Metinvest

Metinvest is a vertically integrated mining and steel group with assets in Ukraine, the EU and the United States. It manages the entire industry value chain, from mining and processing iron ore and coal to manufacturing and selling semi-finished and finished steel products. Metinvest is owned by Ukrainian conglomerate System Capital Management (71% stake) and Smart Holding, another local business group (24%). The company benefits from upstream integration in terms of iron ore (200% self-sufficiency), yet its coking coal and coke supply base was hit by the military conflict in the east, forcing Metinvest to rely on imports. Its U.S.-based United Coal Company secures long-term supplies of high quality coking coal. Metinvest is the leading producer of iron ore and coke in Ukraine and a top-10 iron ore producer globally.
Year 2023 2025 2026 2029
Issue Volume ($m) 945 300 648 500
Coupon Rate (% p.a.) 7.75% 5.63% 8.50% 7.75%
Coupon Frequency S/A S/A S/A S/A
Maturity date 4/23/2023 6/17/2025 4/23/2026 10/17/2029
Ratings: Moody`s/S&P/Fitch -/B/BB- -/(P)B/BB- -/B/BB- -/B/BB-
Market Price* ($) 106.50 104.50 109.38 105.00
Market YTM* 5.38% 4.73% 6.58% 7.03%
Spread over UST* 379 524 495 522
Note: *Based on bid price.
Year 2018 2019E 2020E
Net Sales ($m) 11,880 *** ***
EBITDA ($m) 2,513 *** ***
Net Income ($m) 1,188 *** ***
EBIT Coverage Ratio (x) 7.94 *** ***
Net Debt/Equity (%) 50.8% *** ***

Latest news about Metinvest

Jan 09, 2020
| Metals & Mining

Metinvest — EBITDA down in October and 10M19

Metinvest published its monthly financial results for October. Monthly sales fell 8.7% m-o-m and 15% y-o-y to $797m, with metallurgical sector revenues off 9.2% m-o-m and 18% y-o-y to $651m and mining sector external sales down 6.4% m-o-m and up 5.0% y-o-y at $146m. October EBITDA stood at $20m, down 74% m-o-m and 90% y-o-y, with metallurgical EBITDA sliding to -$27m (vs. -$22m in September and +$105m in October 2018) and mining EBITDA totaling $41m, down 54% m-o-m and 61% y-o-y).
Dec 18, 2019
| Metals & Mining

Metinvest — September EBITDA down 67% y-o-y to $80m

Metinvest published its monthly financial results for September along with a trading update for 9M19. September sales were up 2.4% m-o-m and down 4.2% y-o-y at $873m, bringing 9M19 revenues to $8.5bn. Metallurgical sector sales totaled $717m in September (+5.8% m-o-m and -5.2% y-o-y) and $6.9bn in 9M19 (-11% y-o-y). Mining business sales stood at $156m (-10% m-o-m, +0.6% y-o-y) and $1.6bn (+21% y-o-y), respectively.
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