The numbers in the consensus are for continuing operations, i.e. excluding business area Long Products’ units to be divested.
The numbers in the consensus are for continuing operations, i.e. excluding business area Long Products’ units to be divested.
| KPI | [EUR m] | Q3 2022 | Q4 2022 | FY 2022 | Q3 2023 E | Q4 2023 E | FY 2023 E | FY 2024 E | FY 2025 E |
|---|---|---|---|---|---|---|---|---|---|
| Group stainless steel deliveries | Number of Estimates | 9 | 9 | 9 | 9 | 9 | |||
| Group stainless steel deliveries | Highest | 508.0 | 519.0 | 1,955.1 | 2,202.7 | 2,313.2 | |||
| Group stainless steel deliveries | Average | 459.2 | 477.6 | 1,927.0 | 2,026.1 | 2,101.3 | |||
| Group stainless steel deliveries | Consensus (Median) | 491.0 | 450.0 | 2,106.0 | 454.7 | 481.3 | 1,938.6 | 2,020.0 | 2,094.3 |
| Group stainless steel deliveries | Lowest | 440.0 | 412.0 | 1,860.0 | 1,921.0 | 1,926.0 | |||
| Sales | Number of Estimates | 11 | 11 | 12 | 12 | 12 | |||
| Sales | Highest | 1,905.7 | 1,899.5 | 7,977.9 | 8,103.6 | 8,252.8 | |||
| Sales | Average | 1,644.6 | 1,665.8 | 7,313.1 | 7,120.1 | 7,261.8 | |||
| Sales | Consensus (Median) | 2,339.0 | 1,895.0 | 9,494.0 | 1,636.0 | 1,702.6 | 7,309.0 | 7,132.5 | 7,353.9 |
| Sales | Lowest | 1,397.0 | 1,389.0 | 6,703.0 | 5,892.0 | 5,850.0 | |||
| Adjusted EBITDA | Number of Estimates | 11 | 11 | 12 | 12 | 12 | |||
| Adjusted EBITDA | Highest | 137.0 | 157.4 | 674.9 | 670.0 | 745.0 | |||
| Adjusted EBITDA | Average | 103.0 | 114.0 | 615.4 | 568.1 | 605.7 | |||
| Adjusted EBITDA | Consensus (Median) | 304.0 | 110.0 | 1,256.0 | 104.6 | 108.0 | 627.5 | 574.5 | 593.5 |
| Adjusted EBITDA | Lowest | 64.0 | 79.0 | 546.0 | 482.2 | 509.0 | |||
| Depreciation & Amortisation | Number of Estimates | 9 | 9 | 12 | 12 | 12 | |||
| Depreciation & Amortisation | Highest | -32.0 | -51.9 | -204.0 | -215.0 | -215.0 | |||
| Depreciation & Amortisation | Average | -54.1 | -59.2 | -236.4 | -239.5 | -241.6 | |||
| Depreciation & Amortisation | Consensus (Median) | -61.0 | -62.0 | -245.0 | -56.0 | -59.0 | -236.0 | -237.5 | -236.2 |
| Depreciation & Amortisation | Lowest | -64.4 | -71.2 | -256.6 | -279.0 | -286.7 | |||
| Adjusted EBIT | Number of Estimates | 9 | 9 | 12 | 12 | 12 | |||
| Adjusted EBIT | Highest | 82.8 | 104.4 | 432.9 | 453.6 | 511.0 | |||
| Adjusted EBIT | Average | 51.0 | 59.3 | 379.0 | 328.7 | 364.1 | |||
| Adjusted EBIT | Consensus (Median) | 241.0 | 48.0 | 1,010.0 | 53.0 | 70.5 | 388.4 | 326.9 | 351.3 |
| Adjusted EBIT | Lowest | 9.0 | 20.1 | 315.0 | 234.2 | 273.7 | |||
| Adjustments to EBIT | Number of Estimates | 7 | 7 | 12 | 12 | 12 | |||
| Adjustments to EBIT | Highest | 0.0 | 1.0 | 0.0 | 0.0 | 0.0 | |||
| Adjustments to EBIT | Average | -8.6 | 0.1 | -20.1 | 0.0 | 0.0 | |||
| Adjustments to EBIT | Consensus (Median) | 0.0 | -17.0 | -17.0 | 0.0 | 0.0 | -14.0 | 0.0 | 0.0 |
