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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 Shares Traded Last Trade
  +1.50p +4.48% 35.00p 96,042 16:35:15
Bid Price Offer Price High Price Low Price Open Price
32.00p 35.00p 33.50p 33.50p 33.50p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 48.76 1.43 0.44 75.8 76.7

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Date Time Title Posts
22/4/201905:51Steppe Cement - Kazak Infrastruture Play1,407
08/6/201822:57anyone know anything about steppe cement ?8

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DateSubject
22/4/2019
09:20
Steppe Cement Daily Update: Steppe Cement is listed in the Construction & Materials sector of the London Stock Exchange with ticker STCM. The last closing price for Steppe Cement was 33.50p.
Steppe Cement has a 4 week average price of 32.50p and a 12 week average price of 19.50p.
The 1 year high share price is 38.50p 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 190,815 shares. The market capitalisation of Steppe Cement is £76,650,000.
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
09/2/2019
18:44
king suarez: No worries. Regardless, for me, I tend to look at operating cash flow to determine health of a business and in H1 18 that was c$6m - of which $2.5m was invested in plant and equipment and $1.8m paying down debt. H1 17 generated $1.5m operational cashflow and FY $12.2m, so if H2 18 follows suit, with even greater production and prices we could be seeing in the region of $20m operational cashflow for FY 18? That would support a VERY healthy dividend at this share price.
08/2/2019
16:46
king suarez: 2013 interims - Revenue $54m - Profit after tax $2.2m - share price 75p = £164m valuation 2018 interims - Revenue $33m - Profit after tax $0.2m - share price 25p = $54m valuation The change in exchange rates has caused a lower USD valuation, despite revenues (in KZT) and production being much higher in 2018?
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.
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
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
08/10/2018
19:31
mattjos: 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 :-)
13/4/2018
08:36
jailbird: Not suer baout that..plenty of Cos with debt pay dividends..the share price will rise on a dividend announcement
16/11/2017
09:58
jailbird: Is the WCC share price example a rather optimistic one...maybe in 2-5+ years ?
06/5/2017
23:32
hari: Also can you tell me why you are still bullish..forget seasons...last 2 years , year on year margin, revenues and market share is decreasing. The share price fall is indicative of this trend.
Steppe Cement share price data is direct from the London Stock Exchange
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