Mesabi Trust 過去の業績
過去 基準チェック /36
Mesabi Trustは、平均年間6.6%の収益成長を遂げていますが、 Metals and Mining業界の収益は、年間 減少しています。収益は、平均年間7.3% 20.8%収益成長率で 減少しています。 Mesabi Trustの自己資本利益率は68%であり、純利益率は79.1%です。
主要情報
6.57%
収益成長率
6.57%
EPS成長率
| Metals and Mining 業界の成長 | 26.40% |
| 収益成長率 | -20.77% |
| 株主資本利益率 | 67.97% |
| ネット・マージン | 79.14% |
| 前回の決算情報 | 31 Jan 2026 |
最近の業績更新
Recent updates
Seeking Alpha • Apr 07
Mesabi Trust: Logistics Could Favor U.S. Iron Ore Supply
Summary Mesabi Trust stands to benefit from possible global iron ore supply disruptions, particularly in Australia, potentially supporting higher prices and volumes. Q4 royalty income for MSB is rising ~45% sequentially, implying a 23x annualized P/E based on likely disclosures. Supply risks from the Iran War and Australian logistics issues could underpin a higher iron ore price base into 2026, already being demonstrated. At a possible 20x P/E, MSB offers a 5% earnings yield, but diversified mining groups may provide better risk-adjusted returns given current market conditions. Read the full article on Seeking AlphaSeeking Alpha • Jan 17
Mesabi Trust: Volume Recovery Means Royalty Rates Ratchet Up
Summary Mesabi Trust's revenues are rising due to increased production and higher royalty rates. The arbitration award boosted MSB's stock by 20%, but this is a one-off event. Normalized P/E (ignoring price effects from the arbitration) is 13-14x. This gives us an idea of earnings yield, the inverse of the PE, on a run-rate basis to compare with peers, fair between 10-15x. But MSB faces risks from Chinese economic issues, most alarmingly deflation spiral, and potential US tariffs affecting iron ore demand. Nearshoring and US steel production could boost MSB, but current volatility and unpredictable factors make it less appealing for investment. Read the full article on Seeking AlphaSeeking Alpha • Sep 24
Mesabi Trust: Cleveland-Cliffs Spat In Rear View For Now
Summary The idling issue has now lapped for the three-month results, but the clear hit to commodity prices YoY is driving down royalties as well as some hit to volumes. The mines operated on Mesabi land by Cliffs are swing production, meaning they're at the margin of production. They're the first to get cut when rationalising. We are quite bullish on US fundamentals, thanks mainly to oil price declines, but around China's effect as a major importer of iron ore, we're less confident in their stimulus. Read the full article on Seeking AlphaSeeking Alpha • May 28
If Fed Doesn't Get Serious About Inflation, Buy Mesabi Trust (Rating Upgrade)
Summary Recent developments, such as the mid-2023 resumption of mining operations by Cleveland-Cliffs on trust leases and the Federal Reserve's reluctance to raise interest rates, suggest potential upside for Mesabi. Increasing odds for a turnaround in China's economy, alongside an approaching arbitration judgment over underpaid royalties, are additional reasons to consider investing in MSB stock. A low-volatility basing pattern over the last 12 months could support a price breakout and material gains for investors buying around $17. Read the full article on Seeking AlphaSeeking Alpha • Feb 04
Mesabi Trust: Full Production Is Back Despite Cleveland-Cliffs' Ambitions
Summary Mesabi Trust announces $0.37 quarterly dividend and Cleveland-Cliffs Inc. holds Q4 earnings call. Cleveland-Cliffs CEO threatens to use more scrap metal, but Mesabi Trust's production looks to be back to full capacity. Mesabi Trust offers a 7.2% forward yield with potential for higher dividends if iron ore prices increase. Read the full article on Seeking AlphaSeeking Alpha • Oct 25
Mesabi Trust: Unlikely Cleveland-Cliffs Shuts Northshore Down In The Near Term
Summary Mesabi Trust's near-term value depends on the actions of Cleveland-Cliffs Inc., which operates the Northshore iron ore mine. Cleveland-Cliffs idled the Northshore mine in 2022 and restarted it in Q2 2023, but CEO Goncalves has threatened to use it as a swing operation. Northshore is not likely to be shut down soon, as Cleveland-Cliffs is faced with robust demand and may want to safeguard its reputation while pursuing acquisitions in steel making. Read the full article on Seeking AlphaSeeking Alpha • Oct 18
