voestalpine AG

voestalpine is engaged in the production, processing, and distribution of materials made of steel and in research and development in the areas of metallurgy, metal processing, and materials technology. Co.'s steel division focuses on the production and processing of flat steel products. Co.'s special steel division is involve in tool steel and high-speed steel. Co.'s metal engineering division is engaged in turnout technology, rails and treated wire, and tubes. Co.'s metal forming division is involve in tube products and precision strip steel as well as pre-finished system components. Co.'s other activities include heavy plate production, a foundry, and a number of downstream processes.
  • TickerVOE
  • ISINAT0000937503
  • ExchangeVienna Stock Exchange
  • SectorIndustrial Metals & Mining
  • CountryAustria

Analysts

Alain William

ODDO : Still no light at the end of the tunnel

After the strong margin compression in H1 2019, European steelmaker fundamentals are likely to remain complicated in H2. The lack of visibility as to the timing of a recovery is likely to deter investors from returning to the segment despite historically low valuations. We reiterate our Buy rating on ArcelorMittal, which is the most exposed to spot prices (“the first to pick up”). Conversely, we downgrade Voestalpine, which fully played its role as the most defensive stock in the...

Alain William

ODDO : Pas encore de lumière au bout du tunnel

Après un S1 2019 marqué par une forte compression des marges, les fondamentaux des aciéristes européens devraient rester compliqués au S2. Le manque de visibilité quant au timing de la reprise ne devrait pas inciter les investisseurs à revenir sur le segment en dépit de niveaux de valorisations historiquement faibles. Nous réitérons notre opinion Achat sur ArcelorMittal le plus exposé aux prix spots (« les premiers à repartir »). En revanche, nous abaissons notre recommandation s...

VOESTALPINE AG sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of VOESTALPINE AG (AT), active in the Steel industry. As regards its fundamental valuation, the title now shows 2 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date July 9, 2019, the closing price was EUR 25.54 and its target price was estimated at EUR 21.95.

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Johanna Jourdain
  • Matthias Desmarais
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/09/2019

While we were expecting a slowdown in the IT services market, the Q1 earnings releases were reassuring, with growth maintained at +4.0% year-on-year. Moreover, the leading indicators improved significantly in recent quarters, which reassures us about the outlook. The sector’s valuation levels have eased, which offers an attractive entry point and is conducive to M&A. Our preference goes to Devoteam, in addition to Atos and Capgemini for which we have revised up our target prices. - Cf....

Alain William

ODDO : Stainless steel: recovery taking longer than expected. Estimates and target price lowered

>A more favourable environment in Q2 2019 than in Q1 - In Q2 2019, 1/ safeguard measures in Europe proved more effective than in the case of carbon steel. Imports have fallen (-27% vs 2018) and their market share now represents just 22% vs 30% in 2018); 2/ stocks in Europe are below normal levels (

Alain William

ODDO : Still no light at the end of the tunnel

After the strong margin compression in H1 2019, European steelmaker fundamentals are likely to remain complicated in H2. The lack of visibility as to the timing of a recovery is likely to deter investors from returning to the segment despite historically low valuations. We reiterate our Buy rating on ArcelorMittal, which is the most exposed to spot prices (“the first to pick up”). Conversely, we downgrade Voestalpine, which fully played its role as the most defensive stock in the...

Alain William

ODDO : Pas encore de lumière au bout du tunnel

Après un S1 2019 marqué par une forte compression des marges, les fondamentaux des aciéristes européens devraient rester compliqués au S2. Le manque de visibilité quant au timing de la reprise ne devrait pas inciter les investisseurs à revenir sur le segment en dépit de niveaux de valorisations historiquement faibles. Nous réitérons notre opinion Achat sur ArcelorMittal le plus exposé aux prix spots (« les premiers à repartir »). En revanche, nous abaissons notre recommandation s...

Alain William

ODDO : Stainless steel: recovery taking longer than expected. Estimates and target price lowered

>A more favourable environment in Q2 2019 than in Q1 - In Q2 2019, 1/ safeguard measures in Europe proved more effective than in the case of carbon steel. Imports have fallen (-27% vs 2018) and their market share now represents just 22% vs 30% in 2018); 2/ stocks in Europe are below normal levels (

Alain William

ODDO : Aciers inoxydables: la reprise se fait attendre. Abaissement des estimations et OC

>Un environnement plus favorable au T2 2019 qu’au T1 - Au cours du T2 2019 : 1/ les mesures de sauvegarde en Europe se sont avérées plus efficaces que dans le cas des aciers au carbone. Les importations ont diminué (-27% vs 2018) et leur part de marché ne représente plus que 22% vs 30% l’an dernier) ; 2/ les stocks en Europe sont à des niveaux inférieurs à la normale (

Alain William

Voestalpine : Caution is called for…but the stock has undeniable defensive characteristics

>The management is cautious on the outlook - The outgoing CEO Wolgang Eder was very cautious given the numerous (negative) external factors at work. 1 / The political and economic context is difficult to predict. The management believes that there will not be any notable improvement in demand this financial year. The protectionist environment also creates more questions than answers at this stage. 2 / The increase in iron ore and CO2 costs (cost of € 90m over the full...

