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Octavia 2
0
Overview


Luxembourg-based ArcelorMittal (MT) is the world’s leading steel and mining company. With a presence in more than 60 countries, it operates a balanced portfolio of cost competitive steel plants across both the developed and developing world. It is the leader in all the main sectors – automotive, household appliances, packaging and construction.

ArcelorMittal’s steel-making operations have significant geographic diversification with roughly 38% of its crude steel produced in the Americas, 47% in Europe and around 15% in other countries. Long-term contracts add to the stability of the company’s business. ArcelorMittal had steel shipments of 83.9 million tons and iron ore shipments of 55.9 million tons in 2016.

ArcelorMittal has changed its organizational structure, effective Jan 1, 2014, to reduce organizational complexity and layers, simplify processes, and take advantage of the scale effect within the regions. The new reporting segments now include – NAFTA (27% of 2016 sales), Brazil (10%), Europe (50%) and Asia Africa and CIS/ACIS (9%) with the Mining (4%) segment remaining unchanged.

ArcelorMittal maintains a strategy of selective divestment of non-core assets. As part of this, the company has sold its steel foundation distribution business in NAFTA (North American Free Trade Agreement), namely Skyline Steel and Astralloy to Nucor Corporation for a total consideration of roughly $605 million on a debt free and cash free basis.

ArcelorMittal, in January 2013, also agreed to sell its 15% stake in one of its iron ore operations, ArcelorMittal Mines Canada (AMMC), for $1.1 billion. The company sold the stake to a consortium led by South Korean steelmaker Posco and Taiwan-listed China Steel Corp. The transaction closed in May 2013. AMMC now retains 85% stake in the joint venture.

In November 2013, ArcelorMittal entered into a 50-50 joint venture with Nippon Steel & Sumitomo Metal Corporation to buy 100% of ThyssenKrupp Steel USA (TK Steel USA) from ThyssenKrupp for $1,550 million. The acquisition was closed in February 2014.




Last Earnings Report

Quarter Ending 12/2016
Report Date Feb 10, 2017
Sales Surprise -3.83%
EPS Surprise 23.08%
Quarterly EPS 0.16
Annual EPS (TTM) 0.66
ArcelorMittal Posts Profit in Q4, Earnings Top Estimates

ArcelorMittal logged a net income of $403 million or $0.13 per share in fourth-quarter 2016, as against a net loss of around $6.7 billion or $2.89 per share recorded a year ago. The results in the year-ago quarter was hurt by impairment charges of roughly $4.7 billion.

Barring one-time items, earnings came in at $0.16 per share in the reported quarter, topping the Zacks Consensus Estimate of $0.13.

Revenues edged up 1% year over year to $14,126 million in the quarter, aided by higher steel shipments and steel prices. Sales, however, trailed the Zacks Consensus Estimate of $14,689 million.

Total steel shipments rose 1.6% year over year to 20 million metric tons in the reported quarter. Average steel selling prices went up 3.5% year over year.

Segment Review

NAFTA: Crude steel production rose 1.2% year over year to 5.2 million tons in the fourth quarter. Steel shipments were up 9% year over year to 5 million tons. Sales rose 5.4% year over year to $3.8 billion. Average steel selling price fell 3.5% year over year.

Brazil: Crude steel production went down 2.5% year over year to 2.8 million tons in the quarter. Shipments edged down 1.1% year over year to 2.8 million tons. Sales slipped 16.3% year over year to $1.8 billion. Average steel selling price was flat year over year.

Europe: Crude steel production rose 1.9% year over year to 10.2 million tons in the reported quarter. Shipments edged up 0.7% year over year to 9.6 million tons. Sales inched up 0.9% year over year to $7.1 billion while average steel selling price rose 3.9%.

Asia Africa and CIS (ACIS): Sales climbed 22% year over year to $1.5 billion. Crude steel production came in at 3.6 million tons, down 0.5% year over year. Average selling prices increased 21.3% year over year.

Mining: Iron ore production was down 10.4% year over year to 13.9 million metric tons. Coal production increased 23.1% year over year to 1.8 million metric tons. Revenues jumped 18.4% year over year to $896 million.

Balance Sheet

Cash and cash equivalents (including restricted cash) was $2.6 billion as of Dec 31, 2016, down 36% year over year. The company’s long-term debt was around $11.8 billion as of Dec 31, 2016, down 32% year over year. Net debt decreased to $11.1 billion at the end of 2016 from $15.7 billion at the end of 2015.

Net cash provided by operating activities was roughly $1.6 billion in the reported quarter and $2.7 billion for full-year 2016.

Guidance

ArcelorMittal said that it entered 2017 with good momentum in the business and the market. The company will remain focused on making progress in three areas of cost optimization, product mix and volume growth.

