02.08.2017

Zugemailt von / gefunden bei: Baader Bank (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)

AMAG - (Hold/TP EUR 38.00) - Another quarter of growth. Main profit driver was the higher yoy aluminum price

Our conclusion

    AMAG is in its ongoing growth path. Shipments increase 4.4% yoy. But the main driver for the strong EBITDA was the higher aluminum price which lifted EBITDA in the Metal segment by 63%. The EBITDA per ton increased also in the Rolling segment, but only by 1.7%. 

    The higher aluminum price and volume had a dampening effect on the operating cash flow. Operating cash flow came in with EUR 19.1mn vs. EUR 34.5mn the year before. But the time of high capex ended. Cash flow from investing activities was only EUR 22.8mn in the quarter vs. EUR 50.2mn the year before. AMAG started the ramp-up of its new cold rolled facility in June.

    AMAG confirmed the guidance of a full-year EBITDA between EUR 150-160mn vs. EUR 143mn in 2016. We calculate with EUR 162.8mn.

Company im Artikel

Amag

Amag © Martina Draper/photaq

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