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

Analysts

Alain William

ODDO : Growth and late-cycle commodities: favour AngloAmerican

The coronavirus epidemic added to an already uncertain economic/geopolitical outlook is prompting us to play late-cycle commodities/stocks. We are upgrading AngloAmerican to Buy (vs Neutral) for its exposure to platinoids, diamonds and thermal coal. We are downgrading BHP to Reduce (vs Neutral) for its exposure to iron ore and oil, which are more sensitive to macroeconomics. We maintain our Buy on Eramet, which will benefit from the upturn in manganese and nickel prices. - >§p...

Alain William

ODDO : Croissance et commodités late cycle : privilégier AngloAmerican

L'épidémie de coronavirus ajoutée à des perspectives économiques/géopolitiques déjà incertaines nous incitent à jouer les commodités/valeurs "late cycle". Nous relevons AngloAmerican à Achat (vs Neutre) pour son exposition aux platinoïdes, diamants et charbon thermique. Nous dégradons BHP à Alléger (vs Neutre) très exposé au minerai de fer et au pétrole, plus sensibles à la macroéconomie. Nous demeurons à l’Achat sur Eramet qui profitera de la remontée des prix du manganèse et du...

Alain William

ODDO : Growth and late-cycle commodities: favour AngloAmerican

The coronavirus epidemic added to an already uncertain economic/geopolitical outlook is prompting us to play late-cycle commodities/stocks. We are upgrading AngloAmerican to Buy (vs Neutral) for its exposure to platinoids, diamonds and thermal coal. We are downgrading BHP to Reduce (vs Neutral) for its exposure to iron ore and oil, which are more sensitive to macroeconomics. We maintain our Buy on Eramet, which will benefit from the upturn in manganese and nickel prices. - >§p...

Alain William

ODDO : Croissance et commodités late cycle : privilégier AngloAmerican

L'épidémie de coronavirus ajoutée à des perspectives économiques/géopolitiques déjà incertaines nous incitent à jouer les commodités/valeurs "late cycle". Nous relevons AngloAmerican à Achat (vs Neutre) pour son exposition aux platinoïdes, diamants et charbon thermique. Nous dégradons BHP à Alléger (vs Neutre) très exposé au minerai de fer et au pétrole, plus sensibles à la macroéconomie. Nous demeurons à l’Achat sur Eramet qui profitera de la remontée des prix du manganèse et du...

Alain William ...
  • Alexandre Iatrides
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Jeremy Garnier
  • Jerôme Bodin
  • Nicolas David
  • Roland Pfaender,MBA,CFA,CCRA

ODDO BHF Small & MIDCAP MORNING NEWS - 02/06/2020

...

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.

Outokumpu Oyj: Update Following Recent Upgrade to B2 Positive

CORPORATES CREDIT OPINION 25 May 2017 Update RATINGS Outokumpu Oyj Domicile Finland Long Term Rating B2 Type LT Corporate Family Ratings Outlook Positive Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Hubert Allemani 44-20-7772-1785 VP-Senior Analyst [email protected] Ank

Marc Pierron

OUTOKUMPU - 1Q17 - Record quarter on ferrochrome price, cost savings and market improvement

The Finnish stainless steel producer Outokumpu released yesterday a very strong set of 1Q17 results slightly above market expectations. That said, the 2Q17 guidance (EBITDA somewhat lower than in 1Q17) disappointed the stock market (share price went down 11%)...

Alain William

ODDO : Growth and late-cycle commodities: favour AngloAmerican

The coronavirus epidemic added to an already uncertain economic/geopolitical outlook is prompting us to play late-cycle commodities/stocks. We are upgrading AngloAmerican to Buy (vs Neutral) for its exposure to platinoids, diamonds and thermal coal. We are downgrading BHP to Reduce (vs Neutral) for its exposure to iron ore and oil, which are more sensitive to macroeconomics. We maintain our Buy on Eramet, which will benefit from the upturn in manganese and nickel prices. - >§p...

Alain William

ODDO : Croissance et commodités late cycle : privilégier AngloAmerican

L'épidémie de coronavirus ajoutée à des perspectives économiques/géopolitiques déjà incertaines nous incitent à jouer les commodités/valeurs "late cycle". Nous relevons AngloAmerican à Achat (vs Neutre) pour son exposition aux platinoïdes, diamants et charbon thermique. Nous dégradons BHP à Alléger (vs Neutre) très exposé au minerai de fer et au pétrole, plus sensibles à la macroéconomie. Nous demeurons à l’Achat sur Eramet qui profitera de la remontée des prix du manganèse et du...

Alain William

ODDO : Growth and late-cycle commodities: favour AngloAmerican

The coronavirus epidemic added to an already uncertain economic/geopolitical outlook is prompting us to play late-cycle commodities/stocks. We are upgrading AngloAmerican to Buy (vs Neutral) for its exposure to platinoids, diamonds and thermal coal. We are downgrading BHP to Reduce (vs Neutral) for its exposure to iron ore and oil, which are more sensitive to macroeconomics. We maintain our Buy on Eramet, which will benefit from the upturn in manganese and nickel prices. - >§p...

Alain William

ODDO : Croissance et commodités late cycle : privilégier AngloAmerican

L'épidémie de coronavirus ajoutée à des perspectives économiques/géopolitiques déjà incertaines nous incitent à jouer les commodités/valeurs "late cycle". Nous relevons AngloAmerican à Achat (vs Neutre) pour son exposition aux platinoïdes, diamants et charbon thermique. Nous dégradons BHP à Alléger (vs Neutre) très exposé au minerai de fer et au pétrole, plus sensibles à la macroéconomie. Nous demeurons à l’Achat sur Eramet qui profitera de la remontée des prix du manganèse et du...

Alain William

Outokumpu : A management optimistic for Q1 and the rebound of Outokumpu Americas

>Management particularly constructive - The CEO, Roeland Baan, indicated that orderbook is filling up again, that the utilisation rate is satisfactory and that delivery times have increased to 6 weeks (even 7 for some products). Management is “reasonably” optimistic regarding the Commission’s decision before 12 April to introduce provisional anti-dumping duties on imports of hot-rolled products (HRC) from China, Taiwan and Indonesia and by 12 October to impose defini...

1 director bought

A director at Outokumpu Oyj bought 35,500 shares at 3.747EUR and the significance rating of the trade was 66/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board...

Alain William ...
  • Alexandre Iatrides
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Jeremy Garnier
  • Jerôme Bodin
  • Nicolas David
  • Roland Pfaender,MBA,CFA,CCRA

ODDO BHF Small & MIDCAP MORNING NEWS - 02/06/2020

...

Alain William ...
  • Alexandre Iatrides
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Jeremy Garnier
  • Jerôme Bodin
  • Nicolas David
  • Roland Pfaender,MBA,CFA,CCRA

ODDO BHF Small & MIDCAP MORNING NEWS - 06/02/2020

...

Alain William ...
  • Antoine Boivin-Champeaux
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Michael Foundoukidis
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 02/05/2020

...

Alain William ...
  • Antoine Boivin-Champeaux
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Michael Foundoukidis
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 05/02/2020

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Bruno Cavalier
  • Delphine Brault
  • Michael Foundoukidis
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/27/2020

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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.

Ford Equity International Rating and Forecast Report

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...

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...

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