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 Shares Traded Last Trade
  0.00 0.0% 45.00 8,798 07:35:58
Bid Price Offer Price High Price Low Price Open Price
44.00 46.00 45.00 45.00 45.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 54.69 9.58 3.73 12.1 99
Last Trade Time Trade Type Trade Size Trade Price Currency
14:00:22 UT 1,100 45.20 GBX

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Date Time Title Posts
28/10/202115:33Steppe Cement - Kazak Infrastruture Play4,006
25/11/202015:08anyone know anything about steppe cement ?11

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Steppe Cement Daily Update: Steppe Cement Ltd is listed in the Construction & Materials sector of the London Stock Exchange with ticker STCM. The last closing price for Steppe Cement was 45p.
Steppe Cement Ltd has a 4 week average price of 42.50p and a 12 week average price of 42p.
The 1 year high share price is 61p while the 1 year low share price is currently 25.50p.
There are currently 219,000,000 shares in issue and the average daily traded volume is 90,662 shares. The market capitalisation of Steppe Cement Ltd is £98,550,000.
wilo101: Steppe Cement 1H21: Taking advantage of positive market trends Steppe Cement’s 1H21 financials reflected strong market trends, with revenues and EBITDA increasing 17% and 25% YoY, respectively. We expect this positive environment to continue to drive Steppe Cement’s performance through the end of the year. Steppe Cement was cash positive at the end of 1H21, and we expect that the company will distribute approximately all of it FY21F net profit as dividends, which implies a yield of 10% at the current share price. Having fine-tuned our model, we are increasing our 12-month Target Price 11% to GBp 60, which implies an ETR of 31%. Buy reiterated. Strong 1H21. Steppe Cement’s 1H21 revenues were up 17 % YoY to USD 39.5mn, supported by stronger sales volumes (up 10% YoY to 0.84mnt) and higher average delivered prices (up 7% YoY to USD 47/t). The company also saw a notable increase in profitability. EBITDA rose 25% YoY to USD 13.5mn, with EBITDA margin adding 2pp YoY and reaching 34%. Net profit rose 53% YoY to USD 6.2mn. As of the end of 1H21, the company’s net cash was USD 4.4mn vs. USD 2.5mn at YE20. According to Steppe Cement, as of 15 September, its financial debt (i.e. excluding lease liabilities) stood at USD 5.6mn and cash was USD 10.5mn. Forecasts revisions. Steppe Cement forecasts that the cement market in Kazakhstan might reach 10.5-11mnt in FY21 (vs. 9.4mn in 2020). Such an increase is mostly due to the recently observed construction boom supported by the usage of personal pension funds for real estate investment. The company also expects to maintain its 15% local market share and export 9% of its volumes in 2021. This is broadly in line with our volume projections of 1.8mnt for 2021, which we leave unchanged. Our 2021F revenue and EBITDA forecasts also remained broadly unchanged, while we increased our 2022-25F projections for revenues and EBITDA 4-8% and 4-13%, respectively. Dividends remain key attraction. We expect that Steppe Cement will distribute almost all its FY21 net profit as dividends, which implies a 12-mo dividend yield of 10% at the current share price. We model that this distribution will take place in summer 2022F. Valuation and Risks. We use a DCF model to derive our 12-month target price (WACC 13%, TGR 0%). We decreased the discount rate from 13.8% to 13% by fine-tuning the Kazakhstan risk premium. The key downside risks remain as follows: lower dividends, increasing competition, and potential overcapacity in Kazakhstan and the neighbouring countries, as well as the overall macro environment and cement market trends
msd248: The share price drop is really odd. Cement prices in Kazakhstan have strengthened since they released the interims. Prospects for the Kazakh cement market are good as they have been in a while. The company is on track to generate more than US$20mn in free cash flow this year versus its US$124mn market cap, almost all of this is coming back as dividends.
lyndondirtydog: I wouldn't say the share price has tanked without reason. I suspect the fact that the Chinese property market is on the verge of collapsing has alot to do with the current down trend with Steppe Cements share price.