ArcelorMittal expects global apparent steel consumption to rise 0.5%-1.5% year over year in 2017. In the U.S., it sees apparent steel consumption growth of 3% to 4% in 2017. The company also expects a modest growth (of 0.5% to 1.5%) in apparent steel consumption in Europe. Moreover, apparent steel consumption is forecast to rise 3% to 4% in Brazil. Demand is expected to stabilize in China in 2017.

The company expects capital spending to rise to $2.9 billion in 2017 from $2.4 billion in 2016. Cash needs of the business is expected to increase to $5 billion in 2017 from $4.5 billion in 2016. Interest expense is expected to decline to $0.9 billion in 2017 from $1.1 billion in 2016.


Recent News

ArcelorMittal, Votorantim Merge Brazil Long Steel Businesses - Feb 23, 2017

ArcelorMittal and Votorantim S.A. have agreed to combine their long steel businesses in Brazil. Pursuant to the definitive agreement, Votorantim’s long steel businesses in Brazil – Votorantim Siderurgia – will become a subsidiary of ArcelorMittal Brasil and Votorantim will hold a minority interest in ArcelorMittal Brasil.

The transaction does not include Votorantim’s long steel operations in Argentina and Colombia. Financial terms of the deal were not divulged.

The companies noted that the merger will result in a long product steel producer with annual crude steel capacity of 5.6 million tons and annual rolling capacity of 5.4 million tons. Production plants include ArcelorMittal Brasil’s sites at Monlevade, Cariacica, Juiz de Fora, Piracicaba and Itauna, and Votorantim Siderurgia’s sites at Barra Mansa and Resende.

The combination is expected to deliver cost, logistical and operational synergies. The production plants of the combined entity are geographically complementary, allowing closer proximity and improved levels of services to its customer base.

Octavia 2
0
The ‘Value’ section of the Industry Comparisons table below provides all the key valuation metrics for ArcelorMittal contrasted with its nearest peers as well as the industry and the S&P 500 index. Please note that the Zacks Value Style Score condenses all of these valuation metrics into one score that provides a true measure of the stock’s intrinsic value. A Value Style Score of ‘A’ (or ‘B’) is highly desirable, particularly when accompanied with Zacks Rank #1 (Strong Buy) or Zacks Rank # 2 (Buy).

The target price of $8.25 is based on 9.5x the Zacks Consensus Estimate for F1 earnings.

Industry Analysis Zacks Industry Rank: 18 / 265 (Top 7%)


Top Peers

ACERINOX SA ADR (ANIOY)
Gerdau S.A. (GGB)
Commercial Metals Company (CMC)
AK Steel Holding Corporation (AKS)
Angang Steel Co. (ANGGY)
Kobe Steel Ltd. (KBSTY)
Nippon Steel & Sumitomo Metal Corp. (NSSMY)
EVRAZ PLC (EVRZF)
Industry Comparison Steel - Producers | Position in Industry: 1 of 27 Industry Peers
MT
VGM Score
Market Cap 23.71 B
# of Analysts 7
Dividend Yield 1.85%
Value Score
Cash/Price 6.16
EV/EBITDA 4.39
PEG Ratio 0.77
Price/Book (P/B) 0.75
Price/Cash Flow (P/CF) 4.77
P/E (F1) 8.81
Price/Sales (P/S) 0.36
Earnings Yield 11.11%
Debt/Equity 0.36
Cash Flow ($/share) 1.34
Growth Score
Hist. EPS Growth (3-5 yrs) 93.41%
Proj. EPS Growth (F1/F0) 83.33%
Curr. Cash Flow Growth 42.54%
Hist. Cash Flow Growth (3-5 yrs) -12.32%
Current Ratio 1.23
Debt/Capital 26.72%
Net Margin 3.13%
Return on Equity 4.54%
Sales/Assets 0.76
Proj. Sales Growth (F1/F0) 15.56%
Momentum Score
Daily Price Chg -2.15%
1 Week Price Chg 0.52%
4 Week Price Chg -7.74%
12 Week Price Chg -4.08%
52 Week Price Chg 37.65%
20 Day Average Volume 20,234,478
(F1) EPS Est 1 week change 0.00%
(F1) EPS Est 4 week change 5.18%
(F1) EPS Est 12 week change 37.50%
(Q1) EPS Est Mthly Chg 0.00%
X Industry S&P 500
- -
2.17 B 20.59 B
1 14
0.18% 1.83%
- -
2.25 6.65
8.64 12.36
1.17 1.95
1.09 3.32
7.08 13.20
11.39 18.89
0.37 2.51
8.09% 5.26%
0.51 0.70
1.78 5.40
- -
114.47% 7.51%
83.33% 8.86%
2.37% 5.32%
-4.43% 6.50%
2.06 1.35
35.58% 41.88%
1.18% 9.73%
3.95% 15.72%
1.00 0.54
10.67% 4.47%
- -
0.00% 0.09%
0.28% 0.01%
-2.98% 1.07%
-6.04% 5.20%
21.43% 12.63%
39,763 0
0.00% 0.00%
0.00% 0.00%
16.79% 0.92%
-2.93% 0.00%
TYEKF PKX TKAMY

