Announcement • May 08
Russel Metals Inc. Declares Quarterly Dividend, Payable on June 15, 2026 On May 5, 2026, Russel Metals Inc. declared an increase in quarterly dividend to $0.44 per share payable on June 15, 2026, to shareholders of record at the close of business on May 28, 2026. This increase is the fourth consecutive year with a dividend increase and represents a 16% cumulative increase versus the dividend level in the first quarter of 2023. Announcement • Jan 02
Russel Metals Inc. (TSX:RUS) acquired Seven service center locations from Kloeckner Metals Corporation for approximately $102 million. Russel Metals Inc. (TSX:RUS) entered into an agreement to acquire Seven service center locations from Kloeckner Metals Corporation for approximately $120 million on September 28, 2025. The transaction is subject to closing working capital and other normal course adjustments. The purchase price is based on the net book value of the working capital which was approximately $67.1 million at June 30, 2025, plus $51.5 million for the property, plant and equipment. The metals service centers in Dubuque (Iowa), Charlotte (North Carolina), Suwanee (Georgia), Houston (Texas), Austin (Texas), Jacksonville (Florida) and Pompano Beach (Florida). Upon completion, 350 Kloeckner employees will join the Russel team. The transaction will be financed from our cash on hand or drawings under our existing credit facility, which totaled $566 million on June 30, 2025.
For the period between January 1, 2023 and June 30, 2025, the seven service centers generated average annual revenues of approximately $500 million and average annual adjusted EBITDA of approximately $20 million.
The transaction is subject to customary closing conditions and is expected to close in Q4'25 or Q1'26. This transaction is expected to add about 15% to Russel Metals' average annual revenues and a bit less than that on a mid-cycle EBITDA basis.
Russel Metals Inc. (TSX:RUS) completed the acquisition of Seven service center locations from Kloeckner Metals Corporation for approximately $102 million on January 2, 2026. Announcement • Nov 24
Russel Metals Inc. to Report Q3, 2026 Results on Nov 04, 2026 Russel Metals Inc. announced that they will report Q3, 2026 results on Nov 04, 2026 Announcement • Nov 07
Russel Metals Inc. announces Quarterly dividend, payable on December 15, 2025 Russel Metals Inc. announced Quarterly dividend of CAD 0.4300 per share payable on December 15, 2025, ex-date on November 27, 2025 and record date on November 27, 2025. Announcement • Sep 30
Russel Metals Inc. (TSX:RUS) entered into an agreement to acquire Seven service center locations from Kloeckner Metals Corporation for approximately $120 million. Russel Metals Inc. (TSX:RUS) entered into an agreement to acquire Seven service center locations from Kloeckner Metals Corporation for approximately $120 million on September 28, 2025. The purchase price is based on the net book value of the working capital which was approximately $67.1 million at June 30, 2025, plus $51.5 million for the property, plant and equipment. The metals service centers in Dubuque (Iowa), Charlotte (North Carolina), Suwanee (Georgia), Houston (Texas), Austin (Texas), Jacksonville (Florida) and Pompano Beach (Florida). Upon completion, 350 Kloeckner employees will join the Russel team. The transaction will be financed from our cash on hand or drawings under our existing credit facility, which totaled $566 million on June 30, 2025.
