Outokumpu Oyj

Outokumpu is organized into the following five business areas: Coil Europe, Middle East and Africa, which consists of stainless operations as well as ferrochrome production in Europe; Coil Americas, which produces standard austenitic and ferritic grades as well as tailored products; APAC, which includes cold rolling facility and coil and plate service center in China, as well as a coil service center in Australia; Quarto Plate, which is comprised of the quarto plate production facilities in Sweden and in the U.S.; as well as Long Products, in which its products are used in a range of applications such as springs, wires, surgical equipment, automotive parts and construction.
  • TickerOUT1V
  • ISINFI0009002422
  • ExchangeNasdaq Nordic Helsinki
  • SectorIndustrial Metals & Mining
  • CountryFinland

Analysts

Alain William ...
  • Aurelien Sivignon
  • Charles Lepetitpas
  • Nicolas David
  • Nicolas Thorez
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 11/01/2019

...

Alain William

Outokumpu : Q4 2019 set to be complicated. America struggling to recover

>No improvement expected in Q4 2019 - The management expects adjusted EBITDA in Q4 2019 to be similar to that in Q3 2019 (€ 45m). This implies that adjusted EBITDA for 2019 would be around € 235m (€ 259m for the Vara consensus). The group said that the stainless steel market in particular is likely to remain difficult: 1/ the European market is still suffering from ongoing pressure from Asian imports (market share of imports of 34% vs 23% in Q1 2019) and weak domestic...

Alain William ...
  • Aurelien Sivignon
  • Charles Lepetitpas
  • Nicolas David
  • Nicolas Thorez
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 01/11/2019

...

Alain William

Outokumpu : Un T4 2019 compliqué. L’Amérique peine à se redresser

>Pas d’embellie au T4 2019 - Le management anticipe un EBITDA ajusté au T4 2019 similaire à celui du T3 2019 (45 M€). Cela implique que l’EBITDA ajusté pour 2019 ressortirait autour de 235 M€ (259 M€ pour le consensus Vara). Le groupe indique que le marché de l'acier inoxydable devrait rester difficile notamment : 1/ le marché européen souffre toujours de la pression continue des importations en provenance d’Asie (part de marché des importations de 34% vs 23% au T1 20...

Alain William ...
  • Christophe Chaput
  • Emira Sagaama
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Oussema Denguir
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 10/31/2019 Date Performance since listing Date Performance since listing

...

Tony Lebon

Outokumpu : Focus Emission

Outokumpu intends to issue a new EUR 250m senior secured bond due 2024. The new bond will be non-callable during 2 years and will have covenants substantially similar to the existing 2021 bonds.The proceeds from the new issue are intended to be used primarily for the voluntary redemption of the company’s 2021 straight bonds which was separately announced on May 9, 2018 (current outstanding amount of EUR 202.5m). The remaining proceeds shall be used for general corporate purp...

Tony Lebon

Outokumpu : Issuance Focus

Outokumpu intends to issue a new EUR 250m senior secured bond due 2024. The new bond will be non-callable during 2 years and will have covenants substantially similar to the existing 2021 bonds.The proceeds from the new issue are intended to be used primarily for the voluntary redemption of the company’s 2021 straight bonds which was separately announced on May 9, 2018 (current outstanding amount of EUR 202.5m). The remaining proceeds shall be used for general corporate purp...

Marc Pierron

OUTOKUMPU- Stronger-than-expected 1Q18 but slight disappointment on 2Q18 outlook

Despite broadly stable deliveries (+0.8% yoy), Outokumpu’s revenue decreased by 5% yoy during the first quarter of 2018, due to lower base prices in Europe, a weaker USD, and a lower ferrochrome price. EBITDA was also lower by c. 55% yoy at €133m as 1Q17 was an exceptional quarter thanks to high ferrochrome prices and substantial steel price increases.

Outokumpu Oyj: Update Following Recent Upgrade to B2 Positive

CORPORATES CREDIT OPINION 25 May 2017 Update RATINGS Outokumpu Oyj Domicile Finland Long Term Rating B2 Type LT Corporate Family Ratings Outlook Positive Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Hubert Allemani 44-20-7772-1785 VP-Senior Analyst [email protected] Ank

Marc Pierron

OUTOKUMPU - 1Q17 - Record quarter on ferrochrome price, cost savings and market improvement

The Finnish stainless steel producer Outokumpu released yesterday a very strong set of 1Q17 results slightly above market expectations. That said, the 2Q17 guidance (EBITDA somewhat lower than in 1Q17) disappointed the stock market (share price went down 11%)...

Alain William

Outokumpu : Q4 2019 set to be complicated. America struggling to recover

>No improvement expected in Q4 2019 - The management expects adjusted EBITDA in Q4 2019 to be similar to that in Q3 2019 (€ 45m). This implies that adjusted EBITDA for 2019 would be around € 235m (€ 259m for the Vara consensus). The group said that the stainless steel market in particular is likely to remain difficult: 1/ the European market is still suffering from ongoing pressure from Asian imports (market share of imports of 34% vs 23% in Q1 2019) and weak domestic...

