Steppe Cement Share Price (STCM)

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
	-1.00	-3.57%	27.00	51,704	11:52:17

Bid Price		Offer Price	High Price	Low Price	Open Price
26.00		28.00	28.00	27.00	28.00

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Construction & Materials	64.45	8.37	3.22	8.4	59

Last Trade Time	Trade Type	Trade Size	Trade Price	Currency
13:42:57	O	6,611	26.45	GBX

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Steppe Cement (STCM) Latest News

Steppe Cement News

Date	Time	Source	Headline
07/10/2019	09:16	ALNC	Steppe Cement Third Quarter Revenue Falls On Lower Sales Volume
07/10/2019	07:10	ALNCF	Alliance News Flash Headline
07/10/2019	07:00	UKREG	Steppe Cement Limited Market Update for the 3rd Quarter
12/9/2019	11:10	ALNC	Steppe Cement Sees Contraction In Kazakh Market; Interim Earnings Rise
12/9/2019	07:00	UKREG	Steppe Cement Limited Interim Results and General Market Update
23/7/2019	07:00	UKREG	Steppe Cement Limited Holding(s) in Company
10/7/2019	10:58	ALNC	Steppe Cement Reports Growth In Interim Cement Sales At Higher Price
10/7/2019	07:00	UKREG	Steppe Cement Limited Market Update for the First Half of 2019
20/6/2019	09:41	UKREG	Steppe Cement Limited Holding(s) in Company
13/6/2019	07:00	UKREG	Steppe Cement Limited Final Dividend FY2018

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Steppe Cement Forums and Chat

Date	Time	Title	Posts
15/10/2019	15:32	Steppe Cement - Kazak Infrastruture Play	2,492
08/6/2018	22:57	anyone know anything about steppe cement ?	8

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Steppe Cement (STCM) Most Recent Trades

Trade Time	Trade Price	Trade Size	Trade Value	Trade Type
12:42:57	26.45	6,611	1,748.61	O
11:10:52	27.33	5,328	1,456.30	O
10:42:26	26.45	39,765	10,517.84	O

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Steppe Cement (STCM) Top Chat Posts

