Share Name Share Symbol Market Type Share ISIN Share Description
Steppe Cement LSE:STCM London Ordinary Share MYA004433001 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 26.00p 24.00p 28.00p 26.50p 26.00p 26.50p 4,330,000 08:00:04
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 48.8 1.4 0.4 57.1 56.94

Steppe Cement Share Discussion Threads

Showing 1051 to 1074 of 1075 messages
Chat Pages: 43  42  41  40  39  38  37  36  35  34  33  32  Older
DateSubjectAuthorDiscuss
18/10/2018
16:58
jailbird Matching trades possibly between MM. Despite their size, having no effect on the share price
azalea
18/10/2018
12:56
Some chunky trades last couple of days.. Funds moving holdings around?
jailbird
13/10/2018
12:35
STCM is in a very fortunate position in that most of its production is sold in Kaz itself. Hence the current correction in global markets should have little or no influence. If the company can win some of the orders arising out of the enormous road building projects taking place over the next several years, its future will prove very cash positive.
azalea
13/10/2018
10:10
Market nous, knowledge and intelligence. Seems that Kosha cement has stopped working and also Khantau near Vicat, and its lenders are enforcing against the assets so the plant is being dismembered. The 3 remaining former plants of UCG, Kant, Semi and Novotroisk, are now owned by Rakishev/Karibzhanov and the former owners of KKB, which had to write off all of its US$650m of debt!.
wilo101
13/10/2018
09:57
Hi wilo101, Where are you getting those figures from, or are you just projecting forward from the latest interim results and market update?
king suarez
13/10/2018
05:58
Debt down to circa US$7m, and the company still has pure cash of US$6m, and sales remain strong with the company the only one left with stockpiles to sell from, generate and realise cash, possible 3p per share dividend in 2018.
wilo101
09/10/2018
08:06
Net cash+ve mid 2019, will see the share price take off.
azalea
08/10/2018
23:15
just checked this on Stockopedia. fails to appear in any of their scans at this stage but, scores an excellent 94 overall. 2018 P/E Ratio is 8.3 and latest PEG is 0.082 Net Book Value is 25p / share So trading at just Net Book Value per share & therefore no 'bid' premium in the price whatsoever. Keep regularly salting them away into ISA/SIPP, afaiac. This will get clocked next year
mattjos
08/10/2018
21:43
Yes, I can't make head nor tail of the tax situation. The company appears to have an income tax receivable asset, deferred tax liability, and 'standard' income tax payable liability on the balance sheet (I'm no tax accountant). Neither are particularly large numbers though.... There certainly seems headroom for at least a doubling of the dividend as forecast, whilst clearing the debt by mid next year. Going to be churning out a lot of FCF, with minimal downside risk as you say.
king suarez
08/10/2018
21:27
Kaz Corporation Tax is 20%. Cant recall if STCM has any special incentives in place Finance costs are very well covered. Main shareholders are going to pull a very healthy divi flow from this over the coming years ... whilst awaiting an inevitable offer. A predator might determine to try and start building a holding ahead of any formal offer, therefore lowering their average on any deal. Am struggling to see much in the way of downside at current prices
mattjos
08/10/2018
21:23
Yes, very under the radar - no trades most days. I'm going to have a stab at FY forecast based on HY results and the recent market update - see how close I get. Assuming an average exchange rate something like 345 KZT/$ Turnover - $78m Cost of sales - $52m Gross Profit - $26m Selling expenses - $15m G&A admin expense - $5.5m ------------------------- Operating profit - $5.5m ------------------------- Finance costs - c$1.5m FX (no clue) Other income - $1.0m (does anyone know what is included in this?) ------------------------- Profit before tax - $5m ------------------------- Income tax = no clue(!) Cashflow from operations - something in the region of $15m
king suarez
08/10/2018
19:31
Latest figures suggest they should marginally exceed VTB targets for FY18.We're going to get a slowly increasing dividend stream as the debt drops lower. Debt reduction should be reflected in the market cap ... two levers acting together to drive the share price forward in the years ahead.Not one that the AIM herd will be interested in .. until the day the inevitable offer gets posted :-)
mattjos
08/10/2018
10:14
9 month revenues already exceed the FY for 2017 then? Excellent news.
