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Afarak Group
1896 sijoittajaa seuraa tätä yhtiötä
OSTO 0.28 ALIN 0.28 VAIHTO (KPL) 147 455
MYYNTI 0.28 YLIN 0.29 VAIHTO (VAL) 0,041 Milj. EUR

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Viimeisimmät raportit

Laaja raportti

Analyytikko

Petri Gostowski
+358 40 821 5982

Yhtiön vuosikertomukset

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Tyyppi: company_report
29.2.
2020

Afarak reported Q4’19 results on Friday, which came in line with our revised expectations as the company gave a profit warning earlier. We expect earnings to stay subdued in the coming quarters due to weak market conditions. We abstain from giving a target price or a recommendation for Afarak Group due to the dispute between major shareholders. However, in our view the current valuation in relation to the company’s earnings ability is clearly elevated. 

Tyyppi: company_report
2.12.
2019

Afarak reported Q3’19 results on Friday. Despite better than expected revenue development earnings came in clearly below our estimates and were negative. We expect earnings to stay subdued on Q4 due to weak market conditions. We abstain from giving a target price or a recommendation for Afarak Group due to the dispute between major shareholders. However, in our view the current valuation in relation to the company’s earnings ability is clearly elevated. 

Tyyppi: company_report
26.8.
2019

Afarak reported Q2’19 result on Friday. Afarak had issued an operative update prior to the earnings release and therefore the significant loss for Q2 was no news at this point. We expect earnings to stay subdued on the coming quarters due to severe issues in Ferroalloys. We abstain from giving a target price or a recommendation for Afarak Group due to the dispute between major shareholders. However, in our view the current valuation in relation to the company’s earnings ability is clearly elevated.

Tyyppi: company_report
20.8.
2019

Afarak will publish its Q2-numbers this Friday. The company provided an operational update earlier and it is known that Afak will post deep in the red operational profitability from Q2. We updated our estimates to reflect this and we also revised H2 estimates downwards. We abstain from giving a target price or a recommendation for the share due to the unclarity of the company’s ownership structure and its possible consequences.

Tyyppi: company_report
28.6.
2019

We estimate Afarak’s earnings will stay weak amid slowing market conditions and we do not expect the company to reach black numbers in the coming quarters. Therefore, the tender offer price (EUR 1.015 per share) is high in our view and we argue that it exceeds value of the shares. The tender offer price corresponds to a 1.7x P/B multiple that we argue is not justifiable by the company’s earnings capability. We abstain from giving a target price or a recommendation for the share due to the unclarity of the company’s ownership structure and its possible consequences.

Tyyppi: company_report
20.5.
2019

Afarak reported its Q1’19 results on Friday. Afarak issued a profit warning for Q1 earlier last week and expected to post a clear loss for Q1. Therefore, the weak reported profitability for Q1 did not come as a surprise. We abstain from giving a target price or a recommendation for Afarak Group due to the dispute between major shareholders. However, in our view the current valuation in relation to the company’s earnings is clearly elevated.

Tyyppi: company_report
25.2.
2019

Afarak reported its Q4’18 results on Friday. Sales were in line with our expectations that reflected weak volumes in Ferroalloys segment. Profitability was, however, weaker than expected also due to Ferroalloys. We abstain from giving a target price or a recommendation for Afarak Group due to the dispute between major shareholders. However, in our view the current valuation in relation to the company’s earnings is clearly elevated.

Tyyppi: company_report
19.11.
2018

Afarak reported Q3’18 results on Friday. Sales was fairly in line with our expectations that reflected weak volumes in Ferroalloys segment. Profitability was, however, weaker than expected also due to Ferroalloys. We abstain from giving a target price or a recommendation due to the dispute between major shareholders. However, in our view the current valuation in relation to the company’s earnings is clearly elevated.

Tyyppi: company_report
13.8.
2018

Afarak reported Q2’18 results on Friday. Sales grew rapidly y-on-y due to a clear increase in volumes, which exceeded our expectations despite being higher than Q2’17. Profitability was however weak and came in below our estimates. We abstain from giving a target price or a recommendation due to the dispute between major shareholders. However, in our view the current valuation in relation to the company’s earnings is clearly elevated.

Tyyppi: company_report
14.5.
2018

Afarak reported Q1 results on Friday. Afarak’s topline exceeded our expectations clearly despite weak market conditions. However, the company’s operational profitability was still under pressure despite being slightly better than the recent profit warning indicated. Due to the unclarity of Afarak’s ownership structure and the consequences of this we abstain from giving a target price or a recommendation. We believe that the stock price will not be driven by the company’s operative results in the short term.

Afarak Group

Yhtiöllä seuraavat leimat

Inderes Yhtiöasiakas

Afarak Group

Afarak on maailmanlaajuinen vertikaalisesti integroitunut erikoismetalliseosten tuottaja. Yhtiöllä on liiketoimintaa Etelä-Afrikassa, Turkissa, Saksassa, Lontoossa, Helsingissä ja Maltalla. Afarak toimittaa tuotteitaan maailman johtaville yrityksille monilla eri teollisuuden aloilla ympäri maailmaa. Afarakin liiketoiminta jakautuu kahteen eri yksikköön, jotka ovat rautametalliliiketoiminta ja erikoismetalliliiketoiminta. Afarakilla on rautametalliliiketoimintaa eteläisessä Afrikassa. Liiketoimintaan kuuluvat Stelliten kaivos, Mecklenburgin kaivos ja Mogalen tuotantolaitos Etelä-Afrikassa. Afarakin erikoismetalliliiketoiminta tuottaa matalahiilisiä ja erittäin matalahiilisiä erikoisferrokromituotteita. Liiketoimintaan kuuluvat Elektrowerk Weisweilerin (EWW) tuotantolaitos Saksassa ja TMS:n kaivostoiminnot Turkissa.