Date	Subject
17/10/2019 09:20	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 28p. Steppe Cement Ltd has a 4 week average price of 25.50p and a 12 week average price of 25.50p. The 1 year high share price is 44.50p while the 1 year low share price is currently 17.50p. There are currently 219,000,000 shares in issue and the average daily traded volume is 60,722 shares. The market capitalisation of Steppe Cement Ltd is £59,130,000. Read Full Thread Reply
13/9/2019 18:22	wilo101: Steppe Cement Zero net debt, all excess cash to shareholders Steppe Cement has performed strongly YTD, with its share price rising 44%. This was driven by a notable improvement in financial performance, which allowed the company to bring its net debt to zero as of 1H19 and to pay hefty dividends. Meanwhile, the market backdrop could get tougher in the medium to longer term due to excess cement capacity in Kazakhstan and shrinking export opportunities in Uzbekistan. Therefore, we are turning more conservative and project a flat-to-slightly-declining trend for EBITDA and net income from 2020. Still, the company’s cash generation and low leverage imply dividend yields at 14%, which is more than enough to justify our positive stance on the stock, we believe. Our unchanged 12-month Target Price of GBp 40 implies an ETR of 43%. Buy reiterated. Well-prepared for potential headwinds. The recent favourable market environment has helped Steppe Cement bring net debt to zero as of 1H19. Even though net debt was again at USD 5.1mn in late August, this was due to the distribution of USD 8.3mn as dividends, and we believe that the number will be close to zero again by the end of the year. This makes Steppe Cement well prepared for any potential headwinds that might result from rising supply due to capacity expansion in Uzbekistan and Kazakhstan. Kazakhstan: excess capacity. Kazakhstan’s cement capacity stands at some 15mnt and is set to expand somewhat, which will likely send capacity utilisation to the mid-sixties. Given our projected 2018-23F demand CAGR of 2% and shrinking export opportunities, this will likely increase pressure on the domestic market and limit the ability of incumbents, including Steppe Cement, to increase volumes or prices under our base case scenario. Uzbekistan: shrinking opportunities. The projects to build some 15mnt of new cement capacity on the top of the current integrated plant capacity of some 9mnt would over the next couple of years likely close the local demandsupply gap of 3-4mnt, even accounting for execution risks. We believe that this would largely shut this lucrative export market for Kazakhstan. Attractive dividend yields. It is our view that this worsening backdrop will likely render meaningless any cash reinvestment or accumulation. Meanwhile, Steppe Cement’s relative efficiency, especially vs. wet producers (still one fifth of the total capacity in Kazakhstan), and low debt will probably help defend its market share and generate stable positive cash flows. These assumptions point to attractive potential dividend yields of some 14% in the medium term – and even at a half of our EBITDA forecasts, Steppe Cement would be able to return a 4-5% yield. Valuation and risks. We derive our 12-month Target Price from a DCF model (WACC 15.6%, TGR 2%). The key downside risks are lower dividends, ‘irrational217; pricing by competitors, as well as the overall economic environment and cement market trends. Vladimir Bespalov, Equities Analyst +7 495 663 46 51 // vladimir.bespalov@vtbcapital.com Read Full Thread Follow Reply
07/9/2019 11:40	mattjos: Assuming they 'smooth' the dividend with introduction of an interim this time around, at something between 1 - 1.5p then, i cannot see the share price staying below 40p.Common enough Share price / dividend value multiple is 25x ... once the dividend becomes more established and wider recognised ie. a 4% coupon on investment.Back in the 1980's 4% would not have been particularly appealing but, in the crazy world we now live in, where there are £Bn's shunted into the sidings earning a negative yield, i believe a 4%+ yield is hugely attractive & so a corresponding share price of over £1 looks entirely justified.OK, the company is unlikely to tick the necessary boxes for high growth & therefore most unlikely to draw the more volatile elements of 'the herd' but, it should draw the more steady members of the investment universe who can do the maths and see the longer-term compounding effects of the dividend on offer here. For that reason, share price progress may be more sedate but, the buyers likely much more 'sticky' for the long term & will reinvest the divi in to the stock.I'd be surprised if we are not at 75p+ by the time of the 2019 FY results & then £1.50 by the time of the 2020 FY results. That would be 300% capital appreciation, accompanied by 15%+ yield in approximately 20 months. Keep buying and be patient, afaiac. Read Full Thread Follow Reply
