Outokumpu (OUT1V) - OVERVIEW



Last update 11/09/2016
Q3 2016 E
 Number of EstimatesHighestConsensusMedianLowest
Group stainless steel deliveries 653.0 626.1 625.0 610.0 
Sales 12 1,546.0 1,428.6 1,428.0 1,341.0 
Underlying EBITDA 11 119.0 80.4 78.0 65.7 
Depreciation & Amortisation incl non-recurring items 11 -55.0 -61.3 -59.0 -82.0 
EBIT reported 12 29.0 16.9 19.5 -7.0 
Adjustments to EBIT 12 20.0 -1.5 0.0 -20.0 
Underlying EBIT 12 37.0 18.4 18.5 7.7 
Net financials -5.0 -24.6 -25.0 -31.0 
Result before taxes reported 24.0 -9.3 -8.0 -36.0 
Underlying result before taxes 32.0 -7.3 -13.0 -21.0 
Net income attributable to shareholders (cont operations) 22.0 -9.1 -11.0 -30.0 
Underlying net income attributable to shareholders 30.0 -7.1 -11.0 -17.9 
Average number of shares (in Mio) 416.4 416.4 416.4 416.4 
EPS reported based on cont operations (in Euro) 0.1 -0.0 -0.0 -0.1 
Underlying EPS (in Euro) 0.1 -0.0 -0.0 -0.0 
Dividend per share (in Euro) 
Return on Capital Employed 
Operating Cash Flow 
Capex 
Free Cash Flow 
Net financial debt 
 
Q4 2016 E
 Number of EstimatesHighestConsensusMedianLowest
Group stainless steel deliveries 659.0 621.0 613.0 589.0 
Sales 12 1,614.0 1,459.2 1,431.0 1,329.0 
Underlying EBITDA 11 156.0 111.3 103.0 85.0 
Depreciation & Amortisation incl non-recurring items 11 -52.0 -62.4 -58.0 -95.0 
EBIT reported 12 77.0 44.9 44.0 22.0 
Adjustments to EBIT 12 0.0 -3.8 0.0 -20.0 
Underlying EBIT 12 77.0 48.7 45.5 22.0 
Net financials 8.0 -22.3 -25.0 -30.0 
Result before taxes reported 57.0 18.5 14.0 -7.0 
Underlying result before taxes 69.0 23.5 17.0 -7.0 
Net income attributable to shareholders (cont operations) 37.0 10.5 9.0 -7.0 
Underlying net income attributable to shareholders 52.0 15.5 14.0 -7.0 
Average number of shares (in Mio) 416.4 416.4 416.4 416.4 
EPS reported based on cont operations (in Euro) 0.1 0.0 0.0 -0.0 
Underlying EPS (in Euro) 0.1 0.0 0.0 -0.0 
Dividend per share (in Euro) 
Return on Capital Employed 
Operating Cash Flow 
Capex 
Free Cash Flow 
Net financial debt 
 
FY 2016 E
 Number of EstimatesHighestConsensusMedianLowest
Group stainless steel deliveries 2,545.0 2,484.1 2,484.0 2,438.0 
Sales 15 6,326.0 5,725.0 5,667.0 5,441.0 
Underlying EBITDA 15 364.0 276.5 262.0 244.5 
Depreciation & Amortisation incl non-recurring items 15 -222.0 -237.5 -231.0 -291.0 
EBIT reported 15 92.0 52.6 54.5 13.0 
Adjustments to EBIT 15 40.0 13.5 19.0 -21.0 
Underlying EBIT 15 73.0 39.0 36.0 0.0 
Net financials 15 -59.0 -110.4 -113.0 -129.0 
Result before taxes reported 15 10.0 -60.4 -58.5 -110.0 
Underlying result before taxes 15 14.0 -71.4 -73.0 -129.0 
Net income attributable to shareholders (cont operations) 15 -2.0 -59.8 -64.7 -94.0 
Underlying net income attributable to shareholders 15 2.0 -68.3 -69.0 -100.0 
Average number of shares (in Mio) 15 416.4 416.4 416.4 416.4 
EPS reported based on cont operations (in Euro) 15 0.0 -0.1 -0.2 -0.2 
Underlying EPS (in Euro) 15 0.0 -0.2 -0.2 -0.2 
Dividend per share (in Euro) 15 0.0 0.0 0.0 0.0 
Return on Capital Employed 9.0 1.9 1.2 0.1 
Operating Cash Flow 14 435.30 265.77 256.00 148.00 
Capex 14 -123.00 -141.86 -140.00 -150.00 
Free Cash Flow 13 287.30 131.37 120.00 8.00 
Net financial debt 14 1,556.00 1,432.01 1,413.50 1,283.00 
 
