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.
  • TickerEVR
  • ISINGB00B71N6K86
  • ExchangeLondon Stock Exchange
  • SectorIndustrial Metals & Mining
  • CountryUnited Kingdom

Analysts

Philip Morrish

Value Indicator - UK Basic Resources 12082019

Currently '(TM)Value Indicator - UK basic resources' is a value anlaysis of the Basic Resources super sector of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 12082019

Currently '(TM)Value Indicator - UK main market' is a value analysis of the Basic Resources, Construction & Materials, Telecoms and Utilities sectors of quoted companies on the London Stock Exchange's main market that provdes the reader with indicative longer-term target prices.

Research Team

Focus: Turkey macro – important update; Europe macro – noise, not action, more downside growth risks; Ciech starts preparations for production halt at Romanian plant; OTP Bank – solid set of 2Q19 results, largely in line with our forecasts

HEADLINES: • Turkey macro: important update • Europe macro: noise, not action; more downside growth risks • Ciech: starts preparations for production halt at Romanian plant NEGATIVE • OTP Bank: solid set of 2Q19 results, largely in line with our forecasts • Isbank: 2Q19 highlights NEGATIVE • MLP Care: 2Q19 adjusted EBITDA misses by 8% and a deeper net loss NEGATIVE • SOK Marketler Ticaret: 2Q19 above expectations POSITIVE • Erdemir: 2Q19 financial results - in line with our forecasts, but FCF lower qoq NEUTRAL • Petkim: 2Q19 results - EBITDA in line with expectations • Anadolu Efes: 2Q19 ...

Alexey Bulgakov ...
  • Alexey Kirichok
  • Alisa Zakirova
  • Andrew Keeley
  • Andrey Kuznetsov
  • Ekaterina Sidorova
  • Irina Lapshina
  • Kirill Rogachev

Долговые рынки сегодня - 9 августа 2019

РЫНОК ВНЕШНЕГО ДОЛГА СТРАН СНГВчера на рынке суверенных российских еврооблигаций активность по сравнению с предыдущей неделей снизилась довольно ощутимо. Наибольшая активность наблюдалась в бумагах Россия-35, которые стали лидерами, поднявшись в цене на 0,3 п. п. Также активно проходили торги облигациями Россия-25 E, которые подорожали на 0,2 п. п.ГОСУДАРСТВЕННЫЕ ЦЕННЫЕ БУМАГИНа рынке ОФЗ в первой половине дня наблюдались покупки со стороны нерезидентов. Доходность снижа-лась на 2-3 б. п. вдоль кривой, но позднее, после появления продаж локальными инвесторами, эти потери были отыграны. По итог...

Aleksey Ryabushko ...
  • Alexey Kirichok
  • Andrew Keeley
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Anna Kotelnikova
  • Cole Akeson
  • Fedor Kornachev
  • Irina Lapshina
  • Kirill Rogachev
  • Svetlana Sukhanova

CIS Market Daily - August 9, 2019

MARKET COMMENT - BUYING DIPS ACROSS MARKETS YESTERDAY, NO DISTINCT STORY YET TODAYThe RTS ultimately gained 1.5% to 1,304 yesterday, after spiking on the open and then struggling to maintain gains. A global rally saw the MSCI ACWI rise 1.5%, while this morning's outlook is mixed.STORIES> EM equities see most weekly outflow since August 2015> Gazprom Neft reports relatively strong 2Q19 results> Evraz 2Q19 IFRS in line on EBITDA, FCF; dividend payout 73% of FCF> Rusal 2Q19 IFRS results in line across the board> VTB 2Q19: Weak quarter, high underlying costs, 2H to be stronger> MTS 2Q19 IFRS previ...

Alexey Bulgakov ...
  • Alexey Kirichok
  • Alisa Zakirova
  • Andrew Keeley
  • Andrey Kuznetsov
  • Ekaterina Sidorova
  • Irina Lapshina
  • Kirill Rogachev

Долговые рынки сегодня - 9 августа 2019

РЫНОК ВНЕШНЕГО ДОЛГА СТРАН СНГВчера на рынке суверенных российских еврооблигаций активность по сравнению с предыдущей неделей снизилась довольно ощутимо. Наибольшая активность наблюдалась в бумагах Россия-35, которые стали лидерами, поднявшись в цене на 0,3 п. п. Также активно проходили торги облигациями Россия-25 E, которые подорожали на 0,2 п. п.ГОСУДАРСТВЕННЫЕ ЦЕННЫЕ БУМАГИНа рынке ОФЗ в первой половине дня наблюдались покупки со стороны нерезидентов. Доходность снижа-лась на 2-3 б. п. вдоль кривой, но позднее, после появления продаж локальными инвесторами, эти потери были отыграны. По итог...