Mesabi Trust Looks Attractive With Estimated Forward Yield Of 8.2% To 11.4%
Summary Mesabi Trust distributions were scrapped because Cleveland-Cliffs temporarily idled its mine. Iron ore demand could benefit from China's construction sector stimulus. Normalized annualized distributions per unit from Mesabi Trust could be as high as $2.8. Read the full article on Seeking AlphaSeeking Alpha • Jul 14
Mesabi Trust: There's A Strong Headwind, But Also An Opportunity
Summary Mesabi Trust, a New York-based royal trust involved in the Minnesota iron ore mining business, has been given a "Hold" recommendation due to uncertainty surrounding the business outlook. The trust's royalty income has been negatively impacted by Cleveland-Cliffs' decision to close its Northshore taconite ore operation in May 2022 and by a downward trend in the price of iron ore. A dispute between Cleveland-Cliffs and Mesabi Trust over the payment of the royalties, a potential recession, and the suspension of dividends are all factors contributing to the "Hold" rating. Read the full article on Seeking AlphaSeeking Alpha • Jan 31
Operating Issues And Recession Pricing Next: Avoid Mesabi Trust
Summary Mesabi Trust has been a great investment for decades with steady price appreciation and a high rate of dividends. The temporary closure of its main resource asset by a mining unit of Cleveland-Cliffs has halted nearly all royalty revenue. Few net assets exist to back up Mesabi's underlying value until the Peter Mitchell mine is restarted. Dividends have been slashed to zero. Then a recession could hit in 2023-24, hurting iron ore pricing and future discounted values of royalty payments. The chart pattern remains weak. I suggest selling the January rally in trust pricing.Seeking Alpha • Jan 12
Mesabi Trust says no dividend in January
Mesabi Trust (NYSE:MSB) on Thursday said its trustees have determined that no distribution will be declared in January 2023 with respect to units of beneficial interest. The trustees said the announcement reflects caution about uncertainties arising from the July 22, 2022 announcement by Cleveland-Cliffs, the parent company of Northshore Mining, to extend the ongoing idling of Northshore operations until at least April 2023 and maybe beyond.Seeking Alpha • Nov 05
Mesabi Trust: Short-Term This Doesn't Look Great, Long-Term I Like
Summary Mesabi Trust is a yield vehicle that has recently paused its yield. The operator of the Northshore facility has shut it down temporarily. As long as the operator doesn't restart the mine, there are unlikely to be any payouts. Long-term payouts should be highly attractive provided the mine commences operation again. The shutdown was planned to last until March 2023 but could run longer. Mesabi Trust (MSB) is a pass-through royalty vehicle that takes a cut on the production of an iron ore mine and distributes it to shareholders. Otherwise, it doesn't do much. Currently, it doesn't do much as Cleveland-Cliffs (CLF), which operates the Northshore operation, decided to idle it until at least April 2023. But the operator included a thinly veiled threat within its decision to keep it shut for longer. The outspoken CEO of the operator also referenced the ridiculous royalty structure in place: …with the use of additional scrap in our BOF's [basic oxygen furnaces], our iron ore needs are not as high as before, and we no longer need to run our mines full out. When determining where to adjust production, our first look is at our cost structure. Because we are now able to produce DR-grade pellets at Minorca, and mainly due to the ridiculous royalty structure we have in place with the Mesabi Trust, we will be idling all production at our Northshore mine, starting in the Spring, carrying through at least to the Fall period, and maybe beyond. At Northshore, no production, no shipments, no royalty payments. We also acknowledge that our strategy to stretch hot metal, by adding increased amounts of scrap to the BOF's is working extremely well. With more scrap in the BOF's, we need fewer tons of hot metal to produce the same tonnage of liquid steel. As a consequence, the Northshore idle could go