28/8/2019 20:01	king suarez: We've had at least one fund selling out recently (for reasons unknown) which drove the share price down from 43p to 24p. Now back to 28p. Hasn't been much volume in the last few weeks, but agree the share price hasn't really responded to any buying yet. I just think the results can't be ignored indefinitely here.. Read Full Thread Follow Reply
27/8/2019 19:44	king suarez: This really is a bargain. FY 18 results showed over $20m operating cash flow, which we can anticipate will be easily beaten in 2019 based on the market updates so far. Borrowings could be close to zero by now (so finance costs will hit zero). I believe STCM could afford to double the dividend to 6p (20% yield) and still increase the cash pile should management decide to do so. Had a few extra shares in my SIPP today and may get a few more come pay day. Think we are seriously undervalued and should be at least double the share price imo. Read Full Thread Follow Reply
18/8/2019 11:28	novicetrade68: I agree, but it is very painful to see the last remaining quality London shares being subject to such misuse when investors, traders are constantly being, well, it seems like being fleeced, ie a 40% drop for no reason???????? STCM is selling more, STCM is benefiting from currency advantages, STCM is now paying 12% annual dividend, yet you look at the share price now and you get the impression that a person like David Lenigas, among many others, look correct in that MMs DO seem to screw everyone out of their holdings for a fixed amount of time, ie going (naked) short for 2-3 months, and then in the run up to the interims or results later they sell their complete extorted collection at 10%-15%-20%-25% additional margin to traders and investors, ideally on a spike....you know, along with supportive commentary on ADVFN & on the LSE chat site....and then they apparantly go short again for a fixed amount of time when no one is expecting it and then leave everybody incurring losses which increase every day and every week and every month, with no chance to make any return whatsoever... This really now seems a recurring, annual pattern where the share price gets lower and lower everyday, and many many eventually sell their holdings when MMs seem in their fixed (naked) short period and manipulate the price down regardless. Read Full Thread Follow Reply
15/6/2019 13:43	tim000: I think if one wanted to sell millions of shares, selling prior to the ex-dividend date would be a good time, when liquidity is likely to be elevated. It’s not rational to believe the seller is losing out on the dividend, which is already built into the share price. Hence other things equal the share price will fall by 3p when the share goes ex-dividend. Of course, that doesn’t answer the question why the seller is selling. Read Full Thread Follow Reply
05/4/2019 07:59	wilo101: Buy (21 Sep 2016, 12:09 UTC) Previous: Hold (14 Jul 2016, 13:07 UTC) Target price, 12mo: 40.00 Last price: 33.00 (05 Mar 2019, close) Expected total return: 27% Upside, 12mo: 21% DY, next 12mo: 6.1% Share price performance, 12-mo 1M 3M 12M 3Y Price 40% 26% 57% 111% Price relative 45% 24% 70% 46% ADTV (USD mn) 0.02 0.01 0.02 0.02 Key financial highlights Fiscal year end 12/17 12/18F 12/19F 12/20F P/E, x 38.5x 7.2x 7.0x 6.3x EV/EBITDA, x 6.1x 4.0x 4.0x 3.6x P/B, x 0.8x 1.1x 1.3x 1.3x FCF yield, % 17.6% 12.5% 17.3% 16.7% DY (ords), % 6.2% 8.3% 14.2% 16.0% Net sales, USD mn 66 82 85 90 EBITDA, USD mn 11 20 24 26 Net income, USD mn 1 10 14 15 Net sales, chg 25% 25% 4% 6% EBITDA, chg 17% 90% 20% 7% Net income, chg 600% 686% 40% 13% EPS(ords), USD 0.0056 0.044 0.062 0.070 DPS (ord.), USD 0.01 0.03 0.06 0.07 BPS(ords), USD 0.27 0.30 0.34 0.35 EBITDA margin, % 16.1% 24.5% 28.4% 28.6% ROE, % 2% 15% 18% 20% Net Debt, USD mn 17 11 0 (2) ND/EBITDA, x 1.6x 0.6x 0.0x (0.1x) Net int. cover, x 1.5x 10.2x 18.9x 25.4x Multiples and yields are calculated based on period-average prices where available. Source: Bloomberg, Company data, VTB Capital Research -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 0 5 10 15 20 25 30 35 40 Mar May Jul Sep Nov Jan STCM LN, GBp, lhs Relative to RTS Index, %, rhs Steppe Cement Positive markets, lower leverage imply more upside Despite the recent stock appreciation, we believe that Steppe Cement still offers attractive value upside, which could be realised through hefty dividend distributions. In particular, we have revised upward our forecasts on