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Aperam

ENXTAM:APAM
Snowflake Description

Very undervalued with flawless balance sheet and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
APAM
ENXTAM
€2B
Market Cap
  1. Home
  2. NL
  3. Materials
Company description

Aperam S.A., through its subsidiaries, produces and sells stainless and specialty steel products worldwide. The last earnings update was 73 days ago. More info.


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  • Aperam has significant price volatility in the past 3 months.
APAM Share Price and Events
7 Day Returns
1.6%
ENXTAM:APAM
1.4%
Europe Metals and Mining
0.4%
NL Market
1 Year Returns
-39.4%
ENXTAM:APAM
-1%
Europe Metals and Mining
-0.7%
NL Market
APAM Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Aperam (APAM) 1.6% -5% -23% -39.4% -33.1% -12.1%
Europe Metals and Mining 1.4% 0.7% -4.9% -1% 39.3% 8.8%
NL Market 0.4% 1.4% -0.1% -0.7% 24.4% 28%
1 Year Return vs Industry and Market
  • APAM underperformed the Metals and Mining industry which returned -1% over the past year.
  • APAM underperformed the Market in Netherlands which returned -0.7% over the past year.
Price Volatility
APAM
Industry
5yr Volatility vs Market

Value

 Is Aperam undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Aperam to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Aperam.

ENXTAM:APAM Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 11 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.4%
Perpetual Growth Rate 10-Year NL Government Bond Rate 0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ENXTAM:APAM
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year NL Govt Bond Rate 0.4%
Equity Risk Premium S&P Global 6%
Metals and Mining Unlevered Beta Simply Wall St/ S&P Global 1.06
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.062 (1 + (1- 26.01%) (24.94%))
1.173
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.17
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.37% + (1.173 * 5.96%)
7.36%

Discounted Cash Flow Calculation for ENXTAM:APAM using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Aperam is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

ENXTAM:APAM DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 7.36%)
2020 207.82 Analyst x6 193.57
2021 214.26 Analyst x3 185.88
2022 219.08 Est @ 2.25% 177.03
2023 222.77 Est @ 1.69% 167.67
2024 225.64 Est @ 1.29% 158.19
2025 227.93 Est @ 1.01% 148.84
2026 229.81 Est @ 0.82% 139.77
2027 231.38 Est @ 0.69% 131.08
2028 232.75 Est @ 0.59% 122.82
2029 233.97 Est @ 0.52% 115.00
Present value of next 10 years cash flows €1,539.86
ENXTAM:APAM DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €233.97 × (1 + 0.37%) ÷ (7.36% – 0.37%)
€3,359.01
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €3,359.01 ÷ (1 + 7.36%)10
€1,650.96
ENXTAM:APAM Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €1,539.86 + €1,650.96
€3,190.82
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €3,190.82 / 78.00
€40.91
ENXTAM:APAM Discount to Share Price
Calculation Result
Value per share (EUR) From above. €40.91
Current discount Discount to share price of €23.03
= -1 x (€23.03 - €40.91) / €40.91
43.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Aperam is available for.
Intrinsic value
44%
Share price is €23.03 vs Future cash flow value of €40.91
Current Discount Checks
For Aperam to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Aperam's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Aperam's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Aperam's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Aperam's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTAM:APAM PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €2.69
ENXTAM:APAM Share Price ** ENXTAM (2019-07-19) in EUR €23.03
Europe Metals and Mining Industry PE Ratio Median Figure of 106 Publicly-Listed Metals and Mining Companies 10.04x
Netherlands Market PE Ratio Median Figure of 82 Publicly-Listed Companies 17.78x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Aperam.

ENXTAM:APAM PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTAM:APAM Share Price ÷ EPS (both in EUR)

= 23.03 ÷ 2.69

8.55x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Aperam is good value based on earnings compared to the Europe Metals and Mining industry average.
  • Aperam is good value based on earnings compared to the Netherlands market.
Price based on expected Growth
Does Aperam's expected growth come at a high price?
Raw Data
ENXTAM:APAM PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.55x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts
17.2%per year
Europe Metals and Mining Industry PEG Ratio Median Figure of 63 Publicly-Listed Metals and Mining Companies 0.69x
Netherlands Market PEG Ratio Median Figure of 64 Publicly-Listed Companies 1.53x

*Line of best fit is calculated by linear regression .