Alexey Bulgakov ...
  • Alexey Kirichok
  • Alisa Zakirova
  • Andrew Keeley
  • Andrey Kuznetsov
  • Ekaterina Sidorova
  • Irina Lapshina
  • Kirill Rogachev

Debt Markets Today - August 9, 2019

CIS EUROBOND MARKETThe Russian sovereign Eurobond market saw a substantial drop in activity compared with last week. The Russia 35 was the focus of attention, and it fared the best (+0.3 pp) followed by the Russia 25 E (+0.2 pp).GOVERNMENT DEBTForeign accounts were buying OFZs in the morning, and yields eased 2-3 bps along the curve. Later on locals began to sell and the earlier gains were pared back. Only a few issues (3-5y, 15y and 20y) were yielding 1-2 bps lower by the close, while other OFZs were unchanged. Volumes reached R30 bln, with R11 bln going through in the OFZ 26212.STORIES> Fitc...

EVRAZ plc and Gerdau S.A. : Peer comparison: Evraz has stronger credit ratios, but Gerdau’s financial policies are more conservative

Both steelmakers have cut debt since the commodity downturn of 2015-16. Gerdau's financial policies support continued improvement in credit quality.

EVRAZ plc: Update following change of outlook to positive

Our credit view of EVRAZ plc, reflecting its low leverage, balanced financial policy and healthy liquidity.

Alexey Bulgakov ...
  • Alisa Zakirova
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Anna Kotelnikova

Debt Markets Today - July 8, 2019

CIS EUROBOND MARKETUS Treasury yields shot up following the release of the US jobs report on Friday, causing quotes in the Russian Eurobond market to sink. The Russia 47 posted the sharpest decline (-0.7 pp), followed by the Russia 43 (-0.5 pp).GOVERNMENT DEBTThe rally in the OFZ market set off by CBR Governor Elvira Nabiullina's comment about considering a rate cut at the July meeting continued from the get-go on Friday, with yields falling 3-6 bps. However, later in the session, after the release of the US jobs report, demand faded in the 7y and longer segment, causing yields there to return...

Aleksey Ryabushko ...
  • Alexey Kirichok
  • Andrew Keeley
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Anna Kotelnikova
  • Cole Akeson
  • Fedor Kornachev
  • Irina Lapshina
  • Kirill Rogachev
  • Svetlana Sukhanova

CIS Market Daily - August 9, 2019

MARKET COMMENT - BUYING DIPS ACROSS MARKETS YESTERDAY, NO DISTINCT STORY YET TODAYThe RTS ultimately gained 1.5% to 1,304 yesterday, after spiking on the open and then struggling to maintain gains. A global rally saw the MSCI ACWI rise 1.5%, while this morning's outlook is mixed.STORIES> EM equities see most weekly outflow since August 2015> Gazprom Neft reports relatively strong 2Q19 results> Evraz 2Q19 IFRS in line on EBITDA, FCF; dividend payout 73% of FCF> Rusal 2Q19 IFRS results in line across the board> VTB 2Q19: Weak quarter, high underlying costs, 2H to be stronger> MTS 2Q19 IFRS previ...

Aleksey Ryabushko ...
  • Alexey Kirichok
  • Andrew Keeley
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Anna Kotelnikova
  • Cole Akeson
  • Fedor Kornachev
  • Irina Lapshina
  • Kirill Rogachev
  • Svetlana Sukhanova

CIS Market Daily - 9 августа 2019

КОММЕНТАРИЙ И ПРОГНОЗ - ВЧЕРА НА РЫНКАХ НАБЛЮДАЛИСЬ ПОКУПКИ НА НИЗКИХ УРОВНЯХ, СЕГОДНЯ ОПРЕДЕЛЕННОГО ТРЕНДА НЕТИндекс РТС вчера вырос в начале торгов, но не сумел удержаться на достигнутых уровнях и завершил сессию ростом на 1,5% до 1 304 пунктов. На фоне глобального ралли индекс MSCI ACWI поднялся на 1,5%, но утренние индикаторы неоднозначны.НОВОСТИ> Газпром нефть опубликовала сравнительно сильные результаты за 2К19> Evraz: EBITDA и свободный денежный поток за 2К19 по МСФО совпали с ожиданиями; коэффициент дивидендных выплат - 73% свободного денежного потока> РУСАЛ: результаты за 2К19 по МСФО...

