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 ...
  • 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...

Alain William ...
  • Alexandre Iatrides
  • Benoit Valleaux
  • Emira Sagaama
  • Fatma Ayachi
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Olfa Taamallah
  • Roland Pfaender,MBA,CFA,CCRA
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 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...

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 - 01/04/2020

Nous avons simulé l’impact du COVID-19 sur les sociétés de notre coverage d’un point de vue opérationnel. La détermination d’objectifs de cours est plus hasardeuse dans ce contexte d’incertitude et de mouvements très rapides des marchés financiers, réagissant davantage à un newsfow politique/sanitaire qu’aux communications des sociétés. Nous avons toutefois intégré l’augmentation de la prime de risque perçue et la modification des agrégats dans nos valorisations. Cette crise ayant des...

Alain William ...
  • Alexandre Iatrides
  • Benoit Valleaux
  • Emira Sagaama
  • Fatma Ayachi
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Olfa Taamallah
  • Roland Pfaender,MBA,CFA,CCRA
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 01/04/2020

Nous avons simulé l’impact du COVID-19 sur les sociétés de notre coverage d’un point de vue opérationnel. La détermination d’objectifs de cours est plus hasardeuse dans ce contexte d’incertitude et de mouvements très rapides des marchés financiers, réagissant davantage à un newsfow politique/sanitaire qu’aux communications des sociétés. Nous avons toutefois intégré l’augmentation de la prime de risque perçue et la modification des agrégats dans nos valorisations. Cette crise ayant des...

Alain William

ODDO : Q1 2020 results already impacted by the COVID-19 epidemic

>A good Q1 2020 up until mid-March - In Europe, imports remained under control in Q1 2020 (after reaching 28% market share in 2019 vs a historic level of 22/23%). This improvement resulted from the combined impact of 1/ the implementation by the EU of the registration of shipments from China, Taiwan and Indonesia since 24 January (risk of retroactive anti-dumping duties) and 2/ the use by China of its entire hot-rolled bands import quota .The favourable seasonality of...

Alain William

ODDO : Q1 2020 results already impacted by the COVID-19 epidemic

>A good Q1 2020 up until mid-March - In Europe, imports remained under control in Q1 2020 (after reaching 28% market share in 2019 vs a historic level of 22/23%). This improvement resulted from the combined impact of 1/ the implementation by the EU of the registration of shipments from China, Taiwan and Indonesia since 24 January (risk of retroactive anti-dumping duties) and 2/ the use by China of its entire hot-rolled bands import quota .The favourable seasonality of...

Alain William

ODDO : Des résultats du T1 déjà impactés par l’épidémie de COVID-19

>Un bon T1 2020 jusqu’à mi-mars - En Europe, les importations sont restées sous contrôle au T1 2020 (après avoir atteint 28% de part de marché en 2019 vs un niveau historique de 22/23%). Cette amélioration a résulté de l’impact combiné de 1/ la mise en place par l’UE de l’enregistrement depuis le 24 janvier des expéditions en provenance de Chine, de Taïwan et d'Indonésie (risque de droits antidumping rétroactifs) et de 2/ l’utilisation par la Chine de l’intégralité de...

Outokumpu Oyj: 1 director bought

A director at Outokumpu Oyj bought 11,000 shares at 2.275EUR and the significance rating of the trade was 68/100. 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

Outokumpu : CMD feedback: no news (not necessarily) is good news

>No new guidance set by Roeland Baan, the outgoing CEO - The outgoing CEO Roeland Baan does not want to commit to new financial targets but rather focus more on mobilising the group to boost operating efficiency. The Vision 2020 plan aimed to deliver: 1 / adjusted EBITDA of € 750m at end-2020 at the market conditions in 2016 (vs € 263m in 2019), a ROCE of 12% (0.8% in 2019) and a gearing ratio of

Alain William

Outokumpu : Feedback du CMD : pas de nouvelle (pas nécessairement) bonne nouvelle

>Pas de nouveaux objectifs fixés par Roeland Baan le CEO sortant - Le PDG sortant Roeland Baan ne veut pas s'engager sur de nouveaux objectifs financiers mais plutôt mobiliser le groupe sur l'efficacité opérationnelle. Le plan Vision 2020 visait un EBITDA ajusté de 750 M€ à fin 2020 aux conditions de marchés de 2016 (contre 263 M€ en 2019), un ROCE de 12% (0,8% en 2019) et un Gearing

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 ...
  • 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...

Alain William ...
  • Alexandre Iatrides
  • Benoit Valleaux
  • Emira Sagaama
  • Fatma Ayachi
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Olfa Taamallah
  • Roland Pfaender,MBA,CFA,CCRA
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 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...

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 - 01/04/2020

Nous avons simulé l’impact du COVID-19 sur les sociétés de notre coverage d’un point de vue opérationnel. La détermination d’objectifs de cours est plus hasardeuse dans ce contexte d’incertitude et de mouvements très rapides des marchés financiers, réagissant davantage à un newsfow politique/sanitaire qu’aux communications des sociétés. Nous avons toutefois intégré l’augmentation de la prime de risque perçue et la modification des agrégats dans nos valorisations. Cette crise ayant des...

Alain William ...
  • Alexandre Iatrides
  • Benoit Valleaux
  • Emira Sagaama
  • Fatma Ayachi
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Olfa Taamallah
  • Roland Pfaender,MBA,CFA,CCRA
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 01/04/2020

Nous avons simulé l’impact du COVID-19 sur les sociétés de notre coverage d’un point de vue opérationnel. La détermination d’objectifs de cours est plus hasardeuse dans ce contexte d’incertitude et de mouvements très rapides des marchés financiers, réagissant davantage à un newsfow politique/sanitaire qu’aux communications des sociétés. Nous avons toutefois intégré l’augmentation de la prime de risque perçue et la modification des agrégats dans nos valorisations. Cette crise ayant des...

Ahmed Ben Salem ...
  • Alain William
  • Anis Zgaya
  • Christophe-Raphaël Ganet
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Louis Boujard, CFA
  • Manuel Martin, CEFA,CREA
  • Martial Descoutures
  • Michael Foundoukidis
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/19/2020

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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.

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