Steppe Cement Share Discussion Threads

[jailbird] 21/5/2019 13:02

Nice someone picked up 100k..still not shifting overhang.

Cannot be long now

[zangdook] 20/5/2019 13:24

Which people are you referring to?

[wilo101] 20/5/2019 10:51

There is no catch at all, is a wonderful company, business and asset, grossly overlooked and underrated by people with no relevant knowledge at all

[mattjos] 20/5/2019 10:37

few more for me.
Asset value is far above market value and a very healthy dividend while waiting for the valuation gap to close.
This looks like one of those stock that most people are still staring the gift horse in the mouth trying to work out the catch.

[mattjos] 20/5/2019 10:26

Does look like it is being held for a change of hands from SEB to A N Other. As you say, should free up soon enough

[jailbird] 20/5/2019 10:25

This was Friday Sb,

+250k
-250k



16:48:5334.25250,00085.63kO
16:48:5334.25-250,000-85.63kO

[sportbilly1976] 20/5/2019 10:18

another 500k through...at some point the overhang here must clear

[azalea] 18/5/2019 07:03

Yesterday I got some weird online quotes via iDealing com. What was the approx current bid /offer price, for 15k.

[jailbird] 18/5/2019 06:56

Actually there were 1.7m + trades reported after close One of the big holders must also be buying these at an agreed price

[sportbilly1976] 17/5/2019 16:55

500k just through at 34.25p - hopefully the last of the current line of stock :)

[celeritas] 17/5/2019 16:37

Forgot to add, payment date for the divi will be July.

[jailbird] 17/5/2019 16:25

Auction at that time

[celeritas] 17/5/2019 15:00

Nogger, the agm is on the 12th June, you'll see the dividend announcement a few days after that.

[king suarez] 17/5/2019 14:24

The water is there, in abundance, but no-one is leading the thirsty horses toward it...

[zangdook] 17/5/2019 14:04

The buying has slowed to a trickle.

[jailbird] 17/5/2019 14:00

Anyone else see this My L2 screen is showing 2 lots of 4K@27pWhat does his mean ?

[mattjos] 17/5/2019 11:24

Thanks Wilo .. is that from Vladimir Bespalov at VTB ?

Edit, sorry. I see you have put author name there at the end. Thanks

[wilo101] 17/5/2019 10:50

Steppe Cement's proposed 2018 dividend of GBp 3 per share implies a 9% yield and in our view shows
the commitment of the key shareholders to distribute all excess cash as dividends. The decision
came on the back of the company's strong performance in 2018, as indicated by the financial results
for that year. Given Steppe Cement's low and decreasing leverage, as well as its limited capex
requirements, along with the positive trends on the Kazakhstan cement market and export
opportunities, we see good prospects for continuing hefty dividend distributions. Our unchanged
12­month Target Price of GBp 40 implies an ETR of 25%; Buy reiterated.

Steppe Cement's 2018 revenues increased 25% YoY to USD 82mn (the number had already been disclosed
by the company earlier). EBITDA doubled YoY to UDS 21mn and came in 3% above our forecast. Net
income rose from USD 1mn in 2017 to USD 9mn in 2018, but was 8% lower than we anticipated.
Meanwhile, the company continued to reduce its leverage, with net debt decreasing from USD 17mn
(1.6x EBITDA) at the end of 2017 to USD 6.1mn (0.3x EBITDA) at the end of 2018.

Steppe Cement's board recommended distributing almost 90% of net profit as the 2018 dividend. We
believe that Steppe Cement's low leverage, along with the continuing positive market trends, will
allow the company to continue distributing hefty dividends in the future. That underpins the
company's investment case, in our view.

Steppe Cement 2018 IFRS financial highlights
USD mn 2017 2018
Chng, YoY 2018F, VTBC Diff Revenues
66 82 25% 82
0% EBITDA 11
21 96% 20 3%
EBITDA margin 16% 26%
9.8pp 25% 1.4pp
Net profit 1 9
n/m 10 ­8% Net margin
2% 11% 9.0pp
12% ­0.9pp Memorandum items
Net debt 17.0 6.1
­64% 11.1 ­45%
Net debt/EBITDA 1.6 0.3
0.6
Source: Company data, VTB Capital Research
Steppe Cement (STCM LN, GBp)
Buy (21 Sep 2016, 12:09 UTC) // Previous: Hold (14 Jul 2016, 13:07 UTC)
Target price, 12mo: 40.00 // Price: 34.50 // Upside: 16% // DY: 8.7% // ETR, 12mo: 25%
Vladimir Bespalov, Equities Analyst
[phone] // [e-mail]

[jimbox1] 16/5/2019 21:42

It's normal to show the dividend liability in the accounts only after it has been declared. The company is following normal accounting practice.

[nogger99] 16/5/2019 18:11

SB - many thanks for that. I just thought it unusual not to include the proposed xd date in the accounts for the year to which the payment relates.

[sportbilly1976] 16/5/2019 17:29

Nogger,

For last year, so I would expect the same for this year (once passed at the AGM):

19 June 2018

Steppe Cement Ltd

Final Dividend FY2017

Steppe Cement Ltd ("Steppe Cement") is pleased to announce the relevant information and dates of the final and final tax exempt dividend ("Final Dividend") in respect of the financial year 31 December 2017 are set out below:


Dividend amount per 1 pence (tax exempt)
Ordinary Share
Ex-Dividend Date * 5 July 2018
Record Date # 6 July 2018
Payment Date 27 July 2018
Availability of any Not Applicable
Scrip or DRIP options

[nogger99] 16/5/2019 16:58

I'm thinking of taking a small punt here, but am confused about the proposed dividend.
The following is taken from the annual report :- On 10 May 2019, the board of directors of the Company proposed a final tax-exempt dividend
of GBP0.03 per ordinary share of no par value each amounting to GBP6,570,000 in respect of the
financial year ended 31 December 2018. The proposed dividend is subject to approval by the
shareholders of the Company at the forthcoming Annual General Meeting, and if approved, will be
accounted for in equity during the financial year ending 31 December 2019. The dividends have not
been recognised as a liability as at 31 December 2018.

What does this mean? Is it to be paid to shareholders in cash? I don't understand, can anyone explain please?

[sportbilly1976] 16/5/2019 15:44

...and getting slightly cheaper with each buy too...MM made their margin and now happy to offload for less ?

[mattjos] 16/5/2019 14:45

bucketloads about