Afarak Group
1335 sijoittajaa seuraa tätä yhtiötä
OSTO 0.68 ALIN 0.67 VAIHTO (KPL) 23 258
MYYNTI 0.69 YLIN 0.70 VAIHTO (VAL) 0,016 Milj. EUR

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Analyytikko

Petri Gostowski
+358 40 821 5982

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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.

Tyyppi: company_report
7.5.
2018

Afarak will publish their Q1-report on Friday. We expect revenues to have decreased y-on-y significantly due to lower market prices and volumes. The company announced a profit warning on Friday (4th of May) where it stated that due to various adverse profit drivers the company’s EBITDA will be around 1 MEUR negative for Q1’18. In relation to the company’s operational performance the stock is clearly overvalued. However, we do not expect the company’s operational performance to act as the stock’s main driver for now.

Tyyppi: company_report
26.2.
2018

Afarak reported Q4 results on Friday. Afarak’s topline came in fairly in line with expectations due to good market conditions. However, the company’s operational profitability was still under pressure and fell short from our expectations. Due to the dispute between Afarak’s shareholders we abstain from giving a target price or a recommendation. The believe the stock price will be driven by this dispute and Afarak’s possible delisting process rather than fundamentals in the short term.

Tyyppi: company_report
20.11.
2017

Afarak reported their Q3 results on Friday. On topline level Afarak’s development normalized from weak Q3’16 and was slightly above our expectations. However, profitability was burdened by significant adverse development in raw material costs. Higher cost load was more than enough to offset the positive volume development and thus profitability dropped to the negative side. Due to the dispute between Afarak’s shareholders we abstain from giving a target price or a recommendation. However, the share looks overvalued by all metrics on operational perspective.

Tyyppi: company_report
25.9.
2017

We have continued to clarify the dispute between Afarak’s owners. We have concluded that we cannot reliably evaluate the matter’s potential juridical consequences or its outcome. In this exceptional matter, the share’s price may not be tied to the company’s fundamental value. We will continue research on Afarak and we will continue to evaluate the company’s operations. However, we do not see it justifiable nor do we have the required information to be able to take stance on the dispute or evaluate the matters consequences.

Afarak Group

Afarak Group

Company page 06.07.2017 10:05 Afarak

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.

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.