FY 2017 E
 Number of EstimatesHighestConsensusMedianLowest
Group stainless steel deliveries 2,661.0 2,579.7 2,596.0 2,457.0 
Sales 15 7,309.0 6,281.7 6,209.0 5,595.0 
Underlying EBITDA 15 642.0 523.2 507.0 399.0 
Depreciation & Amortisation incl non-recurring items 15 -212.0 -240.0 -235.0 -294.0 
EBIT reported 15 398.0 283.2 275.0 169.0 
Adjustments to EBIT 15 0.0 0.0 0.0 0.0 
Underlying EBIT 15 398.0 283.2 275.0 169.0 
Net financials 15 -64.0 -97.2 -96.0 -122.0 
Result before taxes reported 15 320.1 186.0 167.0 64.0 
Underlying result before taxes 15 320.1 186.0 167.0 64.0 
Net income attributable to shareholders (cont operations) 15 320.1 156.9 133.0 57.0 
Underlying net income attributable to shareholders 15 320.1 156.9 133.0 57.0 
Average number of shares (in Mio) 15 416.4 416.4 416.4 416.4 
EPS reported based on cont operations (in Euro) 15 0.8 0.4 0.3 0.1 
Underlying EPS (in Euro) 15 0.8 0.4 0.3 0.1 
Dividend per share (in Euro) 15 0.1 0.0 0.0 0.0 
Return on Capital Employed 9.1 6.1 6.0 3.7 
Operating Cash Flow 14 539.70 376.66 359.50 222.00 
Capex 15 -138.00 -152.33 -150.00 -168.00 
Free Cash Flow 14 394.70 224.51 204.50 82.00 
Net financial debt 14 1,386.0 1,228.2 1,203.2 1,027.0 
 
FY 2018 E
 Number of EstimatesHighestConsensusMedianLowest
Group stainless steel deliveries 2,730.0 2,638.7 2,652.0 2,472.0 
Sales 15 8,070.0 6,663.0 6,458.0 5,751.0 
Underlying EBITDA 14 778.0 626.2 619.0 472.0 
Depreciation & Amortisation incl non-recurring items 14 -212.0 -241.0 -230.0 -300.0 
EBIT reported 15 549.0 382.6 370.0 242.0 
Adjustments to EBIT 15 0.0 0.0 0.0 0.0 
Underlying EBIT 15 549.0 382.6 370.0 242.0 
Net financials 15 -70.0 -90.3 -89.0 -120.0 
Result before taxes reported 15 474.8 292.3 267.0 142.0 
Underlying result before taxes 15 474.8 292.3 267.0 142.0 
Net income attributable to shareholders (cont operations) 15 474.8 243.9 219.0 126.0 
Underlying net income attributable to shareholders 15 474.8 243.9 219.0 126.0 
Average number of shares (in Mio) 15 416.4 416.4 416.4 416.4 
EPS reported based on cont operations (in Euro) 15 1.1 0.6 0.5 0.3 
Underlying EPS (in Euro) 15 1.1 0.6 0.5 0.3 
Dividend per share (in Euro) 14 0.3 0.1 0.1 0.0 
Return on Capital Employed 11.5 8.6 8.4 5.8 
Operating Cash Flow 13 670.17 418.96 443.00 105.00 
Capex 14 -116.00 -154.79 -160.00 -175.00 
Free Cash Flow 13 520.17 264.57 283.00 -11.00 
Net financial debt 13 1,357.0 963.6 952.0 619.0 
 
Last update on 11/09/2016
The earnings estimates of the following institutions were included in the above figures:
ABG Sundal Collier, ABN AMRO , Berenberg, BoA Merrill Lynch, Carnegie, Credit Suisse, Danske Markets, Deutsche Bank, Handelsbanken, Jefferies, Kepler Cheuvreux, Pareto Securities, SEB Enskilda, Swedbank
 
Disclaimer
This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. The company did not participate in the compilation of the estimates and it does not endorse them. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.

file data build at 2016-09-25 03:10:43