BCS Equity Daily: Fund Flows, Gazprom, Gazprom Neft, EVRAZ, VTB, Unipro

China steers trade, Brent languishes below $58 Ahead: Going cautiously into the weekend. Headlines regarding China are set to steer trade. Factory gate prices retreated in July, the first time since 2016 – to the downside, affirming slowing demand from trade war fallout; to the upside, pressuring Beijing to deliver more stimuli. Also, China again set the yuan weaker than the psychologically telling 7/USD level, leaving markets to speculate if a currency war was in the making. On the trade front, any optimism took a hit after Washington reportedly delayed a decision regarding licenses for US ...

Andy Jones

WOOD Flash – EVRAZ: 1H19 financial results – in line with consensus, with slightly disappointing 1H19 dividend

EVRAZ reported its 1H19 financial results this morning (8 August). EBITDA of USD 1.48bn in 1H19 (-23% hoh, -20% yoy) was in line with the Bloomberg consensus and our estimate, as was FCF of USD 705m (-44% hoh, +33% yoy), helped by capex that was lower than the run-rate, to meet the annual guidance, offset by a working capital outflow of USD 49m. Despite the FCF being higher than the USD 577m dividend payment in the first half, the net debt rose 2% hoh to USD 3.65bn, 7% above our estimate, due to the introduction of IFRS 16, meaning that EVRAZ’s ND/LTM EBITDA rose to 1.07x. The company also rep...

BCS Equity Daily: Rosneft, Gazprom Neft, EVRAZ, UC Rusal, VTB

Trade war challenges growth, resurrects dovish Fed bets Ahead: Uncertainty dampens risk trade. The session faces a sea absent noticeable tailwinds, but with a clear and present enduring headwind. The US-China trade war has intensified to the extent that the prospect of a deal anytime soon has disconcertingly dimmed. The dynamic threatens an additional drag on the already tilting global economy and, in turn, demand for commodities, e.g., Brent. At this juncture, speculation has reached a crescendo that the US Fed will resume a dovish chord and cut rates come September – even so, for now, ri...

3 directors sold

Three Directors at Evraz Group S.A. sold 13,632,750 shares at 635p. The significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of bo...

Research Team

Focus: Turkey macro – important update; Europe macro – noise, not action, more downside growth risks; Ciech starts preparations for production halt at Romanian plant; OTP Bank – solid set of 2Q19 results, largely in line with our forecasts

HEADLINES: • Turkey macro: important update • Europe macro: noise, not action; more downside growth risks • Ciech: starts preparations for production halt at Romanian plant NEGATIVE • OTP Bank: solid set of 2Q19 results, largely in line with our forecasts • Isbank: 2Q19 highlights NEGATIVE • MLP Care: 2Q19 adjusted EBITDA misses by 8% and a deeper net loss NEGATIVE • SOK Marketler Ticaret: 2Q19 above expectations POSITIVE • Erdemir: 2Q19 financial results - in line with our forecasts, but FCF lower qoq NEUTRAL • Petkim: 2Q19 results - EBITDA in line with expectations • Anadolu Efes: 2Q19 ...

Research Team

WOOD Morning (7 August)

HEADLINES: • Bizim Toptan: 2Q results - stronger than our expectations on 200bps gross margin improvement POSITIVE • BIM: 2Q19 above expectations POSITIVE • Migros: 2Q19 results - 8% EBITDA beat vs. our expectations POSITIVE • Bank Pekao: solid, but neutral 2Q19 results, valuation attractive NEUTRAL • Enerjisa Enerji: 2Q19 review - strong results, operational earnings in line NEUTRAL • Aselsan: 2Q19 results - slight miss NEUTRAL • Richter: no positive triggers from 2Q19 conference call NEUTRAL • Polyus: 1H19 results - strong cost performance at Natalka and a 2.3% interim dividend • Alior Ba...

