Steel Dynamics, Inc.: Major Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (03/23)

Steel Dynamics had a strong quarter, generating sales, earnings, and cash flow above market expectations. Sinton is demonstrating considerable operating improvement and has a clear path to profitability in the second quarter of 2023. Its New Millennium Building Systems platform delivered good steel fabrication earnings. Their new aluminum group is investing in flat-rolled aluminum with excellent success. Operating income from their steel business reached $3.1 billion. Despite lower average selli

Steel Dynamics: Flat Rolled Aluminum Market & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (09/22)

Steel Dynamics delivered another strong quarter and managed to surpass Wall Street expectations in terms of revenues as well as earnings. Records for steel shipments and price volume in their steel fabrication sector helped boost revenues across all platforms to a record $6.2 billion. As a result of record earnings from steel manufacturing, the company's second quarter 2022 operating income of $1.6 billion increased 8% above first quarter results. As they continue to reduce their reliance on mor

Steel Dynamics Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report, Key Risks & ESG Assessment (06/2022)

Steel Dynamics is one of the biggest steel fabrication players in the world. The company has been delivering a decent set of financial results, relying on a long-term diversified value-adding growth strategy. Its revenues have been growing well off-late thanks to higher realized selling values in their steel fabrication business and ongoing strong performance in their steel and metals recycling operations. Their Butler Flat Roll division benefits from iron dynamics, an on-site liquid pig iron pr

Steel Dynamics Inc.: Initiation of Coverage – Acquisition-Led Growth & Steel Macro, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (06/22)

This is our first report on Steel Dynamics, one of the largest steel fabrication players in the world. The company has been delivering a decent set of financial results, relying on a long-term diversified value-adding growth strategy. Its revenues have been growing well off-late thanks to higher realized selling values in their steel fabrication business and ongoing strong performance in their steel and metals recycling operations. Their Butler Flat Roll division benefits from iron dynamics, an

SP Angel Morning View: Gold holds steady before major US labour data guides Fed cutting cycle

SP Angel Morning View: Gold resumes uptrend as job openings and Fed beige book boost recession trades

Gulf Marine Services (GMS LN) - H1 2024 results

GMS has released its H1 2024 results to the end of June. These report another strong period as the company has continued to generate cash flows from its business and de-lever its balance sheet. Going forward, we continue to look for more new contracts, ongoing cash generation, and further details on shareholder returns and growth initiatives.

Cash tight in 2024, but Kouroussa now producing

SP Angel Morning View: Base metals hold steady whilst speculation over China mortgage support resurfaces

SP Angel Morning View: Copper rebounds as dollar weakens whilst iron ore slumps

Criterium Energy Ltd (TSX-V: CEQ): Debt agreement frees up US$1.5 mm. Increased netbacks. Further payment for Bulu

• 2Q24 production was 812 bbl/d. Criterium held ~C$6 mm in cash at the end of June. These figures are in line with our expectations. • 2Q24 operating costs per bbl have been reduced by 7% compared to 1Q24. With the MGH-40 & MGH-43 wells scheduled to spud imminently and expected to add 150-200 bbl/d each with minimal added variable cost, per bbl operating costs are expected to decrease by a further 30%. • We continue to forecast that Criterium will exit 2024 with ~1,250 boe/d production. At this

AUCTUS ON FRIDAY - 06/09/2024

AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price C$5.80 per share: Initiating coverage – Condor Energies is a ~US$75 mm market cap TSX-listed company focused on low carbon and energy transition opportunities in Central Asia. Condor was transformed in 2024 by the acquisition of >10 mboe/d production of natural gas in Uzbekistan. The key value driver for the shares is the imminent sanction of Condor’s 1st liquefaction plant in Kazakhstan to conve

SP Angel Morning View: Commodity sell-off continues as Bank of Japan hints at further rate hikes and recession fears resurface

Hybridan Small Cap Feast - 6 September 2024

6th September 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, or it is a rumour Dish of the day Admissions: None Delistings: None What’s baking in the oven? Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”. Hybridan Chefs research@hybridan.com Banquet Buffet*** Camelli

SP Angel Morning View: Gold holds steady as dollar sell off pauses as investors gauge strength of US economy

Hybridan Small Cap Feast - 22 May 24

22nd 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, or it is a rumour Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to t

Zeus Industrials Round-up - 14 August 2024

In a volatile period for stock markets, the UK industrial sector has continued its steady improved performance. Manufacturing PMI data reached a two-year high of 52.1 in July with optimism reaching the second-highest level in the survey this year. Inflation remained at 2.0% in June which, coupled with promising labour market data, led the MPC to reduce the base rate by 25bps to 5.0%. Although challenges such as supply chain disruption and economic volatility still remain, the sector’s improving

Southern Energy (SOUC LN) - Disciplined for Growth

Based on the steeply strengthening futures curve for natural prices (see Summary sheet), we believe that Southern Energy’s period of capital discipline will evolve into a period of growth as rising natural gas prices encourage organic growth via drilling.

Morning Note – 24 July 2024