13.46 B 18.90 B 13.64 B
1 1 1
0.00% 1.58% 0.00%

-0.59 12.41 NA
NA 3.37 4.35
NA 1.91 NA
4.58 0.46 4.02
7.01 2.86 7.90
13.44 9.54 17.47
0.30 NA 0.31
7.11% 10.34% 5.50%
NA 0.27 1.92
3.39 12.70 NA

185.48% NA NA
185.48% 73.39% 137.93%
20.77% 32.88% NA
NA -5.46% NA
NA 1.55 1.12
NA 21.44% 65.73%
NA 2.56% NA
NA 2.77% NA
1.18 0.64 1.16
2.77% 0.00% 1.05%

-4.46% -1.35% -3.94%
0.68% -0.66% 1.28%
-3.10% -7.96% -2.98%
-7.43% -0.82% -6.37%
3.48% 13.47% NA
3,432 351,424 662
0.00% 0.00% 0.00%
0.00% 6.91% -2.13%
41.60% 16.79% NA
NA NA NA
Zacks Rank Education

The Zacks Rank is calculated from four primary inputs: Agreement, Magnitude, Upside and Surprise.


Agreement
This is the extent which brokerage analysts are revising their earnings estimates in the same direction. The greater the percentage of estimates being revised higher, the better the score for this component.

For example, if there were 10 estimate revisions over the last 60 days, with 8 of those revisions up, and the other 2 down, then the agreement factor would be 80% positive. If, however, 8 were to the downside with only 2 of them up, then the agreement factor would be 80% negative. The higher the percentage of agreement the better.


Magnitude
This is a measure based on the size of the recent change in the current consensus estimates. The Zacks Rank looks at the magnitude of these changes over the last 60 days.

In the chart to the right, the display shows the consensus estimate from 60-days ago, 30-days ago, 7-days ago, and the most current estimate The difference between the current estimate and the estimate from 60-days ago is displayed as a percentage. A larger positive percentage increase will score better on this component.


Upside
This is the difference between the most accurate estimate, as calculated by Zacks, and the consensus estimate. For example, a stock with a consensus estimate of $1.00, and a most accurate estimate of $1.05 will have an upside factor of 5%.

This is not an indication of how much a stock will go up or down. Instead, it's a measure of the difference between these two estimates. This is particularly useful near earnings season as a positive upside percentage can be used to help predict a future surprise.


Surprise
The Zacks Rank also factors in the last few quarters of earnings surprises. Companies that have positively surprised in the recent past have a tendency of positively surprising again in the future (or missing if they recently missed).

A stock with a recent track record of positive surprises will score better on this factor than a stock with a history of negative surprises. These stocks will have a greater likelihood of positively surprising again.
Frismi
0
Beste medebeleggers,

Houd aankomende weken deze 4 zaken aub goed in de gaten.
Ondanks dat ik goede cijfers verwacht van Arcelor lijkt alles erop
.......... nou ja, laten we en ik hopen dat het niet gebeurt.
Niemand die er aan wil denken maar er ligt wel degelijk een nieuwe
crisis op de loer die ook nog eens veel erger zou kunnen uitpakken
dan de afgelopen crisis. ....... BE WARE .......

Ps, dit is niet als negatief bericht bedoeld maar juist als oplettende waarschuwing.

1) Prijs ijzererts en olie.
2) Dreigementen Noord Korea richting USA en nu ook Australië.
3) Economische cijfers van EU en de USA
4). Frankrijk en China.
Topperke
1
Economische cijfers zijn niet goed, maar dit wordt gecompenseerd met de enorm goede kwartaalcijfers van de bedrijven. (heb je vorige week ook gemerkt)
Dreigementen zullen bij dreigementen blijven. N-Korea ging die oorlogsvloot van Amerika ook neerhalen als het nog dichterbij kwam, uiteindelijk is die gewoon in een haven in Korea aangekomen.
uitzender
0
quote:

Octavia 2 schreef op 28 apr 2017 om 15:26:


[...]

Goedemiddag KC en andere leden

ja dromen bestaan hier ook , vanochtend overeenstemming bereikt met een werkgever over een arbeidscontract. Ik kan het nog niet echt geloven maar per 1 juni gaat het gelukkig weer beginnen. Ga zo een hele goede fles wijn kopen om dit vanmiddag / vanavond te vieren.



