Outokumpu Oyj

Outokumpu is organized into the following five business areas: Coil Europe, Middle East and Africa, which consists of stainless operations as well as ferrochrome production in Europe; Coil Americas, which produces standard austenitic and ferritic grades as well as tailored products; APAC, which includes cold rolling facility and coil and plate service center in China, as well as a coil service center in Australia; Quarto Plate, which is comprised of the quarto plate production facilities in Sweden and in the U.S.; as well as Long Products, in which its products are used in a range of applications such as springs, wires, surgical equipment, automotive parts and construction.
  • TickerOUT1V
  • ISINFI0009002422
  • ExchangeNasdaq Nordic Helsinki
  • SectorIndustrial Metals & Mining
  • CountryFinland
Alain William ...
  • Fatma Agnès Hamdani
  • Jean-François Granjon
  • Jerôme Bodin

ODDO BHF Small & MIDCAP MORNING NEWS - 07/03/2020

Ecology and economic development are often depicted as opposing forces. The European Green Deal pulls off the feat of promoting the former to ensure the latter. Whilst its financing may have raised doubts, the prospect of the € 750bn recovery plan underpins its credibility. Better still, this plan, which proposes for the first time a pooling of debts, is revolutionary. Indeed, for the sectors and stocks concerned, it catalyses the cumulative effects of the additional activity that th...

Alain William ...
  • Fatma Agnès Hamdani
  • Jean-François Granjon
  • Jerôme Bodin

ODDO BHF Small & MIDCAP MORNING NEWS - 03/07/2020

On oppose souvent écologie et développement économique. Le pacte vert européen réussit le tour de force de promouvoir la première pour assurer le second. Si son financement a pu soulever des doutes, la perspective d’adoption du plan de recovery de 750 Md€ renforce sa crédibilité. Mieux, ce plan, qui propose pour la première fois une mutualisation des dettes, est révolutionnaire. En effet, il catalyse pour les secteurs et valeurs concernées, les effets cumulés du supplément d’activité ...

Alain William

Outokumpu : The call on the market confirms strain on the balance sheet. The pertinence of the divestment of Outokumpu Americas validated

>Moderate decline in shipments confirmed for Q2 2020 - Outokumpu CFO Pia Aaltonen-Forsell has confirmed that shipments were set to be down by 10-20% in Q2 2020, in line with management’s guidance. Outokumpu Europe (OE) appears to have been more resilient than Outokumpu Americas (OA). The CFO also confirmed 1/ an upturn from a still low base in the segments that were hit early and significantly by the COVID-19 crisis, such as automotive (low exposure) and home applianc...

Alain William

Outokumpu : L’appel au marché entérine la tension sur le bilan. La pertinence d’une cession d’Outokumpu Americas validée

>La baisse modérée des livraisons confirmée au T2 2020 - La CFO d’Outokumpu Pia Aaltonen-Forsell a confirmé que les livraisons du groupe baisseraient au T2 2020 de 10 à 20% en ligne avec la guidance. Outokumpu Europe (OE) semble avoir mieux résisté qu’Outokumpu Americas (OA). La CFO a aussi confirmé 1/ la reprise sur une base encore faible des segments impactés très tôt et de façon significative par la pandémie de COVID tels que l’automobile (faible exposition) et l’é...

Alain William ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Jean-François Granjon
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Oussema Denguir
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 05/07/2020

...

Alain William

Outokumpu : The call on the market confirms strain on the balance sheet. The pertinence of the divestment of Outokumpu Americas validated

>Moderate decline in shipments confirmed for Q2 2020 - Outokumpu CFO Pia Aaltonen-Forsell has confirmed that shipments were set to be down by 10-20% in Q2 2020, in line with management’s guidance. Outokumpu Europe (OE) appears to have been more resilient than Outokumpu Americas (OA). The CFO also confirmed 1/ an upturn from a still low base in the segments that were hit early and significantly by the COVID-19 crisis, such as automotive (low exposure) and home applianc...

Alain William

Outokumpu : L’appel au marché entérine la tension sur le bilan. La pertinence d’une cession d’Outokumpu Americas validée

>La baisse modérée des livraisons confirmée au T2 2020 - La CFO d’Outokumpu Pia Aaltonen-Forsell a confirmé que les livraisons du groupe baisseraient au T2 2020 de 10 à 20% en ligne avec la guidance. Outokumpu Europe (OE) semble avoir mieux résisté qu’Outokumpu Americas (OA). La CFO a aussi confirmé 1/ la reprise sur une base encore faible des segments impactés très tôt et de façon significative par la pandémie de COVID tels que l’automobile (faible exposition) et l’é...

Alain William ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Jean-François Granjon
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Oussema Denguir
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 05/07/2020

...

Alain William ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Jean-François Granjon
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Oussema Denguir
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 07/05/2020

...

Alain William

Outokumpu : The decline in deliveries and EBITDA should be contained in Q2 despite the pandemic

>A (moderate) decline in deliveries in Q2 2020 - Management indicates that it took preventative measures in the face of the COVID-19 (as of end-February). The order book remains robust in Q2 2020 but management thinks that a share of orders is unlikely to materialise. Outokumpu expects its stainless steel deliveries to be down 10%-20%. Note that the group has limited exposure to the markets that have been the hardest hit by the crisis (notably automotive and oil). Con...

