Research that is free to access for all investors. Companies commission these providers to write research about them.
Brokers who write research on their corporate clients and make it available through our main bundle offering.
Research that is paid for directly by asset managers. Only accessible to institutional investors permissioned for access.
Event in Progress:
Discover the latest content that has just been published on Research Tree
The Q3 23 results were weak with the group releasing its lowest EBITDA ever. That said, this included a “triple-digit” negative inventory valuation which tempers this statement. The outlook for Q4 shows that the management does not expect a significant recovery in the very-short term, which is not surprising, particularly in Europe. The downward revision in our numbers will depend on the shape of a potential recovery in the group’s end-markets in FY24, but our target price will obviously go down
Companies: Aperam S.A.
AlphaValue
Aperam released a rather weak, albeit expected, set of numbers for Q223. The group describes Europe as a continent “in recession”, with falling volumes and prices. No significant improvement is expected for Q3. We will have to cut our forecasts and valuation after this release.
The Q123 results came in slightly short of expectations. This was due to destocking in Europe as well as a price/cost squeeze. Q223 should be in a similar vein and may lead us to revise our forecasts downwards (note however that we were higher than the consensus). Our target price is likely to end lower after this revision.
Aperam released an unsurprising set of (good) numbers for FY22. Energy prices, inventory valuation and cost inflation weighed on Q4 margins though (not a surprise either). The outlook calls for a normalization of the group’s markets, as had been expected. We will adjust our numbers a tick downwards, particularly for FY23 and possibly FY24.
The Q322 results were substantially lower than those of the previous quarters. This had widely been expected with pressure on both prices and volumes. No drama though, as profitability remains pretty decent. We will revise our overly-optimistic forecasts downwards. We will also reconsider our valuation metrics given the less positive momentum.
Aperam released a solid set of numbers for Q2 Despite less favourable external factors, margins were still very strong Q3 will show a softening in profitability, at a high level though We will revise our current year forecasts a tick higher with no major impact on valuation
The Q1 22 results were strong (again). The positive outlook for Q2 is reassuring. We still believe that end-markets will slow down at some stage. We will revise upwards our very conservative forecasts but will probably not change our target price much.
The FY 21 results came in slightly higher than consensus. This was driven by prices (c. +30%) and volumes (c. 10%). Energy costs not so much of an issue as long as prices hold up. The group announced a new share buy-back programme of up to €100m. It remains to be seen how long prices can hold up at current levels, but the current context is clearly still supportive. We’ll revise our numbers a tick upwards.
The Q3 21 results came in ahead of market expectations. The outlook for Q4 is encouraging, with prices still at a high level. The market has assessed that it will be difficult to do much better going forward, thus the negative share price reaction. We will still increase our forecasts, at least for the current year, with an under-proportionate impact on the group’s valuation.
A strong Brazil (positive seasonality and high demand) and normalising prices in Europe explain the performance, as well as safeguard measures Shipments remained at a high level in Q2 21 Operating CF was a positive €115m despite a €118m working capital build-up, with FCF at €87m The new share buy-back is not really a surprise despite the ongoing acquisition of ELG in Germany We will revise numbers and valuation upwards
The Q1 21 results came in substantially above consensus Volumes and prices have both helped almost all segments The group will acquire ELG, which we consider as very positive We will revise upwards our numbers and valuation
FY20 results came in above expectations Volumes in Europe, cost control and Brazil explain these nice results Q1 21 is expected to be even higher than the nice Q4 20 The balance sheet remains very solid, allowing for a pleasing dividend policy Expect us to revise upwards our forecasts and price target
Q3 20 very decent thanks to volumes and cost-cutting Q4 20 should be marginally better in terms of profits We will fine-tune our estimates to the upside
H1 20 was obviously severely impacted by the pandemic The group’s profitability has still remained decent thanks to cost cutting Visibility is low but the trough seems behind A tough EU stance on imports would help…
Q1 20 in line and decent Q2 will obviously look tougher with volumes estimated to be down 25% The sound financial structure is a clear plus for Aperam We believe the group to be in a good shape to weather the storm and benefit from the recovery
Research Tree provides access to ongoing research coverage, media content and regulatory news on Aperam S.A.. We currently have 0 research reports from 4 professional analysts.