Alain William

Outokumpu : Un T4 2019 compliqué. L’Amérique peine à se redresser

>Pas d’embellie au T4 2019 - Le management anticipe un EBITDA ajusté au T4 2019 similaire à celui du T3 2019 (45 M€). Cela implique que l’EBITDA ajusté pour 2019 ressortirait autour de 235 M€ (259 M€ pour le consensus Vara). Le groupe indique que le marché de l'acier inoxydable devrait rester difficile notamment : 1/ le marché européen souffre toujours de la pression continue des importations en provenance d’Asie (part de marché des importations de 34% vs 23% au T1 20...

Alain William

Outokumpu : Weak Q3 as expected. Q4 does not look better.

>Q3 Adjusted EBITDA sequentially down (as expected) - Outokumpu’s Q3 2019 adjusted EBITDA decreased q1eo1eq to € 45m from € 91m in Q2 2019. This is lower than both ODDO BHF’s forecast (€ 55m) and the consensus (Vara: € 49m). The weak results reflected: 1/ continued distributor destocking (notably in the Americas); 2/ seasonally lower underlying demand further burdened by low-priced Asian imports (in Europe); 3/ weakness in underlying demand; and thus sequentially lower ...

Alain William

Outokumpu : Weak Q3 as expected. Q4 does not look better.

>Q3 Adjusted EBITDA sequentially down (as expected) - Outokumpu’s Q3 2019 adjusted EBITDA decreased q1eo1eq to € 45m from € 91m in Q2 2019. This is lower than both ODDO BHF’s forecast (€ 55m) and the consensus (Vara: € 49m). The weak results reflected: 1/ continued distributor destocking (notably in the Americas); 2/ seasonally lower underlying demand further burdened by low-priced Asian imports (in Europe); 3/ weakness in underlying demand; and thus sequentially lower ...

Alain William

ODDO : The Q3 results and Q4 outlook might well be disappointing

>A very challenging Q3 2019 - The operating environment was challenging in Q3 2019. It is characterised by: i/ the lag effect on prices in Q3 caused by the decline in spot prices in Q2; ii/ the decline in volumes with a more marked seasonal impact in Europe; iii/ the persistently high level of input costs (notably iron ore prices); and iv/ the marked decrease in the price of scrap which is weighing on market sentiment. Also note that the series of price hikes over the...

1 director bought

A director at Outokumpu Oyj bought 35,500 shares at 3.747EUR and the significance rating of the trade was 66/100. 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 board...

Alain William ...
  • Aurelien Sivignon
  • Charles Lepetitpas
  • Nicolas David
  • Nicolas Thorez
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 11/01/2019

...

Alain William ...
  • Aurelien Sivignon
  • Charles Lepetitpas
  • Nicolas David
  • Nicolas Thorez
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 01/11/2019

...

Alain William ...
  • Christophe Chaput
  • Emira Sagaama
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Oussema Denguir
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 10/31/2019 Date Performance since listing Date Performance since listing

...

Alain William ...
  • Christophe Chaput
  • Emira Sagaama
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Oussema Denguir
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 31/10/2019

...

Alain William ...
  • Cecile De Coincy
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Tegner

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/15/2019

Insurers are better equipped than a few years ago to cope with the low interest rate environment. With earnings per share set to continue to grow, the market is likely to focus primarily on solvency margin levels. We believe that they should remain within the target ranges as long as the German 10-year rate does not fall below -1.5%. We reiterate our Buy rating on AXA (target price of € 28). - Cf. company report published last evening. - ...

Thanks to a better fundamental star rating, OUTOKUMPU OYJ sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to OUTOKUMPU OYJ (FI), active in the Steel industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 3 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date April 5, 2019, the closing price was EUR 3.68 and its expected value was estimated at EUR 3.55.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Tony Lebon

Outokumpu : Risk of rating downgrade at Moody’s in our view

Outokumpu’s outlook for Q3 is poor on the basis notably of expected lower deliveries in Europe and decreasing ferrochrome price. - Assuming, at end-September 2019, a gross debt of about EUR 1.4bn, debt adjustments of about +EUR 700m (Moody’s methodology), and an adjusted LTM Ebitda of about EUR 290m (EUR 203m expected in 9M-19 by our equity analyst + EUR 89m reported in Q4-18), we calculate an adjusted gross leverage of about 7.2x, which is way above the 4.5x criteria for the B1 i...

Tony Lebon

Outokumpu : Risk of rating downgrade at Moody’s in our view

Outokumpu’s outlook for Q3 is poor on the basis notably of expected lower deliveries in Europe and decreasing ferrochrome price. - Assuming, at end-September 2019, a gross debt of about EUR 1.4bn, debt adjustments of about +EUR 700m (Moody’s methodology), and an adjusted LTM Ebitda of about EUR 290m (EUR 203m expected in 9M-19 by our equity analyst + EUR 89m reported in Q4-18), we calculate an adjusted gross leverage of about 7.2x, which is way above the 4.5x criteria for the B1 i...

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