Research Team

Focus: Benefit Systems issues profit warning on higher fitness loss and MSSF 16 implementation; Orange Polska: 1Q19 results review - soft as expected, plus acquisition of BlueSoft; GPW’s strong 1Q19 results - 6% beat on EBIT and EBITDA

HEADLINES: • Benefit Systems: profit warning on higher fitness loss and MSSF 16 implementation NEGATIVE • Orange Polska: 1Q19 results review - soft as expected NEUTRAL • Orange Polska: concludes a preliminary agreement to acquire 100% of the shares of BlueSoft NEUTRAL • GPW: strong 1Q19 results - 6% beat on EBIT and EBITDA driven by better revenues than expected POSITIVE • mBank: neutral 1Q19 numbers - weak start to 2019E makes our PLN 1.3bn net income look ambitious NEUTRAL • Santander Bank Polska: neutral numbers, affected by restructuring reserve and BFG NEUTRAL • Lotos Q1 results, in line...

Research Team

Focus: keeping our HOLD on OTP Bank, with a higher HUF 13,330 PT; Motor Oil Hellas’ 4Q18 results, strong adjusted net income; CEZ – 4Q18 EBITDA a 10% miss, net profit misses by c.60%, but solid FY19E guidance; Athens Exchange Group’s 4Q18

HEADLINES: • OTP Bank: dance until the music stops (stays HOLD) • Motor Oil Hellas: 4Q18 results, strong adjusted net income • CEZ: 4Q18 EBITDA a 10% miss, net profit misses by c.60%, but solid FY19E guidance • Athens Exchange Group: 4Q18 - no surprises in the P&L trends, better dividend • Inter Cars: preliminary 2018 results NEUTRAL • Kruk: additional takeaways on Wonga.pl acquisition NEUTRAL • Wirtualna Polska: Emitel and TVP to launch joint marketing campaign for MUX-8 today POSITIVE • Globalworth: York Capital Management sells 8.9m GWI shares at EUR 9.1/share (EUR 81m) NEUTRAL • mBank...

Research Team

WOOD Morning (1 February)

HEADLINES: • Wizz Air: there are two kinds of carriers in this world... (HOLD - transfer of coverage) • Akbank/Garanti: 4Q18 results highlights NEUTRAL • EVRAZ: 4Q18 and FY18 trading update • Santander Bank Polska: reaches agreement with trade unions NEUTRAL • Polish gencos: Poland to unblock distance law rule NEUTRAL • LiveChat Software: 3Q18-19E (calendar 4Q18E) - EBITDA +16% yoy and NI +14% yoy (due on 26 February) NEUTRAL • OTP Bank: 4Q18E results preview (due on 1 March) • Short News (CPS, RU telcos)

Philip Morrish

Value Indicator - UK Basic Resources 12082019

Currently '(TM)Value Indicator - UK basic resources' is a value anlaysis of the Basic Resources super sector of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 12082019

Currently '(TM)Value Indicator - UK main market' is a value analysis of the Basic Resources, Construction & Materials, Telecoms and Utilities sectors of quoted companies on the London Stock Exchange's main market that provdes the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Basic Resources 05082019

Currently '(TM)Value Indicator - UK Basic REsources' is a value analysis of the Basic Resources super sector of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 05082019

Currently '(TM)Value Indicator - Uk main market' is a value analysis of the Basic Resources, Construction & Materials, Telecoms and Utilties sectors of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Basic Resources 29072019

Currently '(TM)Value Indicator - UK Basic Resources' is a value analysis of th Basic Resources super sector of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices

BCS Fixed Income Daily: Evraz

Fed cut, Trade progress in doubt Week Ahead: Headwinds. The US Fed is on radar this week – Chair Powell testifies before congressional panels to discuss the Fed’s outlook on the economy and monetary policy. Indeed, the beat by US non-farm payrolls has sapped bets the US Fed come 31 July will cut rates by the 50bps some have expected, if at all. Progress on the US-China trade front is also in doubt, despite high-level comments as Trump and Xi appear to remain entrenched in their core positions – the two caps still confront the same issues that derailed the talks in the first place; moreover, B...

BCS Fixed Income Daily: Gazprom, AFK Sistema, Evraz, Belarus

Softer Brent, Fragile China, Holiday mode Ahead: Exit for May Days. The final day of the ‘two-day week’ trading session has no trigger to propel the indices higher. Brent has slipped further on uncertain supply-demand dynamics – the former taking the form of rising US output and speculation that Saudi Arabia-led OPEC will raise output after being pressured by US President Trump; the latter in the guise of a weaker China factory and servicing industries report for April, suggesting the economy is less than stable. Not least, the long May Day and Victory Day holidays (former commencing 1 May; l...