mattjos: the chap was quite open about his holding size and his actions. Well done for taking a profit over the 6 month hold. It's a market. Folk will come and go all the time & no problem with that. The more 'churn' the better the spread is likely to be. Personally, am quite happy to just sit tight. I believe there is a longer term currency angle here worth bearing in mind, particularly if you share my opinion that the US$ is grossly overvalued & heading for a fall at some point. Checking back on the Sept 2005 IPO Docs: KZTUSD = 136 Ex-Factory Price / tonne cement = KZT9,950 Ex-Factory Price / tonne cement = US$73 Most recent update shows: KZTUSD = 425 Ex-Factory Price / tonne cement = KZT16,571 Ex-Factory Price / tonne cement = US$39 We're selling cement today at still only 53.4% (in US$ terms) of the prices achieved 16 years ago! For me, that suggests there is still plenty of room for cement prices to move upwards from here. These comparisons also show how brutal the currency headwinds have been for Steppe over the last 16 years & also how well the management have managed costs in the business such that we are now in a position to pay a dividend. 16 years of hard graft and penny-pinching during which time they will have been constantly focussed on improving efficiencies in the business. This is a mindset & behaviour I expect is now fully entrenched in the company. Quite apart from the Kazakh economy, local cement demand and local pricing, it will not take much in terms of US$ weakness v the Tenge to also start amplifying the reporting figures here. On current yield, a share price more like £1 - £1.50 is quite possible. If local cement pricing increased back to 2005 levels (in US$ terms) and the US$ weakens against the KZT then, £2 - £3 is easily achievable, imo. I am persuaded there is far more to come here in the years ahead & willing to continue adding to my SIPP shareholding each month.
gary1966: EBB, Not sure that is really a fair description of events, as I didn't say the rally had a lot more to go and not sure I was a new contributor. As I said at the time the price was up 2.5% and volume was still good. I sold 35k latter part of Wednesday at 61p and then two tranches yesterday at 59.58p and 59.33p. It isn't a case of what goes up must come down at all. The reason I stated was the elevated RSI. That can come down over time with the share price increasing. I personally will just feel happier when the RSI drops out of overbought territory. If I have to pay a little more then so be it, I like STCM and championed it elsewhere when it was around 30p as I thought it was a gift. Anyway I have wished nothing but good luck on my departure and haven't bad mouthed the company now I have sold as I like STCM and do not think I have owned it for the last time. But I have banked a nearly £29K profit in 8 months which means a lot to me and my family.
eggbaconandbubble: Despite doing as much research as possible I still can't get to the reasoning on why STCM's share price was way up in 2006-8 period just before the crash and why the price didnt recover afterwards! Still yesterday's shift up was better than a slap in the belly with a wet fish, but appears to have fizzled out today - no mention in the press etc. I guess.
lauders: Joined you all the other day. Have been watching STCM and MBO but chose STCM in the end based on the great yield and potential long term growth. Like the lack of debt and needed something a bit more reliable that pays me some income while I waited. Most of my other holdings are no income companies and perhaps just a bit too erratic when it comes to the share price. Will consider adding dividends and profits (when/if I make any and sell to release them) into more STCM too, depending on price/performance.
constable ken: Except there are no such things as ADRs here. There are shares, held by certificated holders, and for people who hold via CREST, Depository Interests ( 'DI', not 'ADR') representing those shares. Shares held on the Labuan registry cannot be traded on AIM and similarly, Shares and Depository Interests held on the UK registry cannot be traded in Labuan. 12 Admission, Settlement (CREST) and Dealings CREST is a UK computerised paperless share transfer and settlement system, which allows shares and other securities, including depository interests, to be held in electronic form rather than in paper form. The Company, through its UK Registrar, Computershare, has established a depository whereby Depository Interests, representing Shares, will be issued to Shareholders who wish to hold their Shares in electronic form in CREST. The Company will apply for the Depository Interests which represent Shares to be admitted to CREST with effect from Admission. Accordingly, settlement of transactions in Shares following Admission may take place within the CREST system if the relevant Shareholders so wish. CREST is a voluntary system and holders of Shares who wish to deal on AIM and receive and retain share certificates will be able to do so. ...the Shares will trade on AIM ...Any agreement to transfer, or any transfer of, Shares registered on the Company’s UK branch register will generally be subject to UK stamp duty or stamp duty reserve tax at the rate of 0.5 per cent of the consideration for the transfer. ...and so on and so on www.steppecement.com/images/pdf/stcm_admissiondocument.pdf