positive price and demand trends, which are largely underpinned by the recently opened export opportunities in Uzbekistan. Along with the continuing reduction of leverage, these considerations underlie a 21% increase in our 12-month Target Price, to GBp 40, which implies an ETR of 27%. Buy reiterated. Forecast revisions. Steppe Cement’s 2018 cement sales increased 6% YoY to 1.7mnt, while average ex-works cement prices rose 23% YoY to KZT 13,354/t (or 16% YoY to USD 39/t, based on the average exchange rate for the year). Meanwhile, the delivered price was up 18% YoY to USD 48/t. We believe that these upbeat trends had also a positive impact on profitability, which underlies increasing of our 2018 estimates. We also believe that the outlook for this year remains favourable, largely helped by export opportunities in Uzbekistan. As a result, we take a more positive view on the medium-term trends. At the same time, we are more cautious on the long term, as the current cement shortages in Uzbekistan are to be closed through new plant construction, while the recent capacity additions in Kazakhstan might weigh on the local market. Leverage continues to decline. Our forecasts imply that Steppe Cement’s net debt declined further, to USD 11mn, at the end of 2018 (vs. USD 17mn at the end of 2017), with the 2018 net debt/EBITDA of 0.6x. We believe that Steppe Cement’s net debt might approach zero by the end of 2019, although much will depend on dividend distributions. Nevertheless, given Steppe Cement’s limited capex requirements, low leverage and good cash generating ability, we expect hefty dividend payouts in the future. Dividend remains the key attraction. Given the stock’s low liquidity, we believe that dividends are the key attraction behind Steppe Cement’s investment case. Our base-case scenario implies 2018 DPS at GBp 2, which implies a 6% yield. Meanwhile, given the recent positive trends, we would not rule out that Steppe Cement eventually distributes GBp 3, which would yield 9% at the current share price. We also see a strong case for a notable increase in DPS in the future, as the company is likely to distribute most of the available cash to shareholders, in our view. Valuation and risks. We derive our 12-month Target Price of GBp 40 from a DCF model (WACC 15.5%, TGR 2%). Steppe Cement trades at fairly undemanding 2019-20F EV/EBITDA multiples 3.6-4.0x and the 2019F EV/capacity of USD 49/t, which imply large discounts to global peers. 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 Read Full Thread Follow Reply
07/2/2019 14:30	azalea: Data from Morningstar Prelims for FY 2013. share price 46.5p Revenues KZT 17912million Volume sold 1,366,678 tonnes Average price delivered (ex VAT) KZT 14,245 per tonne Update 10/1/2019 for year FY 2018. share price circa 21p Revenues KZT 2834 Billion volume sold 1.7m tonnes Average price KZT 16,480 per tonne. The only thing from the above is we do not know what the profits were/are. However, we do know that since 2013 the company spent $US millions on converting two of six wet production lines to much more efficient dry lines, whilst mothballing the remaining four wet lines. Making the company one of the most efficient cement manufacturers in KAZ. The company has installed its own direct power line to the national grid. Note the current share price is circa half of that in January 2014. 10 years ago the share price was 75p Beyond that the maximim was 380p. Read Full Thread Follow Reply
05/2/2019 09:45	wilo101: see our 14.01.19, post which reads as follows: Subject: Kazakhstan \|\| Steppe Cement - 4Q18 trading update; positive end to the year Operating Results Steppe Cement 4Q18 trading update; positive end to the year Steppe Cement's 4Q18 trading update points to a positive end to the year and implies upside risk to our projections. We continue to see Steppe Cement's current valuation and the next 12-month dividend as attractive, with our 12-month Target Price of GBp 33 implying an ETR of 71%, including a 10% dividend yield. Strong end to the year. According to Steppe Cement, its 2018 cement sales increased 6% YoY to 1.7mnt, while average ex-works cement prices rose 23% YoY to KZT 13,354/t (or 16% YoY to USD 39/t, based on the average exchange rate for the year). The numbers imply that despite negative seasonality, Steppe Cement managed to increase its 4Q18 sales volumes 13% YoY, while achieving a strong price trend. In particular, we estimate that Steppe Cement's ex-works cement prices increased 60% YoY to KZT 15,270/t, or 45% YoY to USD 41/t in 4Q18. We note that Steppe Cement's 2018 volumes and ex-works prices came in slightly above our full-year forecasts. Supportive export opportunities. According