king suarez
08/10/2018
08:40
The final paragraph should, of course, read 2018, not 2017: "For the first 9 months of 2018 (sic)"
wilo101
08/10/2018
08:05
Nice update .. Sales volumes 4% ahead YTD and revs 25% ahead YTD. Terrific pricing management
mattjos
01/10/2018
09:28
$11m off the debt and 100% increase in dividend. Should be net cash +ve mid FY19
mattjos
01/10/2018
09:15
Thank for sharing Wilo ... that's a nice note & hard to disagree with any of that. If the divi were to double and start to arrive in two chunks per year, that should help with liquidity going forward also, imo.
mattjos
01/10/2018
08:54
Wilo A simply cracking report by VTB Capital on STCM prospects going forward. The doubling of the dividend next year in absolute terms, a slashing of net debt and solid cash flow; is going to attract a lot of interest from INTS and PI.
azalea
01/10/2018
07:01
Thanks Wilo
jailbird
01/10/2018
02:36
VTB Capital Target Price upgrade on positive trends Steppe Cement remains a relatively cheap and attractive play on dividends and deleveraging, in our view, with a favourable market environment supporting our positive outlook for cash generation. The company trades at over 70% discount to global peers on its 2018 EV/capacity of USD 36/t and 47-48% discounts on 2018-19F EV/EBITDA of 3.5-3.8x, we estimate. Even though its 2017 profitability was lower than we had forecast, we have increased our 2018 estimates to reflect the current trends (but conservatively leave our medium term forecasts largely unchanged). With these changes factored in, we are raising our 12-month Target Price 6% to GBp 33.00, which implies an ETR of 58%. Buy reiterated. Positive trends in prices and volumes. Based on the latest data from Kazstat, ex-works cement prices in Kazakhstan increased 6% in May, both YoY and MoM. We believe that this reflects positive demand trends (as the high season is gaining momentum) along with export opportunities, which allowed producers to start shifting their costs onto consumers. Our new forecast assumes that Kazakhstan’s cement market will expand 6% YoY to 9.5mnt in 2018, while Steppe Cement’s output will increase 3% YoY to 1.75mnt (vs. 1.69mnt forecast previously). We also project Steppe Cement’s average ex-works price for the year to be 13% YoY higher at USD 38/t (vs. USD 37/t forecast previously). These changes largely underlie the upward revisions of our 2018 forecasts. In particular, we lifted our 2018 revenue and EBITDA projections 6% and 8%, respectively. More cautious mid-term outlook. Meanwhile, we believe that the Kazakh cement market will remain well supplied in the medium term, with the capacity addition of 1mnt in Southern Kazakhstan (Shieli), which we now factor in from 2019, potentially pressuring pricing in the biggest regional cement market. In particular, we estimate that capacity utilisation in Kazakhstan will decrease from 78% in 2017 to 74% in 2019-20, before starting to grow again. This might preclude any strong price increases, in our view. For this reason, our EBITDA forecasts for 2019-22F remain largely unchanged. Nevertheless, we believe that Steppe Cement will be able to generate sufficient cash flows in the medium term, which will lead to lower leverage and attractive dividends, in our view. Attractive dividends. Steppe Cement has recommended GBp 1/share for the 2017 dividend, which implies a 5% yield. We project that the dividend will double next year in absolute terms. In our view, a part of this amount could potentially be distributed in the autumn as an interim dividend. We also believe that Steppe Cement will increase dividend payments in absolute terms, as it will continue to generate solid cash flows amid lower leverage. Net debt stood at USD 17mn at YE17 (1.6x EBITDA) and we expect it to go down to USD 6mn at YE18 (0.3x). Valuation and risks. We derive our 12-month Target Price from a DCF model (WACC 15.2%, TGR 2%). The key downside risks are related to FX fluctuations, cement prices and competition, as well as the overall economic environment and cement market trends. Vladimir Bespalov,Equities Analyst +7 495 663 46 51 // vladimir.bespalov@vtbcapital.com
wilo101
26/9/2018
13:04
Softly, softly catchee monkey. FY results even without any contracts post cement conference next month, should reinforce the progress to date.
azalea
26/9/2018
12:13
Even news is all positive , I am struggling to see what will light this up... there is hardly any volume on most days .Just not an exciting sector for PIsNot sure we will see any interested party on taking this over anytime soon. As long as there is a dividend again , I shall be happy enough.
jailbird
26/9/2018
10:25
took a few more while quiet
mattjos
21/9/2018
07:40
By 2021, the 300 two year old rolling stock should have paid for itself.
azalea
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