EVRAZ: 4Q16 trading update – prices broadly in line, slightly weaker than expected volumes
EVRAZ reported its 4Q16 trading update this morning. Overall, volumes in the steel business, were slightly disappointing (finished steel production were 6% behind our forecast), due mainly to continued weakness in the North American market. Prices were broadly in line with our latest forecasts. However, these were published in October, before the large steel price rally seen in 4Q, so this is also slightly weaker than we would have expected, had we updated our price assumptions following the end of the quarter. Coking coal output was 17% behind our forecasts, despite the large rise in prices, but this was offset by higher coal concentrate prices, which were up 90% qoq to USDÂ 118/t, 15% ahead of our estimates. These results should be taken as neutral/mildly negative by the market in our view.Â
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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