longer than currently planned." According to Mesabi, there's been no outreach over that agreement: Cliffs has not recently requested any changes to the royalty structure, which is governed by a 1989 royalty agreement, and Cliffs has historically failed to engage in meaningful negotiations requested by Mesabi Trust to address the interpretations of the royalty structure. Finally, since Cliffs' announcements that began in October 2021, Mesabi Trust has not received requests from Cliffs or any other party to discuss renegotiation of the 1989 royalty agreement. This is a yield vehicle. Something income-seeking investors tend to buy. Not surprisingly, it has come off quite a bit since CLF decided to idle the mine, although I would have expected it to fall even more. Data by YCharts Currently, it is trading at around $22, and there's no distribution. I don't expect it to be reinstated until there is more clarity on the situation of the mine in the future. Here's an overview of historical dividends: MSB dividend history (Seeking Alpha) You have to go back to 2017 to see distribution dip below $2 per unit. This kind of vehicle trades at high yields and low multiples because they are liquidating vehicles with no or little residual value. As the mine runs out, the value of the royalty goes to zero as well. The Northshore mine has ample reserves. See this table from its 10-K: Mining and Pelletizing Mineral Reserves As of December 31, 2021 (In Millions of Long Tons) Proven Probable Proven & Probable Cliffs' % % % Process Property Share Tonnage Grade Tonnage Grade Tonnage Grade(1) Recovery(2) Northshore 100% 303.2 25.3 519.2 24.1 822.4 24.6 29.4% (1) Cutoff grade was 19%. (2) Process recovery includes all factors for converting crude ore tonnage, shown above, to a dry saleable product. Annual production is something like 6 million tonnes. Given the reserves picture, the mine life is still very, very long. It's also possible over time, tonnes are added to reserves as discoveries or improved technology that allow more economic extraction.Seeking Alpha • Aug 03
How Cleveland-Cliffs' CEO Pushed Mesabi Trust's Dividend Off A Cliff
Cleveland-Cliffs' CEO Lourenco Goncalves has a bone to pick with the Mesabi Trust. Cleveland-Cliffs' recent acquisitions have degraded Mesabi Trust's economic leverage within their relationship. With the Northshore mine shut down until April 2022, Mesabi's distribution is about to jump off a Cliff. The just published royalty report confirms that a massive cut to trust income has taken place. Given these facts, Mesabi Trust’s unit price is too high - I see 50% downside risk. Mesabi Trust (MSB) is a publicly traded entity that owns a royalty interest in the Peter Mitchel iron ore mine that is operated by Cleveland-Cliffs' (CLF) Northshore facility. This current article could be viewed as an update on my bullish article published nearly five years ago here at Seeking Alpha. A thorough review of the trust can be found in this article by James Duade - the first of a series of excellent articles that he wrote on the trust. Today, the situation is much changed Unfortunately for Mesabi's unitholders, Cleveland-Cliffs' CEO Lourenco Goncalves has a bone to pick with the Mesabi Trust. He does not like the trust’s royalty structure and (more importantly - thanks to recent acquisitions) has no immediate need for Mesabi’s iron ore. This is a radical departure from the past, when Northshore (and Mesabi’s ore) was a key asset needed to fulfill customer contracts. As CEO Goncalves stated in the last Cleveland-Cliffs’ earnings call: ...we are now extending the ongoing idle at our North Shore swing facility to at least April of next year. With the increased use of scrap company-wide in our steelmaking operations made possible by the acquisition of FPT last year, the pellets from North Shore are not needed at this time. Rather than deplete this finite resource for the benefit of the Mesabi Trust and its so-called unitholders we will keep Northshore idle until we decide otherwise. Mesabi Trust filed an 8-K related to the above (and earlier) statements by Goncalves, which can be found here. This is much worse than what I originally anticipated based on his earlier comments, as I tweeted in February: My note on Lourenco's earlier comment (Nat Stewart's twitter account @natstewart5) A shutdown until April will blow a massive hole in Mesabi’s next three distributions This is because Mesabi’s distributions correspond with Cliff’s prior quarter earnings - there is a three month lag. Up until this point, Mesabi unitholders have not been impacted by the shutdown. This will change with the next three distributions. Last year, the October distribution was substantial Mesabi Distributions: 10/22/2021, 1/27/2022, 4/28/2022 (Dividend History - Mesabi Trust) The current royalty report confirms that this October will be much worse The royalty report published yesterday (8/2/2022) confirms the above facts. Last year, the trust received $19,495,040 for Cliff's second quarter production - enough to support October 2021's large $1.42 distribution. This year, they received just $2,314,994 for the same period. After a $.04 estimate for trust expenses (assuming they choose to pay out proceeds and maintain current reserve levels) this trust will have around $.13/unit ($2.314M / 13.12 units - $.04) from the current period available for distributions - suggesting a 91% year-over-year distribution cut.Seeking Alpha • Jul 15
Mesabi Trust dips dividend -19.2% to $0.84/share
Mesabi Trust (NYSE:MSB) declares $0.84/share quarterly dividend, -19.2% decrease from prior dividend of $1.04. Forward yield 12.64% Payable Aug. 20; for shareholders of record July 30; ex-div July 29. See MSB Dividend Scorecard, Yield Chart, & Dividend Growth.Seeking Alpha • Jun 03
Mesabi Trust Is Not So Easily Ousted
They earn royalties on iron ore mined from one of Cleveland-Cliffs' main mines. Cleveland-Cliffs is trying to put a strain on Mesabi by idling mining as much as possible at the main Minnesota mine where Mesabi has the royalty agreement. Cleveland-Cliffs complained on earnings call about the royalty structure but hasn't tried to renegotiate it before making this move. We think investors should call Cliffs' bluff by buying Mesabi, because Cliffs has been CAPEXing a lot on the Minnesota mine, and with iron ore prices being so high, you'd want to utilise the asset. This is a bargaining tactic that makes sense, but ultimately Mesabi's position seems favourable. Dividend yield could be as much as 20% on a forward basis.Seeking Alpha • Jan 05
Mesabi Trust And Its Real Value
Mesabi Trust is benefiting from increases in revenue as iron ore prices rise and the volume of products mined from its property climbs. But those gains may be short-lived as the company that provides nearly all the trust’s royalty income is threatening to stop mining on the property. The company appears to be overvalued from a rearview mirror perspective, and future forecasts argue it could become even more overvalued if mining revenue decreases. This article tells what investors could likely make in the future with Mesabi Trust and what the real value is versus the current share price.分析記事 • Oct 18
Mesabi Trust (NYSE:MSB) Will Pay A Larger Dividend Than Last Year At US$1.42
Mesabi Trust ( NYSE:MSB ) has announced that it will be increasing its dividend on the 20th of November to US$1.42...分析記事 • Jul 16
Mesabi Trust's (NYSE:MSB) Upcoming Dividend Will Be Larger Than Last Year's
Mesabi Trust ( NYSE:MSB ) will increase its dividend on the 20th of August to US$0.09. This makes the dividend yield...分析記事 • Apr 19
Something To Consider Before Buying Mesabi Trust (NYSE:MSB) For The 4.1% Dividend
Could Mesabi Trust ( NYSE:MSB ) be an attractive dividend share to own for the long haul? Investors are often drawn to...分析記事 • Mar 01
Mesabi Trust (NYSE:MSB) Has Rewarded Shareholders With An Exceptional 511% Total Return On Their Investment
The worst result, after buying shares in a company (assuming no leverage), would be if you lose all the money you put...分析記事 • Jan 23
Here's Why We're Wary Of Buying Mesabi Trust's (NYSE:MSB) For Its Upcoming Dividend
Some investors rely on dividends for growing their wealth, and if you're one of those dividend sleuths, you might be...分析記事 • Jan 18
Should Mesabi Trust (NYSE:MSB) Be Part Of Your Income Portfolio?
Dividend paying stocks like Mesabi Trust ( NYSE:MSB ) tend to be popular with investors, and for good reason - some...収支内訳
収支内訳
Mesabi Trust の稼ぎ方とお金の使い方。LTMベースの直近の報告された収益に基づく。
収益と収入の歴史
| 日付 | 収益 | 収益 | G+A経費 | 研究開発費 |
|---|---|---|---|---|
| 31 Jan 26 | 18 | 14 | 4 | 0 |
| 31 Oct 25 | 21 | 17 | 3 | 0 |
| 31 Jul 25 | 25 | 93 | 3 | 0 |
| 30 Apr 25 | 26 | 93 | 4 | 0 |
| 31 Jan 25 | 27 | 93 | 5 | 0 |
| 31 Oct 24 | 27 | 92 | 6 | 0 |
| 31 Jul 24 | 24 | 18 | 6 | 0 |
| 30 Apr 24 | 27 | 21 | 6 | 0 |
| 31 Jan 24 | 23 | 19 | 4 | 0 |
| 31 Oct 23 | 14 | 11 | 3 | 0 |
| 31 Jul 23 | 10 | 7 | 3 | 0 |
| 30 Apr 23 | -5 | -7 | 3 | 0 |
| 31 Jan 23 | 8 | 5 | 2 | 0 |
| 31 Oct 22 | 28 | 26 | 2 | 0 |
| 31 Jul 22 | 44 | 42 | 2 | 0 |
| 30 Apr 22 | 76 | 74 | 2 | 0 |
| 31 Jan 22 | 71 | 69 | 3 | 0 |
| 31 Oct 21 | 64 | 61 | 3 | 0 |
| 31 Jul 21 | 54 | 50 | 3 | 0 |
| 30 Apr 21 | 33 | 30 | 3 | 0 |
| 31 Jan 21 | 26 | 23 | 2 | 0 |
| 31 Oct 20 | 21 | 18 | 2 | 0 |
| 31 Jul 20 | 22 | 20 | 2 | 0 |
| 30 Apr 20 | 29 | 27 | 2 | 0 |
| 31 Jan 20 | 32 | 30 | 2 | 0 |
| 31 Oct 19 | 34 | 32 | 2 | 0 |
| 31 Jul 19 | 41 | 39 | 2 | 0 |
| 30 Apr 19 | 46 | 44 | 2 | 0 |
| 31 Jan 19 | 47 | 46 | 2 | 0 |
| 31 Oct 18 | 44 | 43 | 1 | 0 |
| 31 Jul 18 | 41 | 40 | 1 | 0 |
| 30 Apr 18 | 36 | 35 | 1 | 0 |
| 31 Jan 18 | 34 | 33 | 1 | 0 |
| 31 Oct 17 | 35 | 34 | 1 | 0 |
| 31 Jul 17 | 27 | 26 | 1 | 0 |
| 30 Apr 17 | 16 | 15 | 1 | 0 |
| 31 Jan 17 | 11 | 10 | 1 | 0 |
| 31 Oct 16 | 9 | 8 | 1 | 0 |
| 31 Jul 16 | 8 | 7 | 1 | 0 |
| 30 Apr 16 | 8 | 7 | 1 | 0 |
| 31 Jan 16 | 10 | 9 | 1 | 0 |
| 31 Oct 15 | 13 | 12 | 1 | 0 |
| 31 Jul 15 | 22 | 21 | 1 | 0 |
質の高い収益: MSBは 高品質の収益 を持っています。
利益率の向上: MSBの現在の純利益率 (79.1%)は、昨年よりも低くなっています。
フリー・キャッシュフローと収益の比較
過去の収益成長分析
収益動向: MSBの収益は過去 5 年間で年間6.6%増加しました。
成長の加速: MSBは過去 1 年間の収益成長がマイナスであったため、5 年間の平均と比較することはできません。
収益対業界: MSBは過去 1 年間で収益成長率がマイナス ( -85.1% ) となったため、 Metals and Mining業界平均 ( 84.5% ) と比較することが困難です。
株主資本利益率
高いROE: MSBの 自己資本利益率 ( 68% ) は 傑出している と考えられます。
総資産利益率
使用総資本利益率
過去の好業績企業の発掘
企業分析と財務データの現状
| データ | 最終更新日（UTC時間） |
|---|---|
| 企業分析 | 2026/05/07 05:38 |
| 終値 | 2026/05/07 00:00 |
| 収益 | 2026/01/31 |
| 年間収益 | 2026/01/31 |
データソース
企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。
| パッケージ | データ | タイムフレーム | 米国ソース例 |
|---|---|---|---|
| 会社財務 | 10年 |
| |
| アナリストのコンセンサス予想 | +プラス3年 |
|
|
| 市場価格 | 30年 |
| |
| 所有権 | 10年 |
| |
| マネジメント | 10年 |
| |
| 主な進展 | 10年 |
|
* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。
特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。
分析モデルとスノーフレーク
本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。
シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。
業界およびセクターの指標
私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。
アナリスト筋
Mesabi Trust 0 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。0