Companies: HUM CUSN SGML EEE PXC
SP Angel
Companies: ALL ARS SOLG HOC KAV ATN GRL CCZ
17th May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: Scirocco Energy (SCIR.L) has left AIM. UK Commercial Property REIT (UKCM.L) has left the Premium Segment of the Main Market. What’s baking in the oven? ** Potential**** Initial Public Offerings: 7th May: Time To ACT plc, an engineering business focused on tech
Companies: PIP RNO ORCP HUM CNR UKOG ENET
Hybridan
Diversified Energy, Touchstone Exploration, Savannah Energy, Chariot, Plexus Holdings, Energean, Gulf Keystone Petroleum, PetroTal Corp, Ithaca Energy, Pantheon Resources, Serinus Energy, Angus Energy, Aker BP, Equinor, BlueNord ASA, Invictus Energy Source: FactSet, weekly change 18/03/24-22/03/24 Oil edged lower to settle below $81 a barrel after a stronger dollar curbed investor appetite for commodities, offsetting signs of a tighter global crude market. Refined product supplies are looking m
Companies: TXP POS SAVE DEC CHAR
Cavendish
PetroTal has released its Q1 2024 results. These confirm a period of strong production and cash flows, based on supportive river levels facilitating exports, alongside the positive impact of new drilling on production capacity.
Companies: PetroTal Corp.
Zeus Capital
Companies: Trident Royalties Plc
Liberum
Last week we attended a site visit with Serica Energy in Scotland. We toured facilities near Edinburgh into which liquids from the company’s Bruce, Keith, Rhum, Erskine and Columbus assets are received via the Forties pipeline system, processed, and then re-exported to market.
Companies: Serica Energy PLC
Economic and industrial data has started the second quarter on slightly weaker grounds than Q1 as Manufacturing PMI in the UK, Eurozone and US all reported April indexes below March levels. Cracks seem to be appearing as recent drops in new orders and rising input costs are quickly dampening confidence. Inflation did, however, fall MoM across the board with the exception of the US, where volatile energy prices caused a modest MoM increase in the inflation rate.
Companies: TAND AVON RCDO TRI SYM ABDP KETL
Companies: Kore Potash PLC
Shore Capital
• Chariot is farming-out up to 55% in Anchois (Lixus licence) and 37.5% of the Rissana exploration licence to Energean for (1) up to US$75 mm in cash equivalents, including a US$50 mm loan convertible into Energean shares at a price of £20/sh or 3 mm Energean shares at Chariot’s option, (2) up to US$850 mm gross carry (US$170 mm net to Chariot based on US$850 mm x 20%) and (3) a 7% royalty on Energean’s share of revenue above a hurdle for gas price (we have assumed US$10/mcf). • The transaction
Companies: Chariot Limited
Auctus Advisors
• PetroTal is acquiring Block 131 onshore Peru including the Los Angeles field from CEPSA for US$5 mm. The field produces ~900 boe/d from 4 existing wells and holds 4.9 mmbbl of 40-45 deg API oil 2P reserves. • We estimate that 3 new wells (at ~US$12 mm per well) could increase production to 2-3 mbbl/d. There are also opportunities to develop bypassed oil with horizontal wells drilled high on the structure. • The oil is currently sold at the Iquitos refinery and passes by the Bretana field (in b
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: Spudding high impact well – Drilling operations have started at the Carrizales Norte B Pad Horizontal Well 1. This is the first horizontal well drilled in the Ubaque on Tapir. Three more horizontal wells will be drilled on the pad. Delivering good flow rates at these wells will be very important for future production growth. Arrow held US$12.4 mm in cash at the beginning
Companies: EQNR TAO GPRK GKP MAHAA AOI AXL TAO TXP TLW CASP HBR ZPHR CHAR GPRK EQNR SENX KIST
Companies: CPH2 TIDE MRL JNEO
Chariot has signed a partnership agreement with Energean (LON:ENOG), funding Chariot and the Anchois project through an upfront consideration, deferred consideration and potentially a full carry to first gas, with Chariot retaining a material stake in the project. The partners will now accelerate the drilling and flow testing of the Anchois East well in 2024, with rig contract negotiations underway. The multi-objective well, designed as a future producer is being drilled to unlock up to an addit
Companies: FOG PEB KBT EMR TIME GETB JNEO
Share: