Olympic Steel Inc. (NASDAQ: ZEUS) iri kushingaira kuwedzera bhizinesi rayo nekuwana makambani ane hukama zvakanyanya nezvikamu zvebhizinesi rayo.Mari yayo yakawedzera mugore rapfuura nekuda kweiyo commodity supercycle, asi Olympic Steel nguva pfupi yadarika yakapinda mumatambudziko nekuda kwekudonha kwemitengo yesimbi, izvo zvakakonzera kuti mutengo wayo udzike. Mutengo wemasheya uyu wakapfuura S&P 500 neDow Jones Industrial Metals & Mining index (DJUSIM) neinopfuura 30%. Mutengo wemasheya uyu wakapfuura S&P 500 neDow Jones Industrial Metals & Mining index (DJUSIM) neinopfuura 30%. Цена акций превысила индекс S&P 500 uye Dow Jones Industrial Metals & Mining (DJUSIM) более чем на 30%. Mutengo wemasheya wakapfuura S&P 500 uye Dow Jones Industrial Metals & Mining (DJUSIM) neinopfuura 30%. Акции торгуются более чем на 30% выше индекса S&P 500 и промышленного индекса Dow Jones Industrial Metals & Mining (DJUSIM). Zvitoro zvinotengesa zvinopfuura makumi matatu muzana pamusoro peS&P 500 uye Dow Jones Industrial Metals & Mining (DJUSIM).
Nepo Olympic Steel yakaratidza kuwirirana kwakasimba nesimbi yemitengo indekisi panguva yesimbi yakatanga panguva yeCOVID-19 denda, mubvunzo zvino ndewekuti kambani iyi inogona here kusimudzira kukura uye kurega ngarava dzayo dzichiraira kwainoenda, kwete mhepo.?
Kunyange iyo kambani iri yakanaka kutenga mumamiriro ezvinhu akajairwa, ini handina kwandakarerekera pamusoro pekuderera kwehupfumi kusvika mitengo yezvinhu yadzokera kune yakajairwa, kana pakupera kwegore.
Olympic Steel, Inc., kambani diki yeruzhinji ine mari yemusika yeUS$293.77 miriyoni, inzvimbo yesimbi inogadzirisa nekutengesa simbi muUnited States.Iyo kambani inoshanda matatu akasiyana ebhizinesi mayuniti;
Specialty Metal Flats uye Carbon Flats: Zvikamu zviviri izvi zvinowanzobatanidzwa nekuda kwechimiro chakafanana chezviwanikwa zvinoshandiswa nezvikamu zviviri, zvichikonzera kugovana mutengo.Maererano neshumo yegore negore yekambani, zvigadzirwa zvezvikamu zviviri zvinochengetwa munzvimbo dzakafanana, uye mune dzimwe nzvimbo zvinogadziriswa pamichina yakagovaniswa. Iyo kabhoni flat chigadzirwa uye yakakosha simbi zvikamu zvakaburitsa yakawanda yemari yeOlympic Steel, inoverengera 55% & 29% yemari muMRQ. Iyo kabhoni flat chigadzirwa uye yakakosha simbi zvikamu zvakaburitsa yakawanda yemari yeOlympic Steel, inoverengera 55% & 29% yemari muMRQ.Zvikamu zveCarbon Flat uye Specialty Metals zvakaburitsa mari zhinji yeOlympic Steel, inoverengera 55% uye 29% yemari yeMRQ.Iyo kabhoni mafurati uye akasarudzika simbi zvikamu zvinoverengera iyo yakawanda yemari yeOlympic Steel, inoverengera makumi mashanu neshanu muzana uye makumi maviri nepfumbamwe muzana emari yeMRQ, zvichiteerana.
Chikamu cheCarbon & Specialty Sheets chinosanganisira makumi matatu nematatu ekunatsa uye zvivakwa zvekushambadzira muUS uye imwe muMonterrey, Mexico.
Chikamu chechitatu chekambani, Tubular Zvigadzirwa, zvinosanganisira zvivakwa zvisere uye maakaundi e16% yemari yeMRQ.Iyo kambani iri kushandura zvishoma nezvishoma kutarisa kwayo kune yakakosha simbi segment, uye zviri pachena kubva mumari yegore negore kuti mari kubva kune zvigadzirwa zveflat yakawedzera.Pane zvinopesana, kugadzirwa kwepombi uye zvigadzirwa zvepombi kwakadzikira.
Masevhisi emakambani anonyanya kupihwa nemaindasitiri emuchina nevagadziri vemidziyo, vagadziri vemotokari, vagadziri vemidziyo yemagetsi uye vagadziri vemichina yekurima.
Vatengi vekambani vakanyanya kukosha vagadziri vemichina yemaindasitiri nemidziyo, iyo inodarika 27.4% yeMRQ yekutengesa mambure.Mamwe manhamba akakodzera anoratidzwawo mutafura iri pazasi.
MunaGunyana 2021, Olympic Steel yakatengesa bhizinesi reDetroit kuVenture Steel Inc. nemadhora 58.4 miriyoni pamwe nekugadzirisa mari yekushandisa inosvika madhora 13.5 miriyoni kuti ivharwe kutanga kwa2022. Izvi zvinoratidza kuvandudzwa kwemari kubva kumabasa ekudyara muzvinyorwa zvayo zvemari, iyo yakaderera neinopfuura 50% kubva pamadhora 28.1 miriyoni kusvika 3 1 miriyoni kurasikirwa kwe202 miriyoni.
"Isu tinoramba takatarisa pachirongwa chedu chenguva refu chekuenderera mberi nekusiyanisa bhizinesi redu, kuunza pundutso inoenderera mberi uye kuwedzera kukosha kwevagovani.Mari inowanikwa kubva mukutengeswa kwebhizinesi reDetroit ichashandiswa kudzikisa chikwereti, zvichikonzera kushanduka kukuru kwekuwana organic kuwedzera uye mari muzvirongwa zvekukura uye otomatiki.
Kwemakore mashoma apfuura, Olympic Steel yakachinja kutarisa kwayo kubva ku carbon flat zvigadzirwa kuenda kune specialty metal sheets.Inotsvaga kubatanidza vanogadzira simbi-yakasimba mubhizinesi rayo modhi nekuwana makambani muindasitiri imwe chete.
Kushanda muDetroit kwakanangana nekugovera kabhoni flats kune vepamba automaker uye vatengesi vavo, kunyanya muchikamu checarbon flats.Olympic Steel inoshuma kuti isingasviki 3% yekutengesa kwavo kunobva kune vanogadzira mota kana vanogadzira zvikamu zvemotokari.
Mushure mekutengeswa kweDetroit's carbon-centric operations, Olympic Steel yakashandisa imwe mari yekutengeswa kuwana imwe simbi isina tsvina nealuminium bhizinesi rekugovera, Shaw Stainless Steel & Alloy, Inc., yemadhora gumi nemaviri. Mushure mekutengeswa kweDetroit's carbon-centric operations, Olympic Steel yakashandisa imwe mari yekutengeswa kuwana imwe simbi isina tsvina nealuminium bhizinesi rekugovera, Shaw Stainless Steel & Alloy, Inc., yemadhora gumi nemaviri. Сразу после продажи Детройта, ориентированного на выбросы углерода, Olympic Steel использовала на продажи жавеющей стали и алюминия, Shaw Stainless Steel & Alloy, Inc., за 12,1 миллиона долларов. Pakarepo mushure mekutengeswa kweDetroit inofambiswa nekabhoni, Olympic Steel yakashandisa chikamu chemari kubva mukutengeswa kuwana imwe simbi isina tsvina nealuminium mutengesi, Shaw Stainless Steel & Alloy, Inc., yemadhora gumi nemaviri.在 底 特律 以 以 中心 中心 的 的 业务 业务 部分 部分 出售 收益 收益 以 1210 万 美元 收购 收购 了 一 一 铝 铝 铝在 底 特律 以碳 為的 业务 出售 后 , olympic simbi 使用 出售 收益 以 1210 万 美元 了 另 与 与 与 伓 亚会 一个亚会会w Stainess Steel & Alloy, Inc.. После продажи своего углеродоориентированного бизнеса в Детройте Olympic Steel uye p. 12,1 миллиона долларов. Kutevera kutengeswa kwebhizimusi rayo reDetroit kabhoni, Olympic Steel yakashandisa chikamu chemari yekutengeswa kuwana Shaw Stainless Steel & Alloy, Inc., imwe simbi isina tsvina uye aruminiyamu mugovani, nemadhora gumi nemaviri. Muna 2019, Olympic Steel yakawanawo Action Stainless & Alloys yemadhora 19.5 Million. Muna 2019, Olympic Steel yakawanawo Action Stainless & Alloys yemadhora 19.5 Million. В 2019 году Olympic Steel также приобрела Action Stainless & Alloys за 19,5 миллионов долларов. Muna 2019, Olympic Steel yakawanawo Action Stainless & Alloys yemadhora 19.5 miriyoni. 2019 年，Olympic Steel 还以1950 万美元收购了Action Stainless & Alloys. 2019 年，Olympic Steel 还以1950 万美元收购了Action Stainless & Alloys. В 2019 году Olympic Steel также приобрела Action Stainless & Alloys за 19,5 млн долларов. Muna 2019, Olympic Steel yakawanawo Action Stainless & Alloys yemadhora 19.5 miriyoni.Saizvozvo, mukutanga kwa2018, Olympic Steel yakawana Berlin Metal, imwe yenzvimbo huru dzesevhisi muNorth America, inogadzira nekutengesa premium tinplate uye simbi isina tsvina muchimiro cheyakaiswa coils.
