Evraz - 4Q18 Trade Update: Strong Pricing to Drive Up 2H18 Earnings
Evraz has released a mixed 4Q18 trade update, which showed subdued steel and vanadium volumes but strong coal volumes and pricing across the board. Overall, we expect Evraz's 2H18 EBITDA to total around $1.9 bln, bringing the full-year figure to $3.8 bln, 7% above the consensus. Cash flow generation should be strong, with LFCF of around $1.8 bln in the full year, for an almost 20% yield. This could bring the final dividend for 2018 to $0.6-0.7 bln, for a solid 7% yield. Evraz will report its full-year financial results on February 28.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.
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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