| Adjustments to EBIT | Lowest | -30.0 | 0.0 | -44.0 | 0.0 | 0.0 | |||
| EBIT reported | Number of Estimates | 8 | 8 | 12 | 12 | 12 | |||
| EBIT reported | Highest | 82.8 | 105.4 | 428.9 | 453.6 | 511.0 | |||
| EBIT reported | Average | 47.2 | 59.0 | 358.9 | 328.7 | 364.1 | |||
| EBIT reported | Consensus (Median) | 241.0 | 31.0 | 992.0 | 49.7 | 61.3 | 364.0 | 326.9 | 351.3 |
| EBIT reported | Lowest | 2.6 | 20.1 | 281.7 | 234.2 | 273.7 | |||
| Net financials | Number of Estimates | 8 | 8 | 12 | 12 | 12 | |||
| Net financials | Highest | -2.0 | 0.0 | -17.0 | -1.0 | 1.0 | |||
| Net financials | Average | -10.2 | -9.2 | -34.9 | -32.3 | -29.6 | |||
| Net financials | Consensus (Median) | -17.0 | -18.0 | -71.0 | -10.8 | -9.0 | -33.0 | -37.5 | -32.4 |
| Net financials | Lowest | -18.0 | -21.2 | -51.0 | -56.9 | -56.9 | |||
| Result before taxes reported | Number of Estimates | 9 | 9 | 12 | 12 | 12 | |||
| Result before taxes reported | Highest | 81.0 | 84.3 | 383.8 | 414.4 | 484.0 | |||
| Result before taxes reported | Average | 33.6 | 47.6 | 325.0 | 297.2 | 335.3 | |||
| Result before taxes reported | Consensus (Median) | 225.0 | 13.0 | 933.0 | 33.8 | 44.0 | 345.9 | 296.8 | 310.5 |
| Result before taxes reported | Lowest | -8.9 | 16.6 | 243.0 | 193.3 | 228.8 | |||
| Adjusted result before taxes | Number of Estimates | 7 | 7 | 12 | 12 | 12 | |||
| Adjusted result before taxes | Highest | 78.0 | 83.3 | 397.8 | 414.4 | 484.0 | |||
| Adjusted result before taxes | Average | 46.2 | 50.5 | 344.1 | 296.3 | 334.5 | |||
| Adjusted result before taxes | Consensus (Median) | 225.0 | 30.0 | 1,027.0 | 42.3 | 60.5 | 358.9 | 291.3 | 308.2 |
| Adjusted result before taxes | Lowest | 21.1 | 16.6 | 266.0 | 193.3 | 228.8 | |||
| Net income attributable to shareholders (cont operations) | Number of Estimates | 9 | 9 | 12 | 12 | 12 | |||
| Net income attributable to shareholders (cont operations) | Highest | 61.0 | 79.8 | 297.7 | 313.4 | 391.0 | |||
| Net income attributable to shareholders (cont operations) | Average | 25.4 | 37.7 | 251.0 | 234.0 | 263.1 | |||
| Net income attributable to shareholders (cont operations) | Consensus (Median) | 207.0 | 312.0 | 1,086.0 | 27.1 | 34.0 | 268.5 | 235.5 | 248.5 |
| Net income attributable to shareholders (cont operations) | Lowest | -12.4 | 9.3 | 179.0 | 153.7 | 181.2 | |||
| Adjusted net income attributable to shareholders | Number of Estimates | 7 | 7 | 12 | 12 | 12 | |||
| Adjusted net income attributable to shareholders | Highest | 61.0 | 78.8 | 312.0 | 313.4 | 391.0 | |||
| Adjusted net income attributable to shareholders | Average | 37.4 | 41.5 | 271.1 | 234.0 | 263.1 | |||
| Adjusted net income attributable to shareholders | Consensus (Median) | 207.0 | 329.0 | 1,172.0 | 34.6 | 50.5 | 284.6 | 235.5 | 248.5 |