Kuwana hupfumi hwezviyero uye kusiyanisa portfolio yayo kuburikidza nekutora kwave kutarisisa kweOlympic Steel mumakore mashanu apfuura uye yakawana makambani anopfuura mashanu, kusanganisira mana mumakore mashanu apfuura.Uku kutorwa kwedivi kunoratidza zvakajeka kuti Olympic Steel inotarisira kutarisa mukuwedzera uye kusiyanisa portfolio yayo uye kuderedza kutenderera kwemabhizinesi aripo.
Kudiwa kweChinese kwakatotambura mwedzi uno uye isu tinogona kukurumidza kuona kudzikira kumakambani eUS.Mitengo yesimbi uye chikamu chayo chikuru chesimbi ore yakachinja panguva yekuvharwa kweShanghai, asi yakaratidza kudzikira kutanga kwemwedzi uno, maererano neCNBC.Allied Market Research inofungidzira kuti musika wesimbi wakasarudzika uchakura paCAGR ye3.50% kusvika pamadhora mazana maviri nemakumi manomwe nematanhatu panosvika 2031. Iyi fungidziro yekukura inoita seyakachengetedza kambani diki senge Olympic Steel Inc.
Mitengo yekugovana muzvikamu zvakawanda zvesimbi, zvicherwa uye zvekutengesa yakwira uye ingangoramba ichikwira chero kukwira-kupfuura-kunotarisirwa kuri kutaurwa.Nekuda kweizvozvo, mutengo weZEUS wakakwira madhora makumi maviri nemanomwe mugore rapfuura, nemavhiki makumi mashanu nemaviri epamusoro angodarika madhora makumi mana nematatu.
Vagadziri vemari zvino vari kutsvaga kuisa mari mumasheya akasimba echikamu, ayo anogona kutarisana nenguva dzakaoma kana vakazviwana vari munzvimbo ine riskier.Zvisimbiso zvakasimba, mashizha ane hutano uye kuwandisa kwemari kuchava zvimwe zvezvinhu zvakakosha kuti urambe wakatarira mumamiriro ezvinhu akaoma emusika sezvo kukwira kwemitengo kungasaratidze chimiro chechokwadi chekambani.
Kambani yakashuma MRQ EPS ye3.10 $, inodarika fungidziro nemadhora 0.84, ichiunza mutengo-kune-mubairo weyero ye2.06 mumwedzi gumi nemiviri yapfuura.Iyi yemitengo-kune-muhoro iri nani zvakanyanya kupfuura vakwikwidzi, inosvika 11.76x.Saizvozvo, ese makiyi metrics akadzikira zvakanyanya kune vezera ravo, ane avhareji kuderedzwa pamametric ese e70%, zvichiratidza mukana wepamusoro wemitengo yeOlympic Steel.
Uye zvakare, muna Chivabvu 2022, Bhodhi reVatungamiriri rakabvumidza kubhadharwa kwechikamu chekota chemadhora chemadhora 0.09 pachikamu kune vane masheya vakanyoreswa kubva munaChikumi 1, 2022, wakafanira musi waChikumi 15, 2022.
Saizvozvo, 35% ROE uye 13% ROTA inoratidza zvirinani kushandiswa kwezviwanikwa kupfuura indasitiri, inodarika kaviri maindasitiri epakati e12.86% uye 5.22%.
Ini ndinotarisira kuti hunhu huchadzikira muchikamu chechitatu cha2022 nekuda kwekuderera kwakanyanya kwemitengo yesimbi.Kusvika pari zvino, mutengo uye kusimba kwakakosha zvakabatanidzwa.Kana zvakakosha zvikaramba zvakasimba, zvingave zvisina rusaruro uye zvine musoro kufunga kuti madiki-cap stocks achaunza kudzoka kwakanaka mukufamba kwenguva.
