should be close to $60/bbl in 2017.
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
GMP FirstEnergy ― UK Energy morning research package
17 Feb 17
Enquest (ENQ LN): Speculative Buy, £0.65: Kraken FPSO in the field and hooked up in the North Sea | Ithaca Energy (IAE LN/CN)6: BUY, £1.40: Stella First Hydrocarbons in the North Sea | Bowleven (BLVN LN) (not covered): Denies claims made by Crown Ocean Capital
Share & share alike
14 Feb 17
The rally in the last fortnight, highlighted in the table, reflects a continued flow of positive updates and economic news. The FTSE 250, Small cap and Fledgling indices have reached record highs. We are in the lull ahead of results for those companies with a December year end, a welter of economic data regarding the UK economy, the State of the Union address in the US on 28 February and the UK Budget on Wednesday 8 March. We will learn at that stage the latest forecasts from the Office of Budget Responsibility. As highlighted previously, the reaction to corporate updates will continue to set the tone.