| Adjusted net income attributable to shareholders | Lowest | 17.6 | 9.3 | 213.0 | 153.7 | 181.2 | |||
| Average number of shares (in Mio) | Number of Estimates | 9 | 9 | 12 | 12 | 12 | |||
| Average number of shares (in Mio) | Highest | 438.9 | 438.9 | 438.9 | 438.9 | 438.9 | |||
| Average number of shares (in Mio) | Average | 438.9 | 438.9 | 438.9 | 438.9 | 438.9 | |||
| Average number of shares (in Mio) | Consensus (Median) | 452.7 | 449.7 | 451.9 | 438.9 | 438.9 | 438.9 | 438.9 | 438.9 |
| Average number of shares (in Mio) | Lowest | 438.9 | 438.9 | 438.9 | 438.9 | 438.9 | |||
| EPS reported based on cont operations (in Euro) | Number of Estimates | 9 | 9 | 12 | 12 | 12 | |||
| EPS reported based on cont operations (in Euro) | Highest | 0.14 | 0.18 | 0.68 | 0.71 | 0.89 | |||
| EPS reported based on cont operations (in Euro) | Average | 0.06 | 0.09 | 0.57 | 0.53 | 0.60 | |||
| EPS reported based on cont operations (in Euro) | Consensus (Median) | 0.46 | 0.69 | 2.40 | 0.06 | 0.08 | 0.61 | 0.54 | 0.57 |
| EPS reported based on cont operations (in Euro) | Lowest | -0.03 | 0.02 | 0.41 | 0.35 | 0.41 | |||
| Adjusted EPS (in Euro) | Number of Estimates | 8 | 8 | 12 | 12 | 12 | |||
| Adjusted EPS (in Euro) | Highest | 0.14 | 0.18 | 0.71 | 0.71 | 0.89 | |||
| Adjusted EPS (in Euro) | Average | 0.09 | 0.10 | 0.62 | 0.53 | 0.60 | |||
| Adjusted EPS (in Euro) | Consensus (Median) | 0.46 | 0.73 | 2.59 | 0.09 | 0.12 | 0.65 | 0.54 | 0.57 |
| Adjusted EPS (in Euro) | Lowest | 0.04 | 0.02 | 0.49 | 0.35 | 0.42 | |||
| Dividend per share (in Euro) | Number of Estimates | - | - | 11 | 11 | 11 | |||
| Dividend per share (in Euro) | Highest | - | - | 0.35 | 0.40 | 0.40 | |||
| Dividend per share (in Euro) | Average | - | - | 0.28 | 0.31 | 0.33 | |||
| Dividend per share (in Euro) | Consensus (Median) | - | - | 0.35 | - | - | 0.27 | 0.29 | 0.31 |
| Dividend per share (in Euro) | Lowest | - | - | 0.25 | 0.25 | 0.25 | |||
| Europe total, Stainless steel deliveries | Number of Estimates | 9 | 9 | 10 | 10 | 10 | |||
| Europe total, Stainless steel deliveries | Highest | 331.6 | 351.4 | 1,401.0 | 1,489.0 | 1,563.4 | |||
| Europe total, Stainless steel deliveries | Average | 310.5 | 333.5 | 1,362.1 | 1,409.5 | 1,457.8 | |||
| Europe total, Stainless steel deliveries | Consensus (Median) | 316.0 | 322.0 | 1,423.0 | 309.6 | 331.5 | 1,360.5 | 1,399.9 | 1,459.4 |
| Europe total, Stainless steel deliveries | Lowest | 297.0 | 311.0 | 1,337.0 | 1,337.0 | 1,337.0 | |||
| Europe total, Sales | Number of Estimates | 11 | 11 | 12 | 12 | 12 | |||
| Europe total, Sales | Highest | 1,171.7 | 1,274.9 | 5,239.0 | 5,693.7 | 5,881.9 | |||
| Europe total, Sales | Average | 1,037.7 | 1,068.3 | 4,859.6 | 4,670.6 | 4,810.8 | |||
| Europe total, Sales | Consensus (Median) | 1,455.0 | 1,350.0 | 6,266.0 | 1,055.7 | 1,052.7 | 4,823.2 | 4,617.2 | 4,703.0 |