Chinocherechedzwa ndechekuti chikwereti cheOlympic Steel-ku-equity ratio chakakwira zvakanyanya pa73.41%, uye chikamu chechikwereti chayo chikuru chakanzi chakachengetedzwa chechikwereti chenguva refu, kunyangwe chakaderera ne5.83% gore negore, kubva pamadhora mazana matatu nemakumi matanhatu nemakumi matatu nepfumbamwe.miriyoni iri muMRQ.
Olympic Steel yakasaina chibvumirano chechikwereti che$455 miriyoni neBank of America (BAC) muna 2017, icho chinopera muna Zvita 2022. Chibvumirano chinotenderera chinowedzera mari iripo ye$475 miriyoni yemakore mashanu inotenderedza kiredhiti kusvika muna Chikumi 2026, inochengetedzwa zvakanyanya nekambani inotambirwa, inventory, uye midziyo nemidziyo.Homwe iyi inosanganisira inosvika mazana maviri emamiriyoni emadhora mukukura sarudzo.
Sekambani muindasitiri inotenderera, Olympic Steel inotarisana nenjodzi yakawanda.Uku kukwidziridzwa kwepamusoro kwakakonzera beta yepamusoro yekambani pa1.51, zvichikonzera kusagadzikana kwakanyanya.
Mamiriro emari ekambani anofanirwa kuve akaenzana, zvakanaka kuti chikwereti chikuru chekambani chive nemutengo wakaderera wemari, ichibatsirikana kubva kumacycles nekuvharira mubereko wakaderera pamberi peiyo down cycle.
Fitch inotarisira kuti mitengo yesimbi yepasi rose ichadzikira muna 2022 kana kupora kwemitengo yepasi rose kwapera.
Kunze kweChina, US iri kusara kumashure kwevakwikwidzi vayo vepasirese mukutangazve kugadzirwa kwehuwandu mushure mekuvhiringidzwa kweCovid-19 uye kuderedzwa kwekugadzira.Kuenda kumberi, Fitch inotarisira kuti kupihwa kweUS kutangezve mumwedzi iri kuuya uye zvinhu kunze kwenyika kuti zvivandudze, zvichikonzera kudzikama zvishoma nezvishoma kwemitengo yesimbi yeUS muna 2022.
Olympic Steel iri kushanda nesimba mukuwedzera bhizinesi rayo kumba nekune dzimwe nyika, asi kana kambani ichitarisira kukwikwidza nevatambi vakuru mumakore anotevera, inofanirwa kuwedzera bhizinesi rayo, iro rinofungidzirwa kukura pamwero wepamusoro wepagore.chiyero kupfuura simbi dzakakosha, kana 3.5%.Olympic Steel ine njodzi yakakwira mukuwedzera kukosha kwevagovani, izvo zvinoita kuti kudyara mukambani kuve nenjodzi huru uye mamiriro emubairo nekuda kweiyo mari shoma yemusika.
Tichifunga nezvenhoroondo yekambani, yakatora matanho akashinga kuwana nekuwedzera bhizinesi rayo.Asi ikozvino yave nguva yekuti Olympic Steel ideredze chikwereti chayo uye ichichidzosera kusvika padanho rakakwana, uko kushanduka kwemari uye mihoro kunofanirwa kudzikira nekufamba kwenguva kuchengetedza kukura kwehupenyu.
Tichifunga nezvekusagadzikana kwemusika uye kutenderera kweindasitiri iyo Olympic Steel inoshanda, tinogona kuona mugwagwa une matombo pamberi.Macro zvinhu zvakaita sekukwira kwemitengo, kuvharika kweChina-kwakabatana neCCIDIDs uye kuderera kwehupfumi kwakawedzera kusagadzikana kwemusika, zvichindiita kuti nditarise Olympic Steel se "kubata" kudzamara zvinhu zvadzikama uye pave nekugadzikana.
Kuzivisa: Ini / isu hatina stock, sarudzo kana zvakafanana zvinobva kune chero emakambani ataurwa uye hatironge kutora zvigaro zvakadaro mukati meawa 72 anotevera.Bhizinesi Relationship Disclosure: Ichi chinyorwa chakanyorwa naHaider Arshad Research uye yakaongororwa uye yakatumirwa naVaWalid Tariq.