ENXTAM:APAM PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.55x ÷ 17.2%

0.5x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Aperam is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Aperam's assets?
Raw Data
ENXTAM:APAM PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €30.26
ENXTAM:APAM Share Price * ENXTAM (2019-07-19) in EUR €23.03
Europe Metals and Mining Industry PB Ratio Median Figure of 214 Publicly-Listed Metals and Mining Companies 0.93x
Netherlands Market PB Ratio Median Figure of 103 Publicly-Listed Companies 1.98x
ENXTAM:APAM PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTAM:APAM Share Price ÷ Book Value per Share (both in EUR)

= 23.03 ÷ 30.26

0.76x

* Primary Listing of Aperam.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Aperam is good value based on assets compared to the Europe Metals and Mining industry average.
X
Value checks
We assess Aperam's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Metals and Mining industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Metals and Mining industry average (and greater than 0)? (1 check)
  5. Aperam has a total score of 6/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Aperam expected to perform in the next 1 to 3 years based on estimates from 11 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
17.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Aperam expected to grow at an attractive rate?
  • Aperam's earnings growth is expected to exceed the low risk savings rate of 0.4%.
Growth vs Market Checks
  • Aperam's earnings growth is expected to exceed the Netherlands market average.
  • Aperam's revenue growth is expected to exceed the Netherlands market average.
Annual Growth Rates Comparison
Raw Data
ENXTAM:APAM Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTAM:APAM Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts 17.2%
ENXTAM:APAM Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts 4.5%
Europe Metals and Mining Industry Earnings Growth Rate Market Cap Weighted Average 4.3%
Europe Metals and Mining Industry Revenue Growth Rate Market Cap Weighted Average 1.4%
Netherlands Market Earnings Growth Rate Market Cap Weighted Average 9.3%
Netherlands Market Revenue Growth Rate Market Cap Weighted Average 3.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ENXTAM:APAM Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTAM:APAM Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 5,048 407 258 7
2020-12-31 4,760 409 236 11
2019-12-31 4,570 379 166 11
ENXTAM:APAM Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 4,639 324 226
2018-12-31 4,677 295 286
2018-09-30 4,531 406 331
2018-06-30 4,414 407 310
2018-03-31 4,118 376 290
2017-12-31 4,481 374 320
2017-09-30 4,062 315 252
2017-06-30 4,162 346 262
2017-03-31 4,176 379 241
2016-12-31 4,040 395 203
2016-09-30 3,819 376 168
2016-06-30 3,954 347 149

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Aperam's earnings are expected to grow by 17.2% yearly, however this is not considered high growth (20% yearly).
  • Aperam's revenue is expected to grow by 4.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ENXTAM:APAM Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below

All data from Aperam Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTAM:APAM Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 2.91 3.30 2.50 3.00
2020-12-31 2.93 3.43 2.34 7.00
2019-12-31 2.04 2.60 1.56 7.00
ENXTAM:APAM Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 2.69
2018-12-31 3.39
2018-09-30 3.89
2018-06-30 3.70
2018-03-31 3.54
2017-12-31 4.00
2017-09-30 3.23
2017-06-30 3.38
2017-03-31 3.11
2016-12-31 2.61
2016-09-30 2.15
2016-06-30 1.92

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Aperam is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Aperam's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Aperam has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Aperam performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Aperam's growth in the last year to its industry (Metals and Mining).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Aperam has delivered over 20% year on year earnings growth in the past 5 years.
  • Aperam's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Aperam's 1-year earnings growth is negative, it can't be compared to the Europe Metals and Mining industry average.
Earnings and Revenue History
Aperam's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Aperam Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTAM:APAM Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 4,639.00 226.00 190.00 20.00
2018-12-31 4,677.00 286.00 190.00 20.00
2018-09-30 4,531.40 330.71 171.28 17.21
2018-06-30 4,414.21 310.41 184.56 17.14
2018-03-31 4,117.90 290.02 161.53 16.23
2017-12-31 4,481.00 320.00 176.00 18.00
2017-09-30 4,062.13 252.14 148.07 15.23
2017-06-30 4,161.60 262.17 168.00 15.78
2017-03-31 4,175.67 241.28 163.66 16.83
2016-12-31 4,040.23 202.72 165.78 17.05
2016-09-30 3,819.27 168.14 160.14 16.01
2016-06-30 3,953.88 149.47 153.08 16.21
2016-03-31 3,981.08 157.17 158.05 15.80
2015-12-31 4,342.26 158.37 165.74 16.57
2015-09-30 4,413.94 141.58 198.03 17.92
2015-06-30 4,637.78 132.87 190.32 8.08
2015-03-31 4,976.32 109.84 205.72 18.62
2014-12-31 4,528.95 78.48 182.58 16.52
2014-09-30 4,335.74 26.94 164.81 15.85
2014-06-30 3,888.19 -4.38 156.32 15.34
2014-03-31 3,806.56 -38.46 150.96 14.52
2013-12-31 3,717.89 -72.62 151.04 14.52
2013-09-30 3,792.52 -79.80 176.59
2013-06-30 3,950.87 -84.62 162.31 16.15
2013-03-31 3,996.68 -96.78 186.53
2012-12-31 3,990.21 -84.19 166.10 15.17
2012-09-30 4,207.05 -79.42 203.23

