MMK Q4 21 Earnings Preview - WC release to maintain Q4 21e FCF and final DPS for 2021e
- Q4 21e EBITDA to be pressed by weaker qoq steel prices as well as export duty payments- Yet, expected WC release should support free cash flow in Q4 21e
- We estimate DPS for Q4 21e at USD 0.79/GDR with a DY of over 8%
- The company will report Q4 2021 results next week on February 28
Magnitogorskiy Metallurgicheskiy Kombinat PAO, formerly Magnitogorskiy metallurgicheskiy kombinat OAO, is a Russia-based company, active in the steel industry. Its main products are sinter, coke, iron, crude steel, rolled products and ore materials. The Company offers a wide range of products such as wire rod, rebars, square bars, strips, round bars, among others. It is also involved in the coal ore mining, processing of ore materials, sale of ferrous metal products and others. Magnitogorskiy metallurgicheskiy kombinat OAO operates as a supplier for such industries as: pipelines, vehicles, railway, construction and shipbuilding, among others. Its subsidiaries include Lys'venskaya Metallurgicheskaya Kompaniya OOO, among others. The Company operates domestically, as well as exports its products to the Commonwealth of Independent States (CIS) countries, Asia, the Middle East and Europe.
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