The transaction is subject to customary closing conditions and is expected to close in Q4'25 or Q1'26. This transaction is expected to add about 15% to Russel Metals' average annual revenues and a bit less than that on a mid-cycle EBITDA basis. Announcement • Sep 18
Russel Metals Inc. Announces the Permanent Closure of the Delta Location Will Result in A Repatriation of Excess Working Capital, Once the Inventories Are Integrated into Other Locations in the Region Russel Metals Inc. announced the permanent closure of the Delta location will result in a repatriation of excess working capital, once the inventories are integrated into other locations in the region. Announcement • Sep 08
Russel Metals Inc. to Report Q2, 2026 Results on Aug 06, 2026 Russel Metals Inc. announced that they will report Q2, 2026 results on Aug 06, 2026 Announcement • Aug 12
Russel Metals Inc. announces Quarterly dividend, payable on September 15, 2025 Russel Metals Inc. announced Quarterly dividend of CAD 0.4300 per share payable on September 15, 2025, ex-date on August 28, 2025 and record date on August 28, 2025. Announcement • May 07
Russel Metals Inc. Declares Quarterly Dividend, Payable on June 16, 2025 Russel Metals Inc. declared a 2.4% increase in quarterly dividend to $0.43 per share payable on June 16, 2025, to shareholders of record at the close of business on May 29, 2025. This increase is the third consecutive annual increase in dividend over the past three years. On a cumulative basis, the company raised the dividend by 13.2% since May 2023. Announcement • Feb 18
Russel Metals Inc., Annual General Meeting, May 07, 2025 Russel Metals Inc., Annual General Meeting, May 07, 2025. Location: 6600 financial drive, ontario, missisauga Canada Announcement • Feb 13
Russel Metals Inc. Declares Dividend, Payable on March 17, 2025 Russel Metals Inc. declared a dividend of $0.42 per share, payable on March 17, 2025, to shareholders of record at the close of business on February 28, 2025. Announcement • Dec 05
Russel Metals Inc. (TSX:RUS) completed the acquisition of Tampa Bay Steel Corp. Russel Metals Inc. (TSX:RUS) entered into an agreement to acquire Tampa Bay Steel Corp. for $79.5 million on November 12, 2024. A cash consideration of $79.5 million will be paid by Russel Metals Inc, the transaction will be financed from Russel Metals Inc.'s cash on hand or drawings under their credit facility, the purchase price includes working capital, buildings and equipment, and the related real estate. Tampa Bay Steel generated average annual revenues and adjusted EBITDA of approximately US$115 million and US$13 million, respectively, over the past five years. The transaction is expected to close in December, 2024.
Russel Metals Inc. (TSX:RUS) completed the acquisition of Tampa Bay Steel Corp. on December 4, 2024. Announcement • Nov 13
Russel Metals Inc. (TSX:RUS) entered into an agreement to acquire Tampa Bay Steel Corp. for $79.5 million. Russel Metals Inc. (TSX:RUS) entered into an agreement to acquire Tampa Bay Steel Corp. for $79.5 million on November 12, 2024. A cash consideration of $79.5 million will be paid by Russel Metals Inc, the transaction will be financed from Russel Metals Inc.'s cash on hand or drawings under their credit facility, the purchase price includes working capital, buildings and equipment, and the related real estate. Tampa Bay Steel generated average annual revenues and adjusted EBITDA of approximately US$115 million and US$13 million, respectively, over the past five years. The transaction is expected to close in December, 2024. Declared Dividend • Nov 11
Third quarter dividend of CA$0.42 announced Shareholders will receive a dividend of CA$0.42. Ex-date: 27th November 2024 Payment date: 16th December 2024 Dividend yield will be 4.5%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 1.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 42% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 08
Third quarter 2024 earnings released: EPS: CA$0.59 (vs CA$0.99 in 3Q 2023) Third quarter 2024 results: EPS: CA$0.59 (down from CA$0.99 in 3Q 2023). Revenue: CA$1.09b (down 1.8% from 3Q 2023). Net income: CA$34.5m (down 43% from 3Q 2023). Profit margin: 3.2% (down from 5.5% in 3Q 2023). Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 21
Upcoming dividend of CA$0.42 per share Eligible shareholders must have bought the stock before 28 August 2024. Payment date: 16 September 2024. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.2%). Announcement • Aug 14
Russel Metals Inc. (TSX:RUS) completed the acquisition of Seven Service Centers of Samuel, Son & Co., Limited Russel Metals Inc. (TSX:RUS) entered into an agreement to acquire Seven Service Centers of Samuel, Son & Co., Limited for approximately CAD 230 million on December 4, 2023. The assets to be acquired include five locations in Western Canada and two locations in the US Northeast. The purchase price is based on the net book value of the working capital, which was approximately CAD 186 million at September 30, 2023, plus the net book value of the related equipment and machinery for CAD 29 million plus an additional CAD 10 million and subject to closing working capital and other normal course adjustments. As part of the transaction approximately 340 Samuel employees join the Russel family. The transaction will be financed from our cash on hand, which totaled CAD 569 million on September 30, 2023. For 2022, the seven service centers acquired had revenue of CAD 704 million and adjusted EBITDA of CAD 33 million.
The transaction is subject to Canadian regulatory clearance as well as other customary closing conditions and is expected to close in the first or second quarter of 2024. As per filling on June 4, 2024, the transaction has been cleared by Canadian Competition Bureau. As per the announcement dated on April 15, 2024 the Transaction is no longer expected to close in the second quarter of 2024. As per filling on June 4, 20224, the transaction is expected to close the full transaction in the third quarter of 2024.
Robert Hull, Joseph McDonald, Camille Beaudry, Ian Macdonald, Kirsty Strong, Parna Sabet-Stephenson, Stefan Nasswetter, Christopher Oates, Michael Bussmann and Carl Hinzmann of Gowling WLG acted as legal advisors to Samuel.
Russel Metals Inc. (TSX:RUS) completed the acquisition of Seven Service Centers of Samuel, Son & Co., Limited on August 12, 2024. Declared Dividend • Aug 05
Second quarter dividend of CA$0.42 announced Shareholders will receive a dividend of CA$0.42. Ex-date: 28th August 2024 Payment date: 16th September 2024 Dividend yield will be 4.7%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (47% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 1.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 16% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 02
Russel Metals Inc. Declares A Dividend, Payable on September 16, 2024 Russel Metals Inc. declared a dividend of $0.42 per share, payable on September 16, 2024, to shareholders of record at the close of business on August 28, 2024. Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: CA$0.84 (vs CA$1.37 in 2Q 2023) Second quarter 2024 results: EPS: CA$0.84 (down from CA$1.37 in 2Q 2023). Revenue: CA$1.07b (down 9.9% from 2Q 2023). Net income: CA$49.9m (down 41% from 2Q 2023). Profit margin: 4.7% (down from 7.1% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.0% p.a. on average during the next 2 years, compared to a 2.1% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Jun 06
Russel Metals Inc. Receives Regulatory Clearance on Samuel Acquisition Russel Metals Inc. announced that it has received a no-action letter from the Canadian Competition Bureau regarding previously announced transaction with Samuel, Son & Co., Limited ("Samuel"), whereby agreed to acquire seven service center locations from Samuel. Therefore, subject to completion of customary closing conditions, expect to close the full transaction in the third quarter of 2024. Declared Dividend • May 06
First quarter dividend of CA$0.42 announced Shareholders will receive a dividend of CA$0.42. Ex-date: 29th May 2024 Payment date: 14th June 2024 Dividend yield will be 4.6%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (32% cash payout ratio). The dividend has increased by an average of 1.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 5.4% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 02
First quarter 2024 earnings released: EPS: CA$0.82 (vs CA$1.19 in 1Q 2023) First quarter 2024 results: EPS: CA$0.82 (down from CA$1.19 in 1Q 2023). Revenue: CA$1.06b (down 11% from 1Q 2023). Net income: CA$49.7m (down 33% from 1Q 2023). Profit margin: 4.7% (down from 6.2% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.5% p.a. on average during the next 2 years, compared to a 3.1% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 8% per year. Upcoming Dividend • Feb 21
Upcoming dividend of CA$0.40 per share Eligible shareholders must have bought the stock before 28 February 2024. Payment date: 15 March 2024. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of German dividend payers (5.2%). Higher than average of industry peers (2.7%). Declared Dividend • Feb 19
Fourth quarter dividend of CA$0.40 announced Shareholders will receive a dividend of CA$0.40. Ex-date: 28th February 2024 Payment date: 15th March 2024 Dividend yield will be 3.8%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (36% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased by an average of 1.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to remain steady over the next 2 years, which should provide adequate earnings cover for the dividend. Reported Earnings • Feb 09
Full year 2023 earnings released: EPS: CA$4.33 (vs CA$5.91 in FY 2022) Full year 2023 results: EPS: CA$4.33 (down from CA$5.91 in FY 2022). Revenue: CA$4.51b (down 11% from FY 2022). Net income: CA$266.7m (down 28% from FY 2022). Profit margin: 5.9% (down from 7.3% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.8% p.a. on average during the next 2 years, compared to a 2.8% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 24% per year. Announcement • Feb 09
Russel Metals Inc. Declares Dividend, Payable on March 15, 2024 Russel Metals Inc. declared a dividend of $0.40 per share, payable on March 15, 2024, to shareholders of record at the close of business on February 29, 2024. New Risk • Feb 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Jan 25
Now 21% undervalued Over the last 90 days, the stock has risen 26% to €28.80. The fair value is estimated to be €36.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 36%. Announcement • Jan 10
Russel Metals Inc., Annual General Meeting, May 02, 2024 Russel Metals Inc., Annual General Meeting, May 02, 2024. Announcement • Jan 02
Russel Metals Inc. Announces Executive Changes Russel Metals Inc. announced the retirement of Linh Austin from the Board of Directors and the appointment of Stewart Burton as an independent Director. Stewart Burton holds a Bachelor of Arts in Business Administration from the University of Western Ontario and an MBA degree from Harvard University. In addition, Mr. Burton has a CPA, CA designation. Mr. Burton recently retired as Vice-Chairman of RBC Capital Markets after a distinguished 36-year career at RBC where he led domestic and global banking teams providing financial and strategic advice to executive teams and boards of directors. During his tenure at RBC, he served as a member of RBC's investment banking management committee, investment strategy committee and RBC Dominion Securities audit committee. Announcement • Dec 06
Russel Metals Inc. (TSX:RUS) entered into an agreement to acquire Seven Service Centers of Samuel, Son & Co., Limited for approximately CAD 230 million. Russel Metals Inc. (TSX:RUS) entered into an agreement to acquire Seven Service Centers of Samuel, Son & Co., Limited for approximately CAD 230 million on December 4, 2023. The assets to be acquired include five locations in Western Canada and two locations in the US Northeast. The purchase price is based on the net book value of the working capital which was approximately CAD 186 million at September 30, 2023, plus the net book value of the related equipment and machinery for CAD 29 million plus an additional CAD 10 million and subject to closing working capital and other normal course adjustments. As part of the transaction approximately 340 Samuel employees join the Russel family. The transaction will be financed from our cash on hand, which totaled CAD 569 million on September 30, 2023. For 2022, the seven service centers acquired had revenue of CAD 704 million and adjusted EBITDA of CAD 33 million. The transaction is subject to Canadian regulatory clearance as well as other customary closing conditions and is expected to close in the first or second quarter of 2024. Upcoming Dividend • Nov 21
Upcoming dividend of CA$0.40 per share at 4.1% yield Eligible shareholders must have bought the stock before 28 November 2023. Payment date: 15 December 2023. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of German dividend payers (5.0%). Higher than average of industry peers (2.8%). New Risk • Nov 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0 per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: CA$0.99 (vs CA$1.45 in 3Q 2022) Third quarter 2023 results: EPS: CA$0.99 (down from CA$1.45 in 3Q 2022). Revenue: CA$1.11b (down 13% from 3Q 2022). Net income: CA$60.6m (down 34% from 3Q 2022). Profit margin: 5.5% (down from 7.2% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 2.5% p.a. on average during the next 3 years, while revenues in the Trade Distributors industry in Europe are expected to grow by 6.5%. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Announcement • Nov 10
Russel Metals Inc. Declares Dividend, Payable on December 15, 2023 Russel Metals Inc. declared a dividend of $0.40 per share, payable on December 15, 2023, to shareholders of record at the close of business on November 29, 2023. Buying Opportunity • Oct 13
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 2.4%. The fair value is estimated to be €31.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 51%. Revenue is forecast to decline by 7.6% in a year. Earnings is forecast to decline by 28% in the next year. Announcement • Sep 06
Marubeni-Itochu Tubulars America, Inc. acquired 50% stake in Trimark Tubulars Ltd. from Russel Metals Inc. (TSX:RUS) for approximately CAD 61 million. Marubeni-Itochu Tubulars America, Inc. entered into an agreement to acquire 50% stake in Trimark Tubulars Ltd. from Russel Metals Inc. (TSX:RUS) for approximately CAD 61 million on July 31, 2023. Under the terms of agreement, consideration is subject to normal course closing adjustments. The transaction is subject to customary regulatory approvals and is expected to close in the third quarter of 2023.
Marubeni-Itochu Tubulars America, Inc. completed the acquisition of 50% stake in Trimark Tubulars Ltd. from Russel Metals Inc. (TSX:RUS) on September 5, 2023. Announcement • Aug 12
Russel Metals Inc. (TSX:RUS) entered into an agreement to acquire Alliance Supply Ltd. Russel Metals Inc. (TSX:RUS) entered into an agreement to acquire Alliance Supply Ltd. on August 10, 2023. As of August 10, 2023, Alliance reported the revenue of $23 million for the period ended 2022. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: CA$1.37 (vs CA$1.97 in 2Q 2022) Second quarter 2023 results: EPS: CA$1.37 (down from CA$1.97 in 2Q 2022). Revenue: CA$1.19b (down 13% from 2Q 2022). Net income: CA$85.0m (down 32% from 2Q 2022). Profit margin: 7.1% (down from 9.1% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 6.0% p.a. on average during the next 3 years, while revenues in the Trade Distributors industry in Europe are expected to grow by 6.9%. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 09
Now 20% undervalued Over the last 90 days, the stock is up 6.7%. The fair value is estimated to be €32.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 64%. Revenue is forecast to decline by 7.7% in a year. Earnings is forecast to decline by 34% in the next year. Announcement • Aug 01
Marubeni-Itochu Tubulars America, Inc. entered into an agreement to acquire 50% stake in Trimark Tubulars Ltd. from Russel Metals Inc. (TSX:RUS) for approximately CAD 61 million. Marubeni-Itochu Tubulars America, Inc. entered into an agreement to acquire 50% stake in Trimark Tubulars Ltd. from Russel Metals Inc. (TSX:RUS) for approximately CAD 61 million on July 31, 2023. Under the terms of agreement, consideration is subject to normal course closing adjustments. The transaction is subject to customary regulatory approvals and is expected to close in the third quarter of 2023. New Risk • Jul 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 38% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Upcoming Dividend • May 22
Upcoming dividend of CA$0.40 per share at 4.5% yield Eligible shareholders must have bought the stock before 29 May 2023. Payment date: 15 June 2023. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.7%). Announcement • May 10
Russel Metals Inc. Declares Quarterly Dividend, Payable on June 15, 2023 Russel Metals Inc. declared an increase in its quarterly dividend to $0.40 per share, payable on June 15, 2023, to shareholders of record at the close of business on May 30, 2023. This represents a 5% increase from the prior dividend and equates to an annualized dividend of $1.60 per share. Reported Earnings • May 09
First quarter 2023 earnings released: EPS: CA$1.19 (vs CA$1.56 in 1Q 2022) First quarter 2023 results: EPS: CA$1.19 (down from CA$1.56 in 1Q 2022). Revenue: CA$1.19b (down 11% from 1Q 2022). Net income: CA$73.9m (down 25% from 1Q 2022). Profit margin: 6.2% (down from 7.4% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 9.6% p.a. on average during the next 3 years, while revenues in the Trade Distributors industry in Europe are expected to grow by 4.2%. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Mar 17
Independent Director recently sold €73k worth of stock On the 14th of March, William O'Reilly sold around 3k shares on-market at roughly €24.26 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €2.8m. Insiders have been net sellers, collectively disposing of €5.1m more than they bought in the last 12 months. Recent Insider Transactions • Mar 06
Executive VP recently sold €306k worth of stock On the 3rd of March, Martin Juravsky sold around 12k shares on-market at roughly €24.92 per share. This transaction amounted to 79% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €2.8m. Martin has been a net seller over the last 12 months, reducing personal holdings by €1.5m. Upcoming Dividend • Feb 20
Upcoming dividend of CA$0.38 per share at 4.1% yield Eligible shareholders must have bought the stock before 27 February 2023. Payment date: 15 March 2023. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of German dividend payers (4.6%). Higher than average of industry peers (2.5%). Recent Insider Transactions • Feb 17
Executive VP recently sold €624k worth of stock On the 14th of February, Martin Juravsky sold around 25k shares on-market at roughly €25.25 per share. This transaction amounted to 89% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Martin's only on-market trade for the last 12 months. Reported Earnings • Feb 10
Full year 2022 earnings released: EPS: CA$5.91 (vs CA$6.90 in FY 2021) Full year 2022 results: EPS: CA$5.91 (down from CA$6.90 in FY 2021). Revenue: CA$5.07b (up 21% from FY 2021). Net income: CA$371.9m (down 14% from FY 2021). Profit margin: 7.3% (down from 10% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 14% p.a. on average during the next 2 years, while revenues in the Trade Distributors industry in Europe are expected to grow by 3.9%. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Feb 10
Russel Metals Inc. Declares Dividend, Payable on March 15, 2023 Russel Metals Inc. declared a dividend of $0.38 per share, payable on March 15, 2023, to shareholders of record at the close of business on February 28, 2023. Reported Earnings • Nov 11
Third quarter 2022 earnings released: EPS: CA$1.45 (vs CA$2.10 in 3Q 2021) Third quarter 2022 results: EPS: CA$1.45 (down from CA$2.10 in 3Q 2021). Revenue: CA$1.27b (up 15% from 3Q 2021). Net income: CA$91.3m (down 31% from 3Q 2021). Profit margin: 7.2% (down from 12% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 10% p.a. on average during the next 3 years, while revenues in the Trade Distributors industry in Europe are expected to grow by 2.9%. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 19
Upcoming dividend of CA$0.38 per share Eligible shareholders must have bought the stock before 26 August 2022. Payment date: 15 September 2022. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 5.1%. Within top quartile of German dividend payers (4.5%). Higher than average of industry peers (2.5%). Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: CA$1.96 (vs CA$1.89 in 2Q 2021) Second quarter 2022 results: EPS: CA$1.96 (up from CA$1.89 in 2Q 2021). Revenue: CA$1.36b (up 28% from 2Q 2021). Net income: CA$124.0m (up 5.3% from 2Q 2021). Profit margin: 9.1% (down from 11% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Aug 11
Russel Metals Inc. Declares Dividend, Payable on September 15, 2022 Russel Metals Inc. announced that it has declared a dividend in the amount of CAD 0.38 per share on its common shares, payable on September 15, 2022 to shareholders of record at the close of business on August 29, 2022. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €19.00, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 13x in the Trade Distributors industry in Europe. Total returns to shareholders of 53% over the past three years. Upcoming Dividend • May 19
Upcoming dividend of CA$0.38 per share Eligible shareholders must have bought the stock before 26 May 2022. Payment date: 15 June 2022. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 4.8%. Within top quartile of German dividend payers (4.4%). Higher than average of industry peers (2.6%). Reported Earnings • May 05
First quarter 2022 earnings released: EPS: CA$1.56 (vs CA$1.29 in 1Q 2021) First quarter 2022 results: EPS: CA$1.56 (up from CA$1.29 in 1Q 2021). Revenue: CA$1.34b (up 51% from 1Q 2021). Net income: CA$98.7m (up 23% from 1Q 2021). Profit margin: 7.4% (down from 9.1% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 4.6% compared to a 9.9% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Apr 05
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €29.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.7% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to decline by 9.6% in 2 years. Earnings is forecast to decline by 63% in the next 2 years. Announcement • Feb 25
Russel Metals Inc. to Report Q1, 2022 Results on May 03, 2022 Russel Metals Inc. announced that they will report Q1, 2022 results on May 03, 2022 Upcoming Dividend • Feb 18
Upcoming dividend of CA$0.38 per share Eligible shareholders must have bought the stock before 25 February 2022. Payment date: 15 March 2022. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 4.6%. Within top quartile of German dividend payers (3.3%). Higher than average of industry peers (1.7%). Announcement • Feb 12
Russel Metals Inc., Annual General Meeting, May 04, 2022 Russel Metals Inc., Annual General Meeting, May 04, 2022. Reported Earnings • Feb 11
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: CA$6.90 (up from CA$0.39 in FY 2020). Revenue: CA$4.21b (up 56% from FY 2020). Net income: CA$432.2m (up CA$407.7m from FY 2020). Profit margin: 10% (up from 0.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.8%. Over the next year, revenue is expected to shrink by 12% compared to a 8.6% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Dec 02
Russel Metals Inc. (TSX:RUS) completed the acquisition of Boyd Metals, Inc. Russel Metals Inc. (TSX:RUS) entered into an agreement to acquire Boyd Metals, Inc. for $110 million on November 4, 2021. The purchase price of $110 million includes working capital, buildings and equipment, real estate and other related assets and subject to closing adjustments. The transaction will be financed from Russel's cash on hand and/or drawings under its existing bank facility. For the twelve months ended September 30, 2021, Boyd generated revenues of $244 million and Adjusted EBITDA1 of $39 million. The transaction is subject to customary conditions and is expected to close in the fourth quarter of 2021.
