No-Moat Sims Lowers 1Q2019 Guidance on Soft Non-Ferrous Scrap Volumes; FVE Unchanged
No-moat Sims Metal’s revised guidance disappointed the market, but tracks our long-term thesis for the firm. We retain our fair value estimate of AUD 10.10 per share, in spite of the near-term downgrade. Management lowered first-quarter fiscal 2019 EBIT guidance to a range of AUD 58 million to AUD 63 million, down from a previous AUD 73 million. The downgrade relates to soft performance from Sims' joint venture associate, SA Recycling, or SAR, which is now expected to deliver AUD 10 million to A...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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