Sberbank - Evraz PLC (EVR) Evraz - 2H18 IFRS: EBITDA In Line, Strong FCF Generation

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Sberbank

Alexey Kirichok ...

Irina Lapshina

Evraz - 2H18 IFRS: EBITDA In Line, Strong FCF Generation

Evraz has reported solid 2H18 IFRS results. EBITDA was in line with the consensus and our estimates, while leveraged FCF outpaced our estimates thanks to below-guidance capex. The BoD recommended a dividend of $577 mln (5.4% yield) for 4Q18, bringing the full-year 2018 payout to 90% of LFCF. At spot commodity prices and the current USD/RUB rate, Evraz is trading at an attractive 15% LFCF yield, but we highlight the potential M&A risks and reiterate our HOLD recommendation.

28/02/2019 4 EN

Underlying

Evraz PLC

Evraz engages in the production and distribution of steel and related products and coal and iron ore mining. Co. also produces vanadium products. Co. has four segments: Steel, which includes production of steel and related products at all mills except for those in North America, and includes the extraction of vanadium ore and production of vanadium products, iron ore mining and enrichment and certain energy-generating companies; Steel, North America, which includes production of steel and related products in the U.S. and Canada; Coal, which includes coal mining and enrichment; and Other operations, which includes energy-generating companies, shipping and railway transportation companies.

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GB00B71N6K86 London Stock Exchange United Kingdom

Provider

Sberbank

Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.

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Analysts

Alexey Kirichok

Irina Lapshina

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Evraz - 2H18 IFRS: EBITDA In Line, Strong FCF Generation

Aperam S.A. - Mergers & Acquisitions (M&A), Partnerships & Alliances

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Russian Consumer - Unemployment and Income: The Outlook for 2022

Russian Banks - What We Know at This Stage

Russia FX/Rates Snapshot - March 24, 2022. Ruble Could Take a Pause After Sharp Gains

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