Tony Lebon

Outokumpu : Risk of rating downgrade at Moody’s in our view

Outokumpu’s outlook for Q3 is poor on the basis notably of expected lower deliveries in Europe and decreasing ferrochrome price. - Assuming, at end-September 2019, a gross debt of about EUR 1.4bn, debt adjustments of about +EUR 700m (Moody’s methodology), and an adjusted LTM Ebitda of about EUR 290m (EUR 203m expected in 9M-19 by our equity analyst + EUR 89m reported in Q4-18), we calculate an adjusted gross leverage of about 7.2x, which is way above the 4.5x criteria for the B1 i...

Tony Lebon

Outokumpu : Risk of rating downgrade at Moody’s in our view

Outokumpu’s outlook for Q3 is poor on the basis notably of expected lower deliveries in Europe and decreasing ferrochrome price. - Assuming, at end-September 2019, a gross debt of about EUR 1.4bn, debt adjustments of about +EUR 700m (Moody’s methodology), and an adjusted LTM Ebitda of about EUR 290m (EUR 203m expected in 9M-19 by our equity analyst + EUR 89m reported in Q4-18), we calculate an adjusted gross leverage of about 7.2x, which is way above the 4.5x criteria for the B1 i...

Tony Lebon

Outokumpu : Focus Emission

Outokumpu intends to issue a new EUR 250m senior secured bond due 2024. The new bond will be non-callable during 2 years and will have covenants substantially similar to the existing 2021 bonds.The proceeds from the new issue are intended to be used primarily for the voluntary redemption of the company’s 2021 straight bonds which was separately announced on May 9, 2018 (current outstanding amount of EUR 202.5m). The remaining proceeds shall be used for general corporate purp...

Tony Lebon

Outokumpu : Issuance Focus

Outokumpu intends to issue a new EUR 250m senior secured bond due 2024. The new bond will be non-callable during 2 years and will have covenants substantially similar to the existing 2021 bonds.The proceeds from the new issue are intended to be used primarily for the voluntary redemption of the company’s 2021 straight bonds which was separately announced on May 9, 2018 (current outstanding amount of EUR 202.5m). The remaining proceeds shall be used for general corporate purp...

Marc Pierron

OUTOKUMPU- Stronger-than-expected 1Q18 but slight disappointment on 2Q18 outlook

Despite broadly stable deliveries (+0.8% yoy), Outokumpu’s revenue decreased by 5% yoy during the first quarter of 2018, due to lower base prices in Europe, a weaker USD, and a lower ferrochrome price. EBITDA was also lower by c. 55% yoy at €133m as 1Q17 was an exceptional quarter thanks to high ferrochrome prices and substantial steel price increases.

Alain William ...
  • Fatma Agnès Hamdani
  • Jean-François Granjon
  • Jerôme Bodin

ODDO BHF Small & MIDCAP MORNING NEWS - 07/03/2020

Ecology and economic development are often depicted as opposing forces. The European Green Deal pulls off the feat of promoting the former to ensure the latter. Whilst its financing may have raised doubts, the prospect of the € 750bn recovery plan underpins its credibility. Better still, this plan, which proposes for the first time a pooling of debts, is revolutionary. Indeed, for the sectors and stocks concerned, it catalyses the cumulative effects of the additional activity that th...

Alain William ...
  • Fatma Agnès Hamdani
  • Jean-François Granjon
  • Jerôme Bodin

ODDO BHF Small & MIDCAP MORNING NEWS - 03/07/2020

On oppose souvent écologie et développement économique. Le pacte vert européen réussit le tour de force de promouvoir la première pour assurer le second. Si son financement a pu soulever des doutes, la perspective d’adoption du plan de recovery de 750 Md€ renforce sa crédibilité. Mieux, ce plan, qui propose pour la première fois une mutualisation des dettes, est révolutionnaire. En effet, il catalyse pour les secteurs et valeurs concernées, les effets cumulés du supplément d’activité ...

Alain William ...
  • Anis Zgaya
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emira Sagaama
  • Florent Laroche-Joubert
  • Hela Zarrouk
  • Jeremy Garnier
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Oussema Denguir
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 05/06/2020

...

Alain William ...
  • Anis Zgaya
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emira Sagaama
  • Florent Laroche-Joubert
  • Hela Zarrouk
  • Jeremy Garnier
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Oussema Denguir
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 06/05/2020

...

Alain William ...
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Emira Sagaama
  • Fatma Ayachi
  • Jean-François Granjon
  • Jeremy Garnier
  • Martial Descoutures
  • Nicolas Thorez
  • Olfa Taamallah
  • Oussema Denguir
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 04/01/2020

We simulated the impact of COVID-19 on companies in our universe of coverage from an operating viewpoint. Setting target prices is a risky business amid uncertainty and very rapid movements in the financial markets, reacting more to political/sanitary news flow than to corporate disclosures. However, we tried to include the increase in the perceived risk premium and the change in aggregates in our valuations. As the current crisis is set to have radically different impacts on the twen...

Thanks to a better fundamental star rating, OUTOKUMPU OYJ sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to OUTOKUMPU OYJ (FI), active in the Steel industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date January 3, 2020, the closing price was EUR 2.82 and its expected value was estimated at EUR 2.72.

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Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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