1 director bought

A director at Voestalpine Ag bought 900 shares at 27.100EUR and the significance rating of the trade was 52/100. 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 ...
  • Alfred Glaser
  • Delphine Brault
  • Johanna Jourdain
  • Matthias Desmarais
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/09/2019

While we were expecting a slowdown in the IT services market, the Q1 earnings releases were reassuring, with growth maintained at +4.0% year-on-year. Moreover, the leading indicators improved significantly in recent quarters, which reassures us about the outlook. The sector’s valuation levels have eased, which offers an attractive entry point and is conducive to M&A. Our preference goes to Devoteam, in addition to Atos and Capgemini for which we have revised up our target prices. - Cf....

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Jean-François Granjon

ODDO BHF Small & MIDCAP MORNING NEWS - 07/09/2019

While we were expecting a slowdown in the IT services market, the Q1 earnings releases were reassuring, with growth maintained at +4.0% year-on-year. Moreover, the leading indicators improved significantly in recent quarters, which reassures us about the outlook. The sector’s valuation levels have eased, which offers an attractive entry point and is conducive to M&A. Our preference goes to Devoteam, in addition to Atos and Capgemini for which we have revised up our target prices. - Cf. ...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Jean-François Granjon

ODDO BHF Small & MIDCAP MORNING NEWS - 09/07/2019

Tandis que nous nous attendions à un ralentissement du marché des Services IT, les publications du T1 ont été rassurantes, avec une croissance qui s’est maintenue à +4.0% yoy. De plus, les indicateurs avancés se sont améliorés au cours des derniers trimestres, ce qui nous rassure sur les perspectives, alors que les niveaux de valorisation du secteur se sont détendus, ce qui offre un point d’entrée attractif et favorise le M&A. Nous privilégions Devoteam ainsi qu'Atos et Capgemini sur ...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Johanna Jourdain
  • Matthias Desmarais
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/07/2019

Tandis que nous nous attendions à un ralentissement du marché des Services IT, les publications du T1 ont été rassurantes, avec une croissance qui s’est maintenue à +4.0% yoy. De plus, les indicateurs avancés se sont améliorés au cours des derniers trimestres, ce qui nous rassure sur les perspectives, alors que les niveaux de valorisation du secteur se sont détendus, ce qui offre un point d’entrée attractif et favorise le M&A. Nous privilégions Devoteam ainsi qu'Atos et Capgemini sur ...

Alain William ...
  • Benoit Valleaux
  • Jean-François Granjon
  • Louis Boujard
  • Philippe Ourpatian
  • Roland Pfaender
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 06/06/2019

...

VOESTALPINE AG sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of VOESTALPINE AG (AT), active in the Steel industry. As regards its fundamental valuation, the title now shows 2 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date July 9, 2019, the closing price was EUR 25.54 and its target price was estimated at EUR 21.95.

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...

Expert Corporate Governance Service (ECGS)

VOESTALPINE, 03 July 2019

Item 4: We recommend to oppose the discharge of the Supervisory Board as we have concerns over the Management Board's remuneration system - both regarding transparency and content. Items 6.1-6.8: We recommend to oppose the (re-)election of all candidates to the Supervisory Board due to independence concerns, concerns over aggregate time commitments and/or over insufficient information provided about the candidates. Items 9 and 11: We recommend to oppose the creation of a new authorised and a new conditional capital as the potential dilution level may exceed our guidelines.  

VOESTALPINE – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

PROXY REPORT 04/07/2018

Item 4: Since there is no vote on Management Board members' remuneration in Austria, we take the opportunity to voice our concerns regarding the remuneration system currently in place at Voestalpine AG which we consider has several shortcomings: The maximum short-term incentive may reach as much as 250% of base salary for the CEO and 200% of base salary for the other Management Board members which exceeds ECGS guidelines. Furthermore, there is no long-term incentive (LTI) in place. Finally with regard to pension benefits, as of financial year 2017/18 in the case of re-appointment of a Manageme...

Expert Corporate Governance Service (ECGS)

Etude l' AG du 05/07/2017

Item 4: Since there is no regular vote on Management Board members' remuneration in Austria, we take the opportunity to voice our concerns regarding the remuneration system for Management Board members currently in place at Voestalpine AG within the discharge of the Supervisory Board: The maximum short-term incentive may reach as much as 250% of base salary for the CEO and 200% of base salary for the other Management Board members which exceeds ECGS guidelines according to which the maximum annual bonus should not exceed 150% of base salary. Furthermore, there is no long-term incentive in plac...

Shelley Moen

Vermilion Int'l Compass: Global Equity Strategy

Weekly summary of Vermilion's global technical equity strategy calls, including sector weightings, from both a top down and bottoms up perspective. For a trial to Vermilion Research visit our website at www.vermilioncap.com or contact our sales team at (952) 922-7500.

Shelley Moen

Insights: Bullish EAFE Stocks

• Today's report is a bottom-up compilation of technically attractive EAFE stocks, with one fundamental kicker: each name is accompanied by positive momentum in their FY EPS estimates... see screen on pages 2-7 • We screened for stocks whose latest EPS estimate is higher than last week's, which in turn is greater than the prior month's estimate. From this list, which was rich in relative leaders, we picked out the names that were either (1) breaking out from, or (2) pulling back to base support levels... see charts on pages 8-25 • Group themes present in this screen: o Metal Miners: Steel, ...

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