Jefferies kertoo SSAB:n olevan 65 SEK (6,48 EUR) & “Buy”, ja arvioi teräsmarginaalien EBITDA/ton noin yleensä nousevan
2Q → 3Q: +34% (220 EUR/t)
3Q → 4Q: +4% (230 EUR/t)
Jefferies ohjeistaa jutussa jenkki ADR:ää, ilmeisesti mutta puhtaasti omaan päättelyyn perustuen 2 ADR vastaa 1 SSAB:n A-osaketta, koskapa eilen A-lappu päätti Hesassa noin 4,40 EUR, kun taas SSAAY päätti 2,55 USD, kurssilla 1,16 jaettuna 2,20 EUR. Ts 2 x 2,20 = 4,40 EUR. Myös mainittu 2Q tulos EPS 0,19 USD=0,16 EUR; 2x0,16=0,32 EUR viittaisi samaan. Kauppalehti 2Q: 0,31 EUR
2021: 0,66 USD → 0,57 EUR; 2x 0,57 EUR= 1,14 EUR
2022: 0,48 USD → 0,41 EUR; 2x 0,41= 0,82 EUR
KL EPS:
1Q: 0,14 EUR
2Q: 0,31 EUR
= 0,45 EUR
→ Jefferies 2h2021: 1,14-0,45=0,69 EUR
Vielä voisi todeta, että koska uusimman Talouselämän (Factset) mukaan kurssilla 3,65
2021 P/E=3
2022 P/E=6
niin Jefferies 2021 on vastaava P/E, mutta 2022 korkeampi, 4,45 tuolla mainitulla 3,65 EUR kurssilla
** Despite normal seasonality dictating that Q3 earnings should be weaker quarter-on-quarter, rising prices/margins and profit and loss lags will drive sequential strength in underlying earnings for steel producers, Jefferies says
** It expects euro carbon steel EBITDA/t increasing 34% quarter-on-quarter in Q3 to $220/t with a moderate expansion in Q4 to $230/t (+4%), compared against seasonally adjusted averages of $60/t and $56/t, respectively
** During Q3 result calls the broker expects steel companies to give an early steer on visibility into the new year
** Jefferies raises Outokumpu OUT1V.HE to “hold” from “underperform” citing the Finnish company’s position as largest European stainless steel producer and unique exposure to
ferrochrome (FeCr)
** Windfall profits in 2021, in addition to a strategically timed EUR 209 million rights issue in May looks to have finally fixed Outokumpu’s balance sheet, it adds
** The brokerage keeps its “hold” rating on Aperam APAM.AS , Tenaris TENR.MI and Voestalpine VOES.VI
** Jefferies’ “buy”-rated names in the sector still are ThyssenKrupp TKAG.DE , SSAB SSABa.ST , Salzgitter SZGG.DE , Acerinox ACX.MC , Kloeckner & Co KCOGn.DE , Vallourec VLLP.PA and ArcelorMittal MT.LU
** It points out that ArcelorMittal, “the bellwether for the steel industry”, is expected to deliver a record quarter with Jefferies forecasting “a confident tone on the medium-term outlook”
https://www.stockopedia.com/share-prices/ssab-ab-STO:SSAB%20A/news/buzz-european-steel-jefferies-sees-sequential-strength-in-underlying-q3-earnings-urn:newsml:reuters.com:20211011:nL8N2R70ZH/
SSAB AB (publ) (OTCMKTS:SSAAY) – Stock analysts at Jefferies Financial Group lifted their FY2021 EPS estimates for SSAB AB (publ) in a report released on Monday, October 11th. Jefferies Financial Group analyst A. Spence now expects that the basic materials company will post earnings per share of $0.66 for the year, up from their previous forecast of $0.57. Jefferies Financial Group also issued estimates for SSAB AB (publ)’s FY2022 earnings at $0.48 EPS.
SSAB AB (publ) (OTCMKTS:SSAAY) last issued its earnings results on Wednesday, July 21st. The basic materials company reported $0.19 earnings per share (EPS) for the quarter. The business had revenue of $2.81 billion during the quarter, compared to analysts’ expectations of $2.88 billion. SSAB AB (publ) had a net margin of 5.92% and a return on equity of 7.80%.
https://www.americanbankingnews.com/2021/10/12/jefferies-financial-group-brokers-increase-earnings-estimates-for-ssab-ab-publ-otcmktsssaay.html