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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Steppe Cement Ltd | 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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 22.00 | 21.00 | 23.00 | 22.00 | 22.00 | 22.00 | 0.00 | 07:40:35 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Cement, Hydraulic | 86.73M | 17.78M | 0.0812 | 2.71 | 48.18M |
Date | Subject | Author | Discuss |
---|---|---|---|
23/6/2021 13:17 | Aren't those last year's dates? Ex-dividends in London are on Thursdays. | zangdook | |
23/6/2021 11:44 | Ex-Dividend Date 16 July Record Date 17 July Payment Date 31 July, but will be earlier But for FX losses and Kz Tax and accounting issues the dividend would, indeed, have been much higher, as the cash is there. | wilo101 | |
23/6/2021 11:23 | The "definitely broken past 50p now" brigade, previously known as "at least 5p dividend, probably 6", have gone very quiet. | constable ken | |
18/6/2021 22:28 | wilo, cheers.....so, not long to wait. | 11_percent | |
18/6/2021 13:16 | Twenty per cent drop from recent high negates the dividend but no doubt we will drop again on ex div. | fozzie | |
18/6/2021 12:02 | Good time to buy, of course, last years' timetable as announced on 9 July 2020 after the AGM, which this year occurs on 7 July 2021 was: Ex-Dividend Date 16 July 2020 Record Date 17 July 2020 Payment Date 31 July 2020 | wilo101 | |
18/6/2021 11:24 | Down through the 50 day..... | 11_percent | |
18/6/2021 11:03 | Last year final dividend was paid on 12 July.. | king suarez | |
18/6/2021 11:02 | When is the divi likely to be paid guys. | 11_percent | |
13/6/2021 01:18 | The dividend would have been more, but of course under Kazakh law the two main aset-owning and operating companies, in-country, JSC Central Asia Cement (owns the old 5 wet lines and all other mines, quarries and assets) and JSC Karcement (owns the two dry-lines)could only pay dividends to Steppe Cement Holdings BV, onwards to the Malaysian holding company, and then onwards to Labuan where STCM itself is incorporated, and then to ADR holders under the tax efficient holding structure in place since 1994, could not pay more than their net profits in Kazakhstan, which net profits were impacted by the devaluation of the Kazakh Tenge given the inter-company loans in place. | wilo101 | |
10/6/2021 19:44 | Absolutely no problem with some gearing (in the form of railcar, asset-backed borrowings) particular attention the subsidised rates they manage to achieve.The company has consistently said they they have to hire railcars during the year .. that is non-sensical if the hiring is persistent each year. Further investment in bagging and loading plant ... higher margin bagged product & improved productivity when loading.The company is in great shape and being run very, very prudently. | mattjos | |
10/6/2021 16:34 | elpirata, unfortunately my keyboard doesn't do Cyrillic! | eggbaconandbubble | |
10/6/2021 16:31 | Constable Ken, keep licking yer pencil chum. One day it might just work. | eggbaconandbubble | |
10/6/2021 15:58 | Aleman, you could be right, though I don't see the (reserves) position has changed materially from 2019? I don't understand the company structure and intercompany subsidiary investment and loan either, not that it is of particular concern - nice to see it is a net positive on the balance sheet anyway, even if just an accounting treatment! Constable Ken and Wilo101 you are both right in a sense. The COMPANY has no long term debt, since that has all been repaid, what it does have is debt attached to the rail wagon investments - if STCM reneged on that debt, the creditors could confiscate the rail wagon assets, but not come after the company itself to recover the debt - at least that is my understanding and why you both give the opposite argument - correct me if I am wrong? The company also has a seasonal short-term credit facility that it draws from and repays during the year, to facilitate cash flow during the busier periods. | king suarez | |
10/6/2021 15:32 | They're at a loss to know how to communicate with someone who thinks no net debt means no debt. | constable ken | |
10/6/2021 15:06 | did you correspond in Kazakh? | elpirata | |
10/6/2021 15:02 | Steppe Cement investor Relations don't reply at any emails! | eggbaconandbubble | |
10/6/2021 12:32 | Is it something to do with Retained Distributable Reserves of the Company - not the Group? Whilst the Group has loads of distributable reserves (pages 38+39), the Company has paid out almost all it could in the last two years. (See Page 40.) I often find it hard to work out how the interaction works when you get these accounts with both Company and Group numbers. h ttp://www.steppeceme | aleman | |
