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Research Tree provides access to ongoing research coverage, media content and regulatory news on SSAB AB-A SHARES. We currently have 7 research reports from 1 professional analysts.
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SSAB AB-A SHARES
SSAB AB-A SHARES
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.
SSAB’s 9m numbers: a bit weak
22 Oct 15
Sales reached SEK44,365m (+36.2%), EBITDA SEK3,498m (+4.3%), operating profit SEK674m (-13%), and the net result SEK-206m (-45%). As reminder, Ruukki is consolidated since 29 July 2014. Also remember that these numbers exclude "items affecting comparability", mainly write-downs and restructuring charges (SEK-39m in 9m 2015 and SEK-261m on operating profit in 9m 2014). Net debt at the end of Q3 amounted to SEK24,814m (SEK24,018m in H1). The group also announced it will initiate negotiations to reduce the workforce in Finland (i.e. in former Ruukki) by 295 people which compares to 2,900 in Ruukki and 16,000 overall (i.e. 2%).
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
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.
Minor delay but lower cost and better visibility enhance the investment profile
13 Jan 17
First oil at Stella is delayed by about a month, reducing the contribution of Stella to FY17 production by the same period. While this has an impact on FY17e free cash flow, this is negligible to our valuation. More importantly, FY17 opex are estimated at only US$18/boe, below our estimates of US$20/boe. There are opportunities to reduce opex further. Harrier is expected to reach first oil in 2018, one year earlier than we expected and at a cost of US$40 mm lower than we anticipated. The overall development cost is less than US$6.0/boe. Ithaca holds numerous discoveries around Stella that would be developed with a similar cost structure to Harrier.
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.