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Research update: SKW Stahl Metallurgie AG October 30, 2009  Consolidation among carbide suppliers Powder and Granules segment under significant pressure The Powder and Granules segment’s procurement activities are focused on ensuring the availability of magnesium (mainly in the US) and carbide (mainly in Europe) based hot metal desulfurization materials for ... ...Subscribe to VISCARDI Research... |
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Research update: SKW Stahl Metallurgie AG May 15, 2009 High costs variability Q1/09 review SKW reported Q1/09 revenues and earnings today. Revenues of €50.0mn were heavily impacted by the financial crisis and well below last year’s €81.0mn. Gross margin, one of the key indicators for ... ...Subscribe to VISCARDI Research... |
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Research update: SKW Stahl Metallurgie AG March 24, 2009 No swimming against the tide Towards the trough: Volumes remain at risk Since our last update in November the global economy slowed even faster than expected. IMF economists have revised their world GDP outlook and now expect the global economy to ... ...Subscribe to VISCARDI Research... |
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Research update: SKW Stahl Metallurgie AG November 17, 2008 Windfall profits from magnesium trading >Q3 again strongly boosted by magnesium prices After nine months, sales rose to €296.0mn (+86.7% YoY), EBIT was €23.3mn (+77.2% YoY), and EBT amounted to €22.0mn (+57.7% YoY). The key growth driver was the consolidation of... ...Subscribe to VISCARDI Research... |
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Research update: SKW Stahl-Metallurgie AG August 14, 2008 Fruits of Magnesium Magnesium price hike was the main source of profitability Since SKW had reported preliminary Q2 results a few weeks ago, today's release did not include any surprises. Sales in the second quarter rose to €102.4mn (+82.7%), significantly surpassing last year's €56,1mn. In H1, sales increased to €183.4mn from €106.0mn... ...Subscribe to VISCARDI Research... |
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Research update: SKW Stahl-Metallurgie AG July 23, 2008 Effects from the recent Magnesium price increase Surprisingly strong Q2 SKW reported strong preliminary Q2 results, which is in contrast to the moderate outlook from the last conference call, when we were repeatedly advised not to extrapolate Q1 results into the future. As it turns out, performance in Q2 was even better than in Q1. Sales in Q2 rose by 83% to... ...Subscribe to VISCARDI Research... |
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Research update: SKW Stahl-Metallurgie AG July 01, 2008 Suspicion of price-fixing agreements European Commission investigates price-fixing The accusations of price-fixing, which have been known of since January 2007, have now been formulated specifically by the European Commission. Accordingly, the EC is investigating SKW on suspicion of co-ordination of behaviour in the sale of calcium carbide power and magnesium... ...Subscribe to VISCARDI Research... |
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Research update: SKW Stahl Metallurgie AG May 16, 2008 Q1/08 with up and downs Organic growth no more than about 2% In the first quarter, SKW was able to boost revenue by 62.0% from €50.0mn to €81.0mn (eViscardi €84.5mn). However, with adjustment for the take-over of EMS, first-quarter growth was no more than about 2% and thus, significantly below that of world-steel production, which rose by... ...Subscribe to VISCARDI Research... |
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Research update: SKW Stahl Metallurgie AG November 16, 2007 Guidance only disappoints at first glance 9M/07 as expected Based on SKW's conservative guidance, the adjusted EBITDA CAGR 2007e-11e stands at a remarkable 20%. This nicely demontrates SKW's profitable growth and should be reflected in much higher share prices. We reiterate... ...Subscribe to VISCARDI Research... |
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Research update: SKW Stahl-Metallurgie August 14, 2007 Strong delivery again, bright outlook H1/07 results matched our forecast We maintain a Buy recommendation on SKW. a) The group operates in a steady growth industry (8.4% in H1/07) and is continuing to outperform the market; b) with ESM successfully integrated we believe SKW should unlock significant synergies; and c) with sound management SKW has delivered... ...Subscribe to VISCARDI Research... |
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Research update: SKW Stahl-Metallurgie July 12, 2007 A logical takeover SKW has agreed to acquire the US-based ESM Group. ESM is by far the largest provider of service solutions for magnesium-based raw iron desulphurization in North America. The takeover makes SKW the global market leader in this segment. Apart from these ... ...Subscribe to VISCARDI Research... |
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Research update: SKW Stahl-Metallurgie AG May 16, 2007 Q1 in line with our expectations SKW's quarterly results were in line with our expectations. In the first quarter, SKW boosted its revenues from EUR 49.0mn to EUR 50.0mn. This correspondends to growth of 2.1%; at constant currency rates, the company's growth rate would have come to 5%. Compared to the prior-year ... ...Subscribe to VISCARDI Research... |
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Research: SKW Stahl-Metallurgie Holding January 15, 2007 Inititation of Coverage With more than 50 years' experience in the field of metallurgy, SKW Stahl-Metallurgie Holding is the world market leader in secondary metallurgy and niche markets for chemical additives for raw iron desulphurisation. In the steel... ...Subscribe to VISCARDI Research... |