reports
- Andy Jones
1H17 financial results – leverage down to 2x and dividend reinstated...
EVRAZ reported its 1H17 financial results this morning. EBITDA of USD 1,152m was in line with the consensus and net income was only USD53m, 90% below the consensus due to several non-cash one offs, which should be overlooked by the market, in our view. FCF of USD 192m (our definition excluding cash from the recent spin-offs) was 7% lower than the USD 207m we expected, due to the EBITDA, which was c.USD 50m below our forecast (set before the weaker-than-expected trading results).
- Andy Jones
2H16 financial results – consensus-beating EBITDA and FCF, despite n...
EVRAZ has reported its 2H16 financial results. EBITDA was USD 965m, 6% ahead of the consensus, driven by lower costs, as revenues of USD 4.17bn were in line. The North American business was the main source of deviation as it generated USD 1m of EBITDA vs. our expectation of a large loss. FCF was up 2.8x hoh to USD 560m (68% above our forecast), helped by a USD 133m release of working capital; as a result, net debt fell 9% hoh to USD4.74bn (our definition), implying 3.1x LTM EBITDA from 4.8x at t...
- Andy Jones
EVRAZ: 4Q16 trading update – prices broadly in line, slightly weaker...
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...
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