WOOD Flash – EVRAZ: 2H17 financial results – above the consensus
This morning, EVRAZ reported its financial results, which were above our forecasts and the consensus. As a result of its rapid deleveraging (EVRAZ is now on 1.5x ND/EBITDA, a much more sustainable level than the 4x+ levels of its recent past), EVRAZ has declared a USD 0.3/share dividend for 2H17, which implies a 5.1% semi-annual yield. The company has now announced that its minimum dividend payout will be USD 300m annually as long as the ND/EBITDA is below 3x. This does not provide much guidance, in our view, as we still have an unclear picture over whether deleveraging or dividends are the priority for EVRAZ, but it does imply at least a 3.6% yield based on the current share price.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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