to Steppe Cement, the Kazakhstan cement market declined 4% to 8.6mnt in 2018. Meanwhile, we believe that strong export opportunities, primarily related to Uzbekistan, supported positive price environment. In particular, cement exports from Kazakhstan more than doubled to 2mnt in 2018, while Steppe Cement increased its exports by 50% YoY to 220,000t, according to the company. Longer transportation distances also resulted in stronger growth of delivered prices compared with ex-works prices. In particular, Steppe Cement's delivered prices increased 25% YoY to KZT 16,480/t (+18% to USD 48/t) in 2018, while the company's 2018 revenues rose 32% YoY to KZT 28bn or 24% to USD 82mn. This revenue number exceeds our estimate of USD 77mn. Meanwhile, we believe that upside risks to our profitability assumptions are lower, as higher delivered prices were also associated with higher transportation costs. For this reason we leave our projections unchanged. Attractive valuation and dividend. We expect that Steppe Cement will distribute at least GBp 2 per share in the 2018 dividend, which implies a 10% yield at the current price. We also believe that the recent decline in Steppe Cement's share price has made its valuation even more attractive. In particular, our forecasts imply that Steppe Cement trades at an over 40% discount to global peers on its 2019 EV/EBITDA of 3.2x and at about 70% discount on EV/capacity of USD 30/t. Steppe Cement (STCM LN, GBp) Buy (21 Sep 2016, 12:09 UTC) // Previous: Hold (14 Jul 2016, 13:07 UTC) Target price, 12mo: 33.00 // Price: 20.50 // Upside: 61% // DY: 10.2% // ETR, 12mo: 71% Vladimir Bespalov, Equities Analyst +7 495 663 46 51 // vladimir.bespalov@vtbcapital.com Read Full Thread Follow Reply
14/1/2019 16:48	wilo101: Subject: Kazakhstan \|\| Steppe Cement - 4Q18 trading update; positive end to the year Operating Results Steppe Cement 4Q18 trading update; positive end to the year Steppe Cement's 4Q18 trading update points to a positive end to the year and implies upside risk to our projections. We continue to see Steppe Cement's current valuation and the next 12-month dividend as attractive, with our 12-month Target Price of GBp 33 implying an ETR of 71%, including a 10% dividend yield. Strong end to the year. According to Steppe Cement, its 2018 cement sales increased 6% YoY to 1.7mnt, while average ex-works cement prices rose 23% YoY to KZT 13,354/t (or 16% YoY to USD 39/t, based on the average exchange rate for the year). The numbers imply that despite negative seasonality, Steppe Cement managed to increase its 4Q18 sales volumes 13% YoY, while achieving a strong price trend. In particular, we estimate that Steppe Cement's ex-works cement prices increased 60% YoY to KZT 15,270/t, or 45% YoY to USD 41/t in 4Q18. We note that Steppe Cement's 2018 volumes and ex-works prices came in slightly above our full-year forecasts. Supportive export opportunities. According to Steppe Cement, the Kazakhstan cement market declined 4% to 8.6mnt in 2018. Meanwhile, we believe that strong export opportunities, primarily related to Uzbekistan, supported positive price environment. In particular, cement exports from Kazakhstan more than doubled to 2mnt in 2018, while Steppe Cement increased its exports by 50% YoY to 220,000t, according to the company. Longer transportation distances also resulted in stronger growth of delivered prices compared with ex-works prices. In particular, Steppe Cement's delivered prices increased 25% YoY to KZT 16,480/t (+18% to USD 48/t) in 2018, while the company's 2018 revenues rose 32% YoY to KZT 28bn or 24% to USD 82mn. This revenue number exceeds our estimate of USD 77mn. Meanwhile, we believe that upside risks to our profitability assumptions are lower, as higher delivered prices were also associated with higher transportation costs. For this reason we leave our projections unchanged. Attractive valuation and dividend. We expect that Steppe Cement will distribute at least GBp 2 per share in the 2018 dividend, which implies a 10% yield at the current price. We also believe that the recent decline in Steppe Cement's share price has made its valuation even more attractive. In particular, our forecasts imply that Steppe Cement trades at an over 40% discount to global peers on its 2019 EV/EBITDA of 3.2x and at about 70% discount on EV/capacity of USD 30/t. Steppe Cement (STCM LN, GBp) Buy (21 Sep 2016, 12:09 UTC) // Previous: Hold (14 Jul 2016, 13:07 UTC) Target price, 12mo: 33.00 // Price: 20.50 // Upside: 61% // DY: 10.2% // ETR, 12mo: 71% Vladimir Bespalov, Equities Analyst +7 495 663 46 51 // vladimir.bespalov@vtbcapital.com Read Full Thread Follow Reply

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