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The Q3 23 results showed a marked slowdown vs Q3 22 and, to a lesser extent, sequentially. The stainless segment was to blame, while High-Performance Alloys continued to perform reasonably well. in a context of lower sales, the cash generation was solid and came in better than expected, which further improved the balance-sheet. We will adjust our numbers and target price downwards but see no real drama in these results.
Companies: Acerinox (ACX:BME)Acerinox SA (ACX:MCE)
AlphaValue
Acerinox released an unsurprising set of results. Europe was still weak, while the US did much better, as expected too. The High-Performance Alloys division is doing well. Its different cyclicality is a clear plus for the group. We will not change our numbers much after the release.
Acerinox released a very decent and consensus-beating set of results for Q1 23. Despite the headwinds in stainless in Europe, the group’s geographic balance has helped it improve its results significantly vs Q4 23, thanks to the US and to the smaller Performance Alloys segment. We will upgrade our forecasts at least for the current year, despite the fact we are rather at the high-end of expectations.
Similarly to what peers Aperam and Outokumpu had already communicated, Acerinox posted a very strong performance in FY22, even if there was a significant slow down in Q4. For sure, the current year is likely to be less spectacular, even if no disaster is in sight. We had already factored in this likely scenario looking forward and will not change our numbers and target price materially after this release.
Acerinox released a decent set of Q3 numbers in the current circumstances. Margins (EBITDA) remained in double-digit territory despite higher energy prices and softer demand. The group is guiding for a lower EBITDA in Q4 vs Q3, which is no real surprise. We will revise our estimates a tick down after these numbers. The valuation however remains undemanding.
Acerinox released a solid set of numbers for Q1 22 These were supported by healthy demand and very strong prices, while the Alloys segment is slowly recovering Net debt is only increasing due to the working capital build-up Despite the fact we will revise our (too conservative) forecasts upwards, we may not change our target price materially
The FY21 numbers came in well in line with the street’s and company’s guidance. The pricing situation has remained good in Q4 and going into FY22 despite the less positive comments on costs (energy and freight), of course if the geopolitical context does not worsen. Net debt is under control. This comes despite a €460m increase in working capital and allows for a significant return to shareholders. No big change to our numbers to be expected after this release.
The nine months results came in above expectations. This was true for both the Stainless Steel and High-Performance Alloys divisions. The outlook released by the group is very supportive for Q4 21 and possibly Q1 22. We will revise our numbers upwards.
The Q1 21 results were excellent with the positive trend witnessed since H2 20 continuing in Q2 The final demand and the rebuilding of inventories explain this strong upward trend Anti-dumping measures, in both the US and Europe, supported this trend Margins (13% at EBITDA level in Q2, 14% in Stainless) not seen since 2006 The outlook (at least for Q3) is very supportive Despite the lack of visibility after Q3, we will upgrade forecasts and target price
Q1 results came in above expectations The stainless steel segment was very supportive The Alloys segment was still underperforming despite an improving order-book The group’s margins were close to historical highs We will fine-tune our numbers after this positive release
FY20 results came in above expectations The integration of VDM seems to be going alright The outlook for Q1 21 is rather promising We will upgrade our numbers and target price
Q320 again showed the resilience of the group However, High Performance Alloys remained weak Q4 set to be of the same vein as Q3 No major changes to our numbers
Companies: Acerinox SA
H1 20 results were almost stable on last year’s Even if the group benefits from the first consolidation of VDM, the group’s performance was very good in Q2 given the context The outlook calls for a stable situation vs Q2 The group seems on track to reach our numbers for the current year
FY19 numbers were in line with impairments, inventory write-downs and exceptional items leading to lower than expected net results Net debt is well under control, a good piece of news ahead of the VDM acquisition The latter will be the main earnings growth driver in the short term, we believe The outlook looks decent, with no real comment so far on the Coronavirus outbreak
Q3 19 came in line and was in fact slightly higher than the group’s own guidance. Margins thus remained rather healthy given the context, showing the efforts made on the cost side. Cash flow was pleasing and deleveraging is still on the cards. Europe was still suffering (imports and economic slowdown) but the US was supportive. Q4 should be similar to Q3, while visibility is low on 2020. We will marginally adjust our numbers to the downside.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Acerinox SA. We currently have 0 research reports from 2 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
NextSource is uniquely positioned to build a leading vertically integrated position, ex China, in the supply of Lithium-ion battery anode material which is essential for the Energy Transition. The company is commissioning phase 1 of its world-class Molo graphite mine in Madagascar and is in the final permitting process for its first Battery Anode Facility (BAF) to be located in Mauritius. The company is backed by Vision Blue, established by Sir Mick Davis, former CEO of Xstrata. On our calculat
Companies: NextSource Materials Inc
Capital Access Group
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
GMS has announced a new contract award, at improved day rates, adding to order book and overall revenue momentum.
Companies: Gulf Marine Services PLC
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
What you need to know: • JEV announced that it has commenced a strategic process to explore the spin-off of its hydrogen portfolio. We view this as a strong positive for shareholders. • Over the past month, JEV also closed a $2.2M private placement and amended the terms on its debentures, setting up the Company for this transaction. Yesterday after market close, Jericho Energy Ventures Inc. (JEV:TSXV, JROOF:OTC) announced that it has commenced a strategic process to explore the spin-off and s
Companies: Jericho Energy Ventures Inc
Atrium Research
CPH2 has released FY23 results with the company completing the period with a slightly lower cash outflow from operations and a higher cash balance than forecast. Looking ahead, with a new and improved technical and engineering team, the company has committed to completing Factory Acceptance Testing of its first MW scale electrolyser, the 0.5MW MFE110, within the next three months. In our view, this will be a major milestone for the company which will demonstrate that its unique technology can be
Companies: Clean Power Hydrogen PLC
Cavendish
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