Goldilocks in Scrap Metal Lifts Our Valuation for Sims, but Shares Remain Overvalued
Strong conditions in global steel markets in first-half fiscal 2018 saw no-moat Sims post another exceptional set of results. Revenue was up 25% on the prior corresponding period to AUD 2.98 billion, while underlying EBITDA rose 35% to AUD 180 million and underlying diluted EPS increased by 32% to AUD 0.40. The interim dividend of AUD 0.23, fully franked, was a 15% increase over the first half of 2017. The 58% payout ratio, as a portion of underlying net income, slightly exceeded the guidance ra...Sims Metal Management buys, processes and sells ferrous and non-ferrous recycled metals and provides environmentally responsible solutions for the disposal of post-consumer electronic products, including information technology assets recycled for commercial customers. Co.'s product groups are: ferrous secondary recycling, which collects, processes and trades iron and steel secondary raw material; non-ferrous secondary recycling, which collects, processes and trades other metal alloys and residues; recycling solutions, which disposes post-consumer electronic products; and secondary processing and other services, which focuses on melting, refining and ingoting of certain non-ferrous metals.
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