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Aperam has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Aperam used its assets more efficiently than the Europe Metals and Mining industry average last year based on Return on Assets.
  • Aperam has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Aperam's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Metals and Mining industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Aperam has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Aperam's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Aperam's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Aperam is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Aperam's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Aperam's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Aperam Company Filings, last reported 3 months ago.

ENXTAM:APAM Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 2,532.00 448.00 342.00
2018-12-31 2,519.00 241.00 199.00
2018-09-30 2,433.00 233.00 169.00
2018-06-30 2,407.00 236.00 217.00
2018-03-31 2,575.00 242.00 274.00
2017-12-31 2,544.00 242.00 306.00
2017-09-30 2,431.69 305.44 207.29
2017-06-30 2,276.27 400.56 197.21
2017-03-31 2,419.36 451.70 245.96
2016-12-31 2,354.04 450.91 307.87
2016-09-30 2,248.15 422.58 208.18
2016-06-30 2,220.51 421.41 172.89
2016-03-31 2,116.98 410.93 114.15
2015-12-31 2,045.91 424.47 136.27
2015-09-30 1,993.71 436.38 60.93
2015-06-30 2,198.59 469.52 64.64
2015-03-31 2,118.61 729.79 256.91
2014-12-31 2,210.78 599.78 162.75
2014-09-30 2,258.99 784.43 316.15
2014-06-30 2,300.19 601.89 124.91
2014-03-31 2,196.12 717.04 213.37
2013-12-31 2,147.95 704.37 211.31
2013-09-30 2,229.11 826.03 228.30
2013-06-30 2,257.75 820.79 179.24
2013-03-31 2,402.23 868.64 211.50
2012-12-31 2,398.22 775.14 171.41
2012-09-30 2,505.70 946.06 177.53
  • Aperam's level of debt (17.7%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (32.6% vs 17.7% today).
  • Debt is well covered by operating cash flow (72.3%, greater than 20% of total debt).
  • Aperam earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Aperam's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Aperam has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Aperam's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
7.6%
Current annual income from Aperam dividends. Estimated to be 7.84% next year.
If you bought €2,000 of Aperam shares you are expected to receive €152 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Aperam's pays a higher dividend yield than the bottom 25% of dividend payers in Netherlands (2.18%).
  • Aperam's dividend is above the markets top 25% of dividend payers in Netherlands (5.93%).
Upcoming dividend payment

Purchase Aperam before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ENXTAM:APAM Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
Europe Metals and Mining Industry Average Dividend Yield Market Cap Weighted Average of 62 Stocks 6.2%
Netherlands Market Average Dividend Yield Market Cap Weighted Average of 69 Stocks 3.9%
Netherlands Minimum Threshold Dividend Yield 10th Percentile 1.6%
Netherlands Bottom 25% Dividend Yield 25th Percentile 2.2%
Netherlands Top 25% Dividend Yield 75th Percentile 5.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ENXTAM:APAM Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 1.87 8.00
2020-12-31 1.78 12.00
2019-12-31 1.78 11.00
ENXTAM:APAM Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-02-26 1.750 6.984
2019-02-06 1.750 6.408
2018-01-30 1.441 4.468
2017-02-09 1.199 2.953
2016-03-07 1.086 3.008
2016-02-10 1.101 3.725
2015-11-05 1.105 3.816
2014-11-06 0.000 0.000
2014-08-01 0.000 0.000
2014-07-31 0.000 0.000
2014-05-07 0.000 0.000
2014-03-06 0.000 0.000
2014-02-07 0.000 0.000
2014-02-06 0.000 0.000
2013-11-06 0.000 0.000
2013-08-07 0.000 0.000
2013-07-31 0.000 0.000
2013-05-07 0.000 0.000
2013-03-07 0.000 0.000
2013-02-05 0.000 0.000
2013-02-04 0.000 0.000
2012-07-31 0.548 5.008
2012-03-26 0.562 5.594
2012-02-07 0.557 3.658
2011-08-11 0.517 4.746

