Inside the Market’s roundup of some of today’s key analyst actions
Based on our revised estimates, projected values in our NAV have turned negative, and it’s hard for us to ascribe any remaining value for equity holders,” he said.The company reported $331.8-million in third-quarter revenue, a nearly 17-per-cent drop from the same period in 2023 and below both Mr. Shine’s $335-million estimate and the $344-million expectation on the Street.. It generated $18-million in cash during the third quarter, representing a 29-per-cent year-over-year decline.
Maintaining his “underperform” recommendation, Mr. Shine’s 1-cent target is down from 25 cents previously. The average is currently 14 cents, according to LSEG data. “We fully expect the deal to be reviewed, but one would assume that the backdrop would be less contentious than US Steel / Nippon given the already integrated nature of the North American supply chain, NAFTA, etc. Recall that we upgraded STLC in Feb , and CLF’s offer affirmed our view of STLC’s attractive valuation. Further industry consolidation should provide support for HRC prices, with RUS being a beneficiary.
“The takeout multiple comes out to approximately 7.1 times EV/EBITDA on 2024 consensus EBITDA , slightly below U.S. peers ,” said Mr. Sytchev. “Nippon offered 7.8 times for U.S. Steel , but that price reflects a larger asset with more challenges for approval. With HRC having come down to its floor at $650 per ton , the multiple is based on more of a slightly suppressed earnings dynamic. STLC was trading at an attractive 2.
Steel Quarter Rating Target Company Average United States National Bank AFN WTI
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