wilo101: 13 April 2021 Change of TP Prices cited in the body of this report are as of the last close before, or the close on, 12 Apr 2021 (except where indicated otherwise). VTB Capital analysts update their recommendations periodically as required. This research report was prepared by the analyst(s) named above who is(are) associated with JSC VTB Capital and is distributed by JSC VTB Capital and VTB Capital PLC and their non-U.S. affiliates outside the United States. This VTB Capital research report is distributed to investors located within United States by Xtellus Capital Partners, Inc. (“Xtellus̶1;) as a “third-party research report” as defined in Rule 2241(a)(14) and Rule 2242(a)(17) of the U.S. Financial Industry Regulatory Authority. Please refer to the Disclosures section of this report for other important disclosures, including the analyst certification and information required by regulation. Equities Steppe Cement, ord. (STCM LN, GBp) Buy (21 Sep 2016, 12:24 UTC) Previous: Hold (14 Jul 2016, 13:01 UTC) Target price, 12mo: 47.00 Last price: 38.00 (12 Apr 2021, close) Expected total return: 37% Upside, 12mo: 24% DY, next 12mo: 13.2% Share price performance, 12-mo 1M 3M 12M 3Y Price 4% 23% 104% 93% Price relative 10% 28% 65% 52% ADTV (USD mn) 0.13 0.11 0.09 0.09 Key financial highlights Fiscal year end 12/19 12/20F 12/21F 12/22F P/E, x 8.6x 6.9x 8.3x 8.1x EV/EBITDA, x 3.8x 3.3x 4.3x 4.2x P/B, x 1.3x 1.2x 1.9x 1.9x FCF yield, % 17.9% 17.8% 15.6% 15.3% DY (ords), % 10.8% 20.0% 13.2% 13.2% Net sales, USD mn 80 75 78 79 EBITDA, USD mn 24 25 27 27 Net income, USD mn 10 11 14 14 Net sales, chg -3% -6% 5% 1% EBITDA, chg 15% 2% 10% -1% Net income, chg 7% 12% 27% 2% EPS(ords), USD 0.044 0.050 0.063 0.064 DPS (ord.), USD 0.04 0.07 0.07 0.07 BPS(ords), USD 0.29 0.28 0.28 0.28 EBITDA margin, % 30.1% 32.8% 34.5% 33.6% ROE, % 15% 18% 23% 24% Net Debt, USD mn 8 6 2 (1) ND/EBITDA, x 0.3x 0.3x 0.1x 0.0x Net int. cover, x 7.2x 8.7x 11.9x 12.1x Multiples and yields are calculated based on period-average prices where available. Source: Bloomberg, Company data, VTB Capital Research -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 0 5 10 15 20 25 30 35 40 45 Apr May Jun Jul Aug Sep Oct Nov Dec Jan FebMar STCM LN, GBp, lhs Relative to RTS Index, %, rhs Steppe Cement Generating hefty dividend yields for shareholders Steppe Cement is an attractive dividend payer, in our view. The positive cement market environment in 2020 and 1Q21 (and outlook for FY21), limited capex requirements, low leverage, solid profitability and good cash generation imply that the company’s FY20 DPS (payable July) could reach GBp 4 (11% yield), with an additional interim DPS of GBp 1 (3% yield) to be distributed in the autumn. This makes Steppe Cement attractive for value investors with sufficient tolerance for low liquidity, we think. Having updated our model, we are increasing our 12-month Target Price 18% to GBp 47, which implies an ETR of 37%: Buy reiterated. Solid trends in seasonally weak first quarter. Steppe Cement’s 1Q21 cement sales increased 13% YoY to 265,556t, while ex-works prices were up 11% YoY to KZT 14,568/t (up 3% YoY to USD 35/t). Delivered prices were 8% higher YoY to KZT 18,384/t. We think that the slower growth of delivered prices was due to some decrease of average transportation distances. Steppe Cement’s 1Q21 revenues increased 22% YoY to 4,882mn (up 13% YoY to USD 12mn). According to the company, Kazakhstan’s cement market increased 12% YoY in 1Q21, with the company increasing its share from 12.6% in 1Q20 to 13.2% in 2Q21. We think that these price and volume trends in the seasonally weak quarter augur well for 2021. Forecast revisions. We have updated our forecast to take into account Steppe Cement’s strong operating performance in 2020 and 1Q21. This resulted in our 2020-25F revenue forecasts increasing 5-6%, while our EBITDA projections rose 17-35%. In the longer-term, our forecast implies relatively flat performance, but this is still likely to be sufficient to distribute hefty dividends and generate high yields for shareholders, we think. Hefty dividends on the cards. Steppe Cement distributed GBp 1 as an interim dividend in November 2020. While previously we had assumed only annual dividends, we are now switching to modelling both interim and fullyear dividends. Based on the company’s record of distributing excess cash to shareholders and our forecasts of its cash flows, we assume that in the coming years Steppe Cement will be distributing GBp 4 per share as a fullyear dividend and GBp 1 per share as an interim dividend. Such forecasts imply a 13% dividend yield over the next 12 months, which, along with an undemanding valuation, underpins our positive view on the stock. Valuation and risks. We derive our 12-month Target Price from a DCF model (WACC 15%, TGR 0%). The key downside risks are lower dividends, ‘irrational217; pricing by competitors, potential overcapacity in Kazakhstan and the neighbouring countries, as well as the overall macro environment and cement market trends.
mattjos: STCM share price has generally done well in the last Q each year in the run to the FY Results and the divi announcement. It then has tended to spend the rest of the year in decline. now it appears the company is intending to make two divi payments each year so, it's going to be interesting to see how the price movements change as a consequence. Still stupidly cheap, whichever you look at it & as wilo says, should be trading at 50p minimum within the next 6 months
Steppe Cement share price data is direct from the London Stock Exchange
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