Schnitzer Steel Industries Closes Out an Impressive Fiscal 2018, but Shares Still Look Rich
Schnitzer Steel Industries' fiscal 2018 represented the company's third consecutive year of higher profits. The company benefited from an improved cost structure as well as the most favorable steel market conditions we've seen in many years. Accordingly, adjusted EBITDA grew 90% to $198 million from $105 million in the prior year. With our long-term outlook intact, our $22 per share fair value estimate and no-moat rating are unchanged.For a company that has struggled to generate attractive retu...
Schnitzer Steel Industries is engaged as a recycler of ferrous and nonferrous scrap metal, including end-of-life vehicles, and a manufacturer of finished steel products. The company has two segments: Auto and Metals Recycling, which acquires and recycles ferrous and nonferrous scrap metal for sale to foreign and domestic metal producers, processors and brokers, and procures salvaged vehicles and sells serviceable used auto parts from these vehicles through a network of self-service auto parts stores; and Cascade Steel and Scrap, which produces a range of finished steel long products using ferrous recycled scrap metal and other raw materials.
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