Russel Metals Inc. (TSX:RUS) completed the acquisition of Boyd Metals, Inc. on December 1, 2021. Upcoming Dividend • Nov 16
Upcoming dividend of CA$0.38 per share Eligible shareholders must have bought the stock before 23 November 2021. Payment date: 15 December 2021. Trailing yield: 4.3%. Within top quartile of German dividend payers (3.1%). Higher than average of industry peers (1.2%). Upcoming Dividend • Nov 16
Upcoming dividend of CA$0.38 per share Eligible shareholders must have bought the stock before 23 November 2021. Payment date: 15 December 2021. Trailing yield: 4.3%. Within top quartile of German dividend payers (3.1%). Higher than average of industry peers (1.2%). Recent Insider Transactions • Nov 11
Non-Independent Director recently sold €499k worth of stock On the 9th of November, Brian Hedges sold around 20k shares on-market at roughly €24.93 per share. In the last 3 months, they made an even bigger sale worth €1.2m. Insiders have been net sellers, collectively disposing of €5.2m more than they bought in the last 12 months. Reported Earnings • Nov 06
Third quarter 2021 earnings released: EPS CA$2.10 (vs CA$0.29 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CA$1.11b (up 80% from 3Q 2020). Net income: CA$131.6m (up CA$113.4m from 3Q 2020). Profit margin: 12% (up from 3.0% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Recent Insider Transactions • Sep 02
Non-Independent Director recently sold €232k worth of stock On the 31st of August, Brian Hedges sold around 10k shares on-market at roughly €23.22 per share. In the last 3 months, they made an even bigger sale worth €1.2m. Insiders have been net sellers, collectively disposing of €4.6m more than they bought in the last 12 months. Recent Insider Transactions • Aug 18
Non-Independent Director recently sold €1.2m worth of stock On the 13th of August, Brian Hedges sold around 47k shares on-market at roughly €25.08 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €3.0m more than they bought in the last 12 months. Upcoming Dividend • Aug 18
Upcoming dividend of CA$0.38 per share Eligible shareholders must have bought the stock before 25 August 2021. Payment date: 15 September 2021. Trailing yield: 4.1%. Within top quartile of German dividend payers (3.1%). Higher than average of industry peers (1.2%). Reported Earnings • Aug 08
Second quarter 2021 earnings released: EPS CA$1.89 (vs CA$0.074 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CA$1.07b (up 82% from 2Q 2020). Net income: CA$117.8m (up CA$113.2m from 2Q 2020). Profit margin: 11% (up from 0.8% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Recent Insider Transactions • Jun 03
Insider recently sold €78k worth of stock On the 31st of May, Maureen Kelly sold around 4k shares on-market at roughly €22.29 per share. In the last 3 months, there was an even bigger sale from another insider worth €1.4m. Insiders have been net sellers, collectively disposing of €1.8m more than they bought in the last 12 months. Upcoming Dividend • May 19
Upcoming dividend of CA$0.38 per share Eligible shareholders must have bought the stock before 26 May 2021. Payment date: 15 June 2021. Trailing yield: 4.6%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (1.3%). Recent Insider Transactions • May 12
Non-Independent Director recently sold €1.4m worth of stock On the 10th of May, Brian Hedges sold around 63k shares on-market at roughly €21.83 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.8m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improved over the past week After last week's 15% share price gain to CA$22.00, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 22x in the Trade Distributors industry in Europe. Total returns to shareholders of 39% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €24.94 per share. Reported Earnings • May 06
First quarter 2021 earnings released: EPS CA$1.29 (vs CA$0.17 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CA$885.4m (up 8.7% from 1Q 2020). Net income: CA$80.6m (up CA$70.1m from 1Q 2020). Profit margin: 9.1% (up from 1.3% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. 