BCS Fixed Income Daily: Russian Railways, EVRAZ

Growth woes again center stage Expect the Russia trade to exhibit a lack of conviction. Brent has pierced the $68/bbl mark and China’s Biege Book suggests a beat, but the red flags of slowing economic growth worldwide as well as lingering uncertainty over a US-China deal and Brexit will temper any enthusiasm. The Mueller report has had its day in the sun, for now. Mark S Bradford, For more details, please contact: Oleg Achkasov ( / / ) Luis Saenz ( / / 23)

BCS Fixed Income Daily: EVRAZ, Sovcomflot, Credit Bank of Moscow, O1 Properties

OPEC cap, central bank largess v traditional Fed-speak posturing Expect an uptick out of the gate as Brent flirts with $68/bbl on OPEC’s move that kept the supply cap in place at least until May and wide expectation that the US Fed will do nothing less (Wednesday, after market) than reiterate a dovish tone on the pace of rate hikes. Still, expect any enthusiasm to be tempered awaiting the Fed’s take on the US and global economic outlook, which thus far has shown weakening. Mark S Bradford, For more details, please contact: Oleg Achkasov ( / / ) Luis Saenz ( / / 23)

BCS Fixed Income Daily: Fund Flows, Metalloinvest, Evraz

Brent resilient on China stimulus, OPEC/Venezuela Brent has proven resilient, recapturing some lost ground to trade at c$67 on OPEC-led supply cuts and US sanctions on Venezuela and Iran. The China card is also in play – China’s announced plan to cut taxes offers some fodder for the bulls. Absent any further negative ‘tweets’, the session appears set to trade higher. Mark S Bradford, For more details, please contact: Oleg Achkasov ( / / ) Luis Saenz ( / / 23)

MarketLine Department

Magnitogorsk Metallurgicheskiy Kombinat - Strategy, SWOT and Corporate Finance Report

Magnitogorsk Metallurgicheskiy Kombinat - Strategy, SWOT and Corporate Finance Report Summary Magnitogorsk Metallurgicheskiy Kombinat - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Magnitogorsk Metallurgicheskiy Kombinat (MMK) is steel and steel related products manufacturer. The company’s product portfolio includes iron ore, sinter ore, long and coated flat p...

MarketLine Department

Salzgitter AG - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Salzgitter AG Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Salzgitter AG since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlig...

MarketLine Department

Lazard Ltd - Strategy, SWOT and Corporate Finance Report

Summary Lazard Ltd - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Lazard Ltd (Lazard) offers asset management and financial advisory services. Its asset management business comprises global investment solutions and investment management services. The company offers investments in mutual funds, closed-end funds and retirement plans through multi-asset, global eq...

MarketLine Department

Cowen Inc - Strategy, SWOT and Corporate Finance Report

Cowen Inc - Strategy, SWOT and Corporate Finance Report Summary Cowen Inc - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Cowen Inc. (CI), formerly Cowen Group, Inc., is a diversified financial company. Along with its subsidiaries, it offers investment banking, alternative investment management, sales and trading, research, global clearing and commission manage...

Jérôme VINERIER

Short term view - EVRAZ PLC : The background trend is clearly bullish.

The background trend is clearly bullish. Prices are still making progress but there is less power in the movement. The next resistance is at 581.90 p. Breaking below the support at 454.30 p would invalidate the trend.

Jérôme VINERIER

Analyse court terme - EVRAZ PLC : La tendance de fond est clairement orientée à la hausse.

La tendance de fond est clairement orientée à la hausse. Les cours progressent encore, mais le mouvement montre moins de puissance. La prochaine résistance est à 581,90 p. La rupture du support à 454,30 p invaliderait cette tendance.

Jérôme VINERIER

Short term view - EVRAZ PLC : Prices are still making progress

The background trend is clearly bullish. Prices are still making progress but there is less power in the movement. The next resistance is at 581.90 p. Breaking below the support at 454.30 p would invalidate the trend.

Jérôme VINERIER

Analyse court terme - EVRAZ PLC : Les cours progressent encore.

La tendance de fond est clairement orientée à la hausse. Les cours progressent encore, mais le mouvement montre moins de puissance. La prochaine résistance est à 581,90 p. La rupture du support à 454,30 p invaliderait cette tendance.

Jérôme VINERIER

Analyse moyen terme - EVRAZ PLC : La tendance de fond est clairement orientée à la hausse.

La tendance de fond est clairement orientée à la hausse. La correction en cours gagne en vigueur. Il est trop tôt pour parler de retournement baissier. La tendance serait invalidée sous le support à 295,70 p.

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