| Europe total, Sales | Lowest | 829.0 | 883.0 | 4,432.0 | 3,683.0 | 3,664.0 | |||
| Europe, Adjusted EBITDA | Number of Estimates | 10 | 10 | 11 | 11 | 11 | |||
| Europe, Adjusted EBITDA | Highest | 35.9 | 64.6 | 261.7 | 307.8 | 405.1 | |||
| Europe, Adjusted EBITDA | Average | 11.9 | 34.7 | 220.7 | 248.0 | 295.5 | |||
| Europe, Adjusted EBITDA | Consensus (Median) | 128.0 | 69.0 | 680.0 | 9.7 | 33.1 | 221.0 | 243.0 | 278.0 |
| Europe, Adjusted EBITDA | Lowest | -20.0 | 5.0 | 159.0 | 182.4 | 258.0 | |||
| Europe, Adjusted EBIT | Number of Estimates | 7 | 7 | 7 | 7 | 7 | |||
| Europe, Adjusted EBIT | Highest | 7.2 | 34.6 | 138.2 | 186.2 | 285.1 | |||
| Europe, Adjusted EBIT | Average | -10.0 | 6.7 | 108.3 | 139.2 | 180.2 | |||
| Europe, Adjusted EBIT | Consensus (Median) | 96.0 | 37.0 | 550.0 | -12.0 | 9.0 | 117.0 | 154.0 | 174.0 |
| Europe, Adjusted EBIT | Lowest | -29.2 | -33.4 | 51.4 | 37.5 | 125.0 | |||
| Americas total, Stainless steel deliveries | Number of Estimates | 9 | 9 | 10 | 10 | 10 | |||
| Americas total, Stainless steel deliveries | Highest | 152.0 | 162.5 | 593.5 | 721.7 | 757.8 | |||
| Americas total, Stainless steel deliveries | Average | 140.4 | 137.6 | 568.1 | 614.3 | 641.6 | |||
| Americas total, Stainless steel deliveries | Consensus (Median) | 167.0 | 125.0 | 654.0 | 141.1 | 132.3 | 566.6 | 606.1 | 636.5 |
| Americas total, Stainless steel deliveries | Lowest | 128.0 | 120.0 | 537.0 | 570.0 | 575.0 | |||
| Americas total, Sales | Number of Estimates | 11 | 11 | 12 | 12 | 12 | |||
| Americas total, Sales | Highest | 516.0 | 537.0 | 2,075.0 | 2,152.0 | 2,260.0 | |||
| Americas total, Sales | Average | 480.1 | 448.7 | 1,955.4 | 1,873.3 | 1,879.3 | |||
| Americas total, Sales | Consensus (Median) | 786.0 | 471.0 | 2,695.0 | 479.4 | 446.0 | 1,956.0 | 1,898.2 | 1,910.0 |
| Americas total, Sales | Lowest | 423.0 | 385.0 | 1,835.0 | 1,555.4 | 1,463.0 | |||
| Americas, Adjusted EBITDA | Number of Estimates | 10 | 10 | 11 | 11 | 11 | |||
| Americas, Adjusted EBITDA | Highest | 114.0 | 81.0 | 348.0 | 310.0 | 325.0 | |||
| Americas, Adjusted EBITDA | Average | 81.5 | 58.1 | 320.3 | 231.9 | 225.2 | |||
| Americas, Adjusted EBITDA | Consensus (Median) | 135.0 | 23.0 | 384.0 | 79.3 | 59.3 | 329.9 | 239.3 | 223.8 |
| Americas, Adjusted EBITDA | Lowest | 60.0 | 22.0 | 260.0 | 135.0 | 142.0 | |||
| Americas, Adjusted EBIT | Number of Estimates | 7 | 7 | 7 | 7 | 7 | |||
| Americas, Adjusted EBIT | Highest | 71.3 | 64.3 | 271.2 | 226.6 | 223.7 | |||
| Americas, Adjusted EBIT | Average | 63.9 | 45.2 | 253.0 | 160.2 | 151.5 | |||
| Americas, Adjusted EBIT | Consensus (Median) | 117.0 | 6.0 | 317.0 | 64.0 | 46.5 | 259.9 | 181.3 | 157.1 |
| Americas, Adjusted EBIT | Lowest | 59.0 | 31.0 | 233.0 | 86.0 | 92.0 | |||
| Ferrochrome total, Production | Number of Estimates | 9 | 9 | 10 | 10 | 9 | |||
