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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Public Joint Stock Company "Novolipetsk Steel"    NLMK

PUBLIC JOINT STOCK COMPANY "NOVOLIPETSK STEEL"

(NLMK)
  Report
Real-time Estimate Quote. Real-time Estimate CHI-X - 11/25 11:29:59 am
25.47 USD   -0.20%
11/21NOVOLIPETSK STEEL : NLMK ESG presentation – November 2020
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10/21NOVOLIPETSK STEEL : 3rd quarter results
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10/21NOVOLIPETSK STEEL : Press Release
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Novolipetsk Steel : NLMK Group Q1 2020 IFRS Financial Results

05/01/2020 | 08:11am EST

NLMK Group (LSE, MOEX: NLMK) increased its revenue by 6% qoq to $2,457 m, with its EBITDA margin growing to 24%. Free cash flow totalled $331 m.1

Q1 2020 key highlights

Revenue grew by 6% qoq to $2.5 bn, supported by growth of sales , despite the slowdown of demand for steel in the global markets due to the COVID-19 outbreak.

EBITDA increased to $594 m (+24% qoq) due to the expansion of spreads in the first half of the quarter and the devaluation of the ruble, as well as operational efficiency gains. EBITDA margin grew to 24% (+3 p.p. qoq; flat yoy).

Free cash flow totalled $331 m , almost flat qoq, thanks to active working capital management.

Net profit grew by 45% qoq to $289 m , due to growth of revenue and FX risk hedging, which enabled the Company to avoid significant losses related to the devaluation of the ruble.

NLMK Group's Strategy 2022 implementation is on course. The impact of Strategy 2022 operational efficiency gains on Q1 2020 EBITDA was $54 m (relative to Q1 2019 base).

Contact:

Dmitry Kolomytsyn

Tel: +7 (495) 504 0504

Comment from NLMK Group CEO Grigory Fedorishin: 'I would like to begin by stressing that we are placing the utmost focus on the safety and welfare of our people.

'Our key markets saw an uptick in demand and growing prices in the first half of Q1. However, the spread of the coronavirus pandemic resulted in slowing down business activities and increasing uncertainty in the second half of the quarter and in April. In Q2 2020, steel demand in EU and US could drop at double digit rates yoy, analysts predict. In Russia we also expect consumer activity to decline. On the whole, there is a high level of uncertainty in terms of the rate at which demand for steel is going to recover across different regions.

'In this context, we have taken a number of preventive measures to ensure our financial stability. Our 2020 capex guidance was reduced to $0.9-0.95 bn from the previously announced $1.2 bn. The volume of available liquidity on the Company's balance sheet was increased to $1.7 bn as of 31 March 2020 (+96% qoq); additional available credit lines are estimated at $0.8 bn.

'NLMK shareholders decided not to approve the Q4 2019 dividend amount recommended earlier by the Board of Directors and proposed that it be halved. The Board of Directors gave NLMK shareholders an updated recommendation on the payment of Q4 2019 dividends in the amount of RUB 3.12 per share, and a recommendation on the payment of Q1 2020 dividends in the amount of RUB 3.21 per share, or 75% of the free cash flow for the relevant quarter.

'A weak market is a good time to carry out the second stage of our planned major repairs at NLMK Lipetsk BF and BOF operations that will enable us to grow our steel output by 1 million tonnes next year. Amid these repairs, NLMK Group's steel output and sales will reduce qoq in Q2.

'All NLMK Group's production sites currently continue operating.

'NLMK Group's flexible business model and Strategy 2022 projects and programmes enabled us to post strong financial in the previous quarter. NLMK Group's revenue grew by 6% qoq to $2.5 bn, while EBITDA grew by 24% qoq to $594 m. Net debt/EBITDA stood at 0.72 at the end of Q1. Free cash flow totalled $331 m (flat qoq).'

EBITDA is the operating profit before equity share in financial results of joint ventures, impairment of capital assets and losses from retirement of fixed assets, allowed for amortization and depreciation.

Profit for the period attributable to NLMK shareholders.

Free cash flow is determined as net cash from operations plus interest received net of interest paid and capital investment.

Net debt is calculated as the sum of long-term and short-term borrowings less cash and cash equivalents, as well as short-term deposits at period end. Net debt / EBITDA is represented by net debt as at the end of the reporting period and EBITDA as last 12 months EBITDA.

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2020 9 239 M - -
Net income 2020 1 170 M - -
Net Debt 2020 2 150 M - -
P/E ratio 2020 13,4x
Yield 2020 8,90%
Capitalization 15 391 M 15 391 M -
EV / Sales 2020 1,90x
EV / Sales 2021 1,70x
Nbr of Employees -
Free-Float -
Chart PUBLIC JOINT STOCK COMPANY "NOVOLIPETSK STEEL"
Duration : Period :
Public Joint Stock Company
Technical analysis trends PUBLIC JOINT STOCK COMPANY "NOVOLIPETSK STEEL"
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 15
Average target price 24,33 $
Last Close Price 25,68 $
Spread / Highest target 9,03%
Spread / Average Target -5,27%
Spread / Lowest Target -29,9%
EPS Revisions
Managers
NameTitle
Grigory Vitalyevich Fedorishin President & Chairman-Management Board
Vladimir Sergeevich Lisin Chairman
Ben de Vos Vice President-International Operations
Shamil Ravilyevich Kurmashov Chief Financial Officer
Nikolai Alexeevich Gagarin Director