10/6/2021 11:35 | Technobabble! | eggbaconandbubble | |
10/6/2021 10:34 | Thanks, Wilo101, Can anyone explain/elaborate on what this means? "the FY20 DPS could have been higher, we think. However, the decision was likely impacted by technical intracompany limitations." 'intracompany limitations' ?? | king suarez | |
10/6/2021 10:18 | Steppe Cement 2020; no surprises, solid outlook Steppe Cement’s 2020 results did not produce any major surprises, although the announced FY20 dividend of GBp 2.5 (4.8% yield) was below our projection (GBp 4). This potential dividend disappointment might have been behind Steppe Cement’s price decline of 10% on Monday. However, we think that such a dividend was due to technical limitations, while Steppe Cement remains committed to maximising distributions. The positive market trends and cash availability point to a strong case for higher dividends. Having updated our model, we are increasing our 12-month Target Price 15% YoY to GBp 54 (ETR of 25%, including a 10% DY over the next 12 months). Buy reiterated. FY20: good numbers. While Steppe Cement had already disclosed its 2020 revenues of USD 75mn (down 6% YoY), its FY20 EBITDA of USD 23mn was down 4% YoY (6% below our estimate). Meanwhile, net profit increased 15% YoY to USD 11mn and exceeded our expectations by 2%. Net debt stood at USD 2.5bn as of the end of 2020 vs. USD 7.8mn at the end of 2019 and our forecast of USD 6.4mn. This implies net debt/EBITDA of just 0.1x. FY20 DPS: below expectations, but hardly a policy shift. Steppe Cement’s FY20 DPS of GBp 2.5 is notably below our expectations of GBp 4 (the company also paid an interim dividend of GBp 1 in November 2020). From the cash availability perspective, the FY20 DPS could have been higher, we think. However, the decision was likely impacted by technical intracompany limitations. Nevertheless, we think that Steppe Cement remains committed to distribute all excess cash as dividends. Given the positive current trends and outlook, we expect the interim and FY21 dividend to exceed the 2020 levels. Forecast revisions. We think that the outlook for cement demand in Kazakhstan remains favourable. We forecast that cement consumption will increase 6% YoY to 9.9mt in 2021F, partly underpinned by the government programmes aimed at boosting residential construction. In particular, the government is targeting an increase in residential completions of 11% YoY to 17mn sqm in 2021 (after the 17% YoY growth to 15.3mn in 2020). We also note that Kazakhstan’s average cement prices rose 6% YoY to KZT 18,854/t as of May, according to the National Statistics Bureau. These trends underpin our forecast revisions. We increased our revenue forecasts 6-7% YoY and EBITDA projections 7-10% YoY. We now expect Steppe Cement’s revenues and EBITDA to increase at 2020-25F CAGRs of 3% and 4%, respectively. Valuation and risks. We derive our 12-month Target Price from a DCF model (WACC 13.8%, TGR 0%). We reduced the discount rate from 15% to 13.8% to reflect the lower cost of debt for Steppe Cement. The key downside risks are lower dividends, ‘irrational overcapacity in Kazakhstan and the neighbouring countries, as well as the overall macro environment and cement market trends. | wilo101 | |
08/6/2021 17:38 | Ah ... thanks again for the time you have taken. | aleman | |
08/6/2021 17:18 | Hi Aleman, My argument is that your $2.7m net debt improvement actually becomes $3.5m if you exclude the ($0.8m) FX loss on bank deposits (which isn't really a cash movement, just a translation of foreign denominated deposits into USD unfavorably due to exchange rate movements in year - could easily work in our favour in future). So, all else equal, the company has/had $3.5m headroom above the $11.5m (4p) dividend paid. On top of that is the extra $1m paid in tax v the tax charge for 2020 (perhaps just a one-off due to temporarily lowered tax because of Covid though?). Looking at the 2021 final dividend, with the current exchange rate it is looking like each penny dividend costs c$3m, so you take that $3.5m in a year in which debt has been reduced to zero and you have another penny to add to the 4p that was paid in 2020 - and that is without any output/efficiency improvements that the Capex should bring. It seems to me that with only a 3.5p FY 2021 dividend (perhaps?) and the additional debt taken on at year end and in February, there is a lot of headroom for capex spending, so it will be interesting to see what can be achieved with that this year. Alternatively, we might see the interim dividend bumped up a little.. | king suarez |
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