| Ferrochrome total, Production | Highest | 114.0 | 127.4 | 418.0 | 509.8 | 509.8 | |||
| Ferrochrome total, Production | Average | 99.3 | 118.5 | 405.2 | 473.3 | 484.0 | |||
| Ferrochrome total, Production | Consensus (Median) | 104.0 | 69.0 | 430.0 | 95.4 | 120.0 | 403.6 | 491.0 | 491.0 |
| Ferrochrome total, Production | Lowest | 79.5 | 108.9 | 391.3 | 400.0 | 438.3 | |||
| Ferrochrome total, Sales | Number of Estimates | 11 | 11 | 12 | 12 | 12 | |||
| Ferrochrome total, Sales | Highest | 154.0 | 146.6 | 680.0 | 693.0 | 711.0 | |||
| Ferrochrome total, Sales | Average | 111.5 | 130.8 | 494.4 | 561.8 | 556.0 | |||
| Ferrochrome total, Sales | Consensus (Median) | 136.0 | 110.0 | 633.0 | 116.0 | 131.0 | 474.0 | 546.7 | 525.5 |
| Ferrochrome total, Sales | Lowest | 90.7 | 110.8 | 429.6 | 450.6 | 466.7 | |||
| Ferrochrome, Adjusted EBITDA | Number of Estimates | 10 | 10 | 11 | 11 | 11 | |||
| Ferrochrome, Adjusted EBITDA | Highest | 30.0 | 38.7 | 115.9 | 144.5 | 137.0 | |||
| Ferrochrome, Adjusted EBITDA | Average | 17.7 | 28.5 | 97.5 | 114.3 | 108.5 | |||
| Ferrochrome, Adjusted EBITDA | Consensus (Median) | 34.0 | 14.0 | 220.0 | 16.5 | 32.2 | 102.0 | 122.0 | 117.8 |
| Ferrochrome, Adjusted EBITDA | Lowest | 8.2 | 11.0 | 73.0 | 73.0 | 73.4 | |||
| Ferrochrome, Adjusted EBIT | Number of Estimates | 7 | 7 | 7 | 7 | 7 | |||
| Ferrochrome, Adjusted EBIT | Highest | 17.2 | 30.4 | 76.6 | 100.1 | 102.0 | |||
| Ferrochrome, Adjusted EBIT | Average | 6.7 | 18.4 | 54.8 | 75.8 | 67.1 | |||
| Ferrochrome, Adjusted EBIT | Consensus (Median) | 23.0 | 4.0 | 177.0 | 6.6 | 20.0 | 55.0 | 84.7 | 80.0 |
| Ferrochrome, Adjusted EBIT | Lowest | 0.7 | 1.9 | 32.7 | 19.4 | 21.9 | |||
| Other operations & Eliminations Adjusted EBITDA | Number of Estimates | 10 | 10 | 11 | 11 | 11 | |||
| Other operations & Eliminations Adjusted EBITDA | Highest | 0.0 | 0.0 | 20.0 | 20.0 | 20.0 | |||
| Other operations & Eliminations Adjusted EBITDA | Average | -5.6 | -6.0 | -17.8 | -20.7 | -20.9 | |||
| Other operations & Eliminations Adjusted EBITDA | Consensus (Median) | 7.0 | 4.0 | -28.0 | -5.5 | -6.5 | -20.0 | -21.0 | -20.0 |
| Other operations & Eliminations Adjusted EBITDA | Lowest | -11.0 | -11.0 | -32.0 | -45.0 | -47.0 | |||
| Other operations & Eliminations, Adjusted EBIT | Number of Estimates | 7 | 7 | 7 | 7 | 7 | |||
| Other operations & Eliminations, Adjusted EBIT | Highest | -1.7 | -0.6 | -18.2 | -15.2 | -16.1 | |||
| Other operations & Eliminations, Adjusted EBIT | Average | -9.3 | -6.3 | -31.6 | -35.4 | -36.0 | |||
| Other operations & Eliminations, Adjusted EBIT | Consensus (Median) | 5.0 | 2.0 | -34.0 | -8.8 | -7.0 | -32.5 | -40.0 | -40.0 |
| Other operations & Eliminations, Adjusted EBIT | Lowest | -17.0 | -13.0 | -44.0 | -51.0 | -53.0 |
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.