Vanuit een zonnig Ibiza ook mijn felicitaties met je nieuwe job. Maak er wat van en neem er vandaag
Nog maar een wijntje op ....zal ik hier ook doen

Uitzender
Galloppaard
0
Weet iemand hoe laat op 12-5 de kwartaalcijfers bekendgemaakt gaan worden? Voorbeurs of in de loop van de dag?
Dongen
0
om ieder een gelijk speelveld te geven: voor aanvang van de beurs. Tijdens de beurs zou betekenen dat je echt aan de knoppen moet gaan zitten...en publicatie is niet gebruikelijk tijdens beurs
Galloppaard
0
Oke, dat betekent voor mij dus 11-5 om 17:00 uur instappen en dan maar hopen dat er in die nacht geen oorlog uitbreekt met VS en Kim Jong Oen.

Met alle negatieve verhalen de laatste tijd hoop ik echt dat de cijfers mee gaan vallen.
Kogovus
0
quote:

Dongen schreef op 30 apr 2017 om 11:03:


om ieder een gelijk speelveld te geven: voor aanvang van de beurs. Tijdens de beurs zou betekenen dat je echt aan de knoppen moet gaan zitten...en publicatie is niet gebruikelijk tijdens beurs


Ik zie nergens gepubliceerd dat het voorbeurs zal zijn, dus nabeurs zou dan ook nog kunnen.
Topperke
0
quote:

Galloppaard schreef op 30 apr 2017 om 11:32:


Oke, dat betekent voor mij dus 11-5 om 17:00 uur instappen en dan maar hopen dat er in die nacht geen oorlog uitbreekt met VS en Kim Jong Oen.

Met alle negatieve verhalen de laatste tijd hoop ik echt dat de cijfers mee gaan vallen.

Lijkt me een goed plan.
Echter denk ik dat ze het aandeel enkele dagen voor de cijfers al zullen loslaten, dus zit ik er nu al in.
Galloppaard
0
Een paar dagen ervoor al erin gaan durf ik niet meer. Ben veel te bang dat de grote jongens de koers weer 80 cent omlaag donderen om hun klanten mooi goedkoop in te laten stappen.
Dutchess41
0
Te lezen op de AM website

Earnings results are issued before the opening of the stock exchanges on which ArcelorMittal is listed.
NewKidInTown
0
quote:

Galloppaard schreef op 30 apr 2017 om 11:32:


Oke, dat betekent voor mij dus 11-5 om 17:00 uur instappen en dan maar hopen dat er in die nacht geen oorlog uitbreekt met VS en Kim Jong Oen.

Met alle negatieve verhalen de laatste tijd hoop ik echt dat de cijfers mee gaan vallen.


L'histoire se repete ? Vorige cijfers 2016-Q4 op 10-02 steeg MT van 7,52 naar 8,22

van mij mag het weer, maar als iedereen daar rekening mee houdt, zal de stijging natuurlijk eerder komen, dat is het nadeel van afwachten tot het laatste moment....
tukker51
0
quote:

Kogovus schreef op 30 apr 2017 om 11:46:


[...]

Ik zie nergens gepubliceerd dat het voorbeurs zal zijn, dus nabeurs zou dan ook nog kunnen.

Laatste jaren publiceert Aparam nabeurs de cijfers (donderdags na 17.30 uur) en AM voorbeurs de dag erna (voor 9.00 uur)
Ga er van uit dat ze dat nu ook weer doen.
NewKidInTown
0
quote:

NewKidInTown schreef op 30 apr 2017 om 12:06:


2006 Q4 was VOORbeurs, zal met Q1 niet anders zijn. 07.00 uur.
pindakaas1
0
Blijf toch zitten tot de cijfers. Vorige keer ook gedaan veel geld verdiend laten hopen dat ze met mooi cijfers komen.
Maripi
0
maandag openen op ??

Wie doet de gok
Ikzelf denk rond 7.20 en dan de komende 2 weken langzaam weer omhoog naar de cijfers
boxer2
0
quote:

Maripi schreef op 30 apr 2017 om 13:53:


maandag openen op ??

Wie doet de gok
Ikzelf denk rond 7.20 en dan de komende 2 weken langzaam weer omhoog naar de cijfers


Gokje ......... OH Nee. Feitje .........Maandag openen we niet.
miniature
0
quote:

Maripi schreef op 30 apr 2017 om 13:53:


maandag openen op ??

Wie doet de gok
Ikzelf denk rond 7.20 en dan de komende 2 weken langzaam weer omhoog naar de cijfers
denk inderdaad dat we morgen / maandag 1 mei zo rond de € 7.20 openen, hele dag er zo wel op blijven hangen einde vd dag misschien slot 7.25 en vervolgens de dan komende 10 dagen gestaag hoger zullen gaan richting 8,= en heel misschien 8.25 12-13 mei veel hoger durf ik niet in te zetten
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