08.11.2017

Zugemailt von / gefunden bei: voestalpine (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)

voestalpine delivered a solid quarter driven by a good performance in Steel and High Performance Metals. Metal Engineering booked EUR 15mn impairment for a small wire rod activity. 

- Reasons for the sequentially EBIT decline are lower seasonal demand (holidays), some scheduled repair standstills and a three-week outage of the DRI production in Texas. Concerning the full year outlook voestalpine remains vague and guided, unchanged, for a substantially positive development in sales and EBIT. We expect comments in the call which might point towards an EBIT in the range of EUR 1bn. 

- As the result and outlook was almost in-line with estimates we see no trigger towards one or the other side. But at the current level, the risk of profit taking rises.  

Facts & Analysis

- Steel report seasonal a 197% increase in the first half. 2Q came in with EUR 138mn vs. EUR 150mn in the outstanding strong 1Q and the outage in Texas, mainly driven by the lag of some pre-material and electricity, which might have cost up to EUR 10mn qoq. Demand was strong from the car, consumer and Mechanical Engineering industries.

- High Performance Metals he also reported a strong quarter second quarter with high demand for their tool steel. They especially talked about a strong order intake in China where they have a strong and increasing position. EBIT came in with EUR 63mn vs. EUR 89.6mn in 1Q. 1H was 25% above last years levels. The segment has done some scheduled, but meaningful repair work during the holiday quarter. Markets in Brazil are still difficult but improved slightly.

- Metal Engineering, is facing an ongoing difficult business in the rail segment. The other problem child, the tubes business, faces some ongoing price increases but seasonal lower volume. The new wire rod plant delivered a solid result. voestalpine booked EUR 15mn impairments for a small special wire subunit.

Metal Forming showed some seasonal decline like usual and the profile production in Great Britain is losing momentum.

voestalpine - (Buy/TP EUR 44.00)

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