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Aperam has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Aperam only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of Aperam's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.6x coverage).
X
Income/ dividend checks
We assess Aperam's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Aperam afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Aperam has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Aperam's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Tim Di Maulo
AGE 60
TENURE AS CEO 4.5 years
CEO Bio

Mr. Timoteo Di Maulo, also known as Tim, has been the Chief Executive Officer at Aperam since January 1, 2015 and serves as its Member of The Leadership Team. Mr. Di Maulo has over twenty-five years of experience in the stainless steel industry, having held a number of positions in the controlling, purchasing, logistics and commercial areas and has been CEO of different units of the Group. Mr. Di Maulo served as the Chief Commercial & Sourcing Officer at Aperam from May 2012 to December 2014 and Aperam South America S.A since January 1, 2015 and 2008 respectively. He served as the Chief Executive Officer of Services & Solutions, a Business Unit of Aperam (Spin Off from ArcelorMittal) since 2005 and responsible for Service and Industry Integration Efficiency. In 1990, Mr. Di Maulo joined Ugine Italia, where he held various positions in the controlling, purchasing and sales departments. While at Ugine Italia, he successfully implemented and launched the ERP System, “Sidonie”, across all of Ugine’s subsidiaries worldwide. In 1996, Mr. Di Maulo joined Ugine’s Commercial Direction in Paris where he was in charge of its Industry and Distribution division. He was named Service Division Industrial Director in 1998 and took on additional responsibilities as Chief Executive Officer of the German SSC, RCC. Since 2000, he served as Chief Executive Officer of U&A Italy, a role which gave him full responsibility for its mill sales network and its two Italian SSCs. Mr. Di Maulo served as Chief Executive Officer of ArcelorMittal’s Stainless Europe Service Division since 2005 and in 2008, of ArcelorMittal Stainless International (which included the division’s worldwide mill sales network, all distribution and processing centers and ArcelorMittal Stainless Europe’s tube mills and precision strips). Mr. Di Maulo is a graduate of Politecnico di Milano in Milan and holds an M.B.A. from Bocconi University in Milan.

CEO Compensation
  • Insufficient data for Tim to compare compensation growth.
  • Insufficient data for Tim to establish whether their remuneration is reasonable compared to companies of similar size in Netherlands.
Management Team Tenure

Average tenure and age of the Aperam management team in years:

4.6
Average Tenure
48
Average Age
  • The tenure for the Aperam management team is about average.
Management Team

Tim Di Maulo

TITLE
Chief Executive Officer
AGE
60
TENURE
4.5 yrs

Sandeep Jalan

TITLE
Chief Financial Officer
AGE
52
TENURE
5.5 yrs

Bert Lyssens

TITLE
Head of Sustainability
AGE
49
TENURE
4.3 yrs

Vanisha Mittal Bhatia

TITLE
Chief Strategy Officer
AGE
38
TENURE
8.3 yrs

Guillaume Bazetoux

TITLE
Head of Finance & Secretary to the Leadership Team

Frederico Lima

TITLE
Chief Operating Officer of Stainless & Electrical Steel South America
AGE
47
TENURE
4.6 yrs

Bernard Hallemans

TITLE
Chief Operating Officer of Stainless & Electrical Steel - Europe
AGE
51
TENURE
2.8 yrs

Nicolas Changeur

TITLE
Chief Marketing Officer of Stainless & Electrical Steel
AGE
47
TENURE
4.7 yrs

Laurent Beauloye

TITLE
Company Secretary

Frederic Mattei

TITLE
Chief Executive Officer of Alloys & Specialties
AGE
45
TENURE
5.1 yrs
Board of Directors Tenure

Average tenure and age of the Aperam board of directors in years:

8.2
Average Tenure
66
Average Age
  • The tenure for the Aperam board of directors is about average.
Board of Directors

Lakshmi Mittal

TITLE
Chairman
AGE
69

Romain Bausch

TITLE
Lead Independent Director
AGE
66

Laurence Mulliez

TITLE
Independent Director
AGE
52
TENURE
8.2 yrs

Aditya Mittal

TITLE
Non-Independent Director
AGE
42
TENURE
8.6 yrs

Kathryn Matthews

TITLE
Independent Director
AGE
59
TENURE
8.6 yrs

Philippe Darmayan

TITLE
Non-Independent Director
AGE
67
TENURE
4.2 yrs

Joe Greenwell

TITLE
Independent Director
AGE
68
TENURE
6.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Aperam's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Aperam has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

How Good Is Aperam S.A. (AMS:APAM) At Creating Shareholder Value?

Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. … Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Aperam: 0.099 = €301m ÷ (€3.6b - €539m) (Based on the trailing twelve months to March 2019.) So, Aperam has an ROCE of 9.9%. … Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE.

Simply Wall St -

Have Investors Priced In Aperam S.A.'s (AMS:APAM) Growth?

But, since Aperam is a high-growth stock, we must also account for its earnings growth by using calculation called the PEG ratio. … A PE ratio of 9.13x and expected year-on-year earnings growth of 17% give Aperam a very low PEG ratio of 0.54x. … This means that, when we account for Aperam's growth, the stock can be viewed as relatively cheap , based on the fundamentals.

Simply Wall St -

Does Aperam S.A.'s (AMS:APAM) June Stock Price Reflect Its Future Growth?

Aperam is available at a price-to-earnings ratio of 9.13x, showing us it is undervalued relative to the current NL market average of 17.36x , and undervalued based on its latest annual earnings update compared to the Metals and Mining average of 9.96x. … But, since Aperam is a high-growth stock, we must also account for its earnings growth by using calculation called the PEG ratio. … Based on this growth, Aperam's stock can be considered relatively cheap , based on fundamental analysis.

Simply Wall St -

Does Aperam S.A.'s (AMS:APAM) P/E Ratio Signal A Buying Opportunity?

The formula for P/E is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Aperam: P/E of 8.12 = €21.88 ÷ €2.69 (Based on the trailing twelve months to March 2019.) Is A High Price-to-Earnings Ratio Good? … A higher P/E ratio means that investors are paying a higher price for each €1 of company earnings. … If the reality for a company is not as bad as the P/E ratio indicates, then the share price should increase as the market realizes this.

Simply Wall St -

Does Aperam S.A. (AMS:APAM) Have A Volatile Share Price?

Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market. … What this means for you: Since Aperam has a reasonably high beta, it's worth considering why it is so heavily influenced by broader market sentiment.

Simply Wall St -

Imagine Owning Aperam (AMS:APAM) And Wondering If The 42% Share Price Slide Is Justified

(AMS:APAM) have tasted that bitter downside in the last year, as the share price dropped 42%. … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … We note that for Aperam the TSR over the last year was -40%, which is better than the share price return mentioned above.

Simply Wall St -

Should Aperam S.A. (AMS:APAM) Be Part Of Your Dividend Portfolio?

(AMS:APAM) be an attractive dividend share to own for the long haul? Investors are often drawn to a company for its dividend.. … Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1 … Click the interactive chart for our full dividend analysis

Simply Wall St -

What Aperam S.A.'s (AMS:APAM) ROE Can Tell Us

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … Our data shows Aperam has a return on equity of 11% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Why Aperam S.A. (AMS:APAM) Is An Attractive Investment To Consider

Attractive stocks have exceptional fundamentals. … In the case of Aperam S.A. … (AMS:APAM), there's

Simply Wall St -

What Should We Expect From Aperam S.A.'s (AMS:APAM) Earnings In The Next Couple Of Years?

The latest earnings announcement Aperam S.A. … (AMS:APAM) released in December 2018a … showed

Simply Wall St -

Company Info

Description

Aperam S.A., through its subsidiaries, produces and sells stainless and specialty steel products worldwide. The company operates through three segments: Stainless & Electrical Steel; Services & Solutions; and Alloys & Specialties. It offers stainless and electrical steel products, including grain oriented, non-grain oriented, and non-grain oriented semi-processed steel products. The company is also involved in the distribution operations; and the provision of value added and customized steel solutions. In addition, it designs, produces, and transforms various specialty alloys and other specific stainless steels in forms, such as bars, semis, cold-rolled strips, wire and wire rods, and plates. The company serves customers in aerospace, automotive, catering, construction, household appliances, electrical engineering, industrial processes, medical, and oil and gas industries. It distributes its products through a network of service centers, transformation facilities, and sales offices. Aperam S.A. was incorporated in 2010 and is headquartered in Luxembourg City, Luxembourg.

Details
Name: Aperam S.A.
APAM
Exchange: ENXTAM
Founded: 2010
€1,796,256,147
77,996,359
Website: http://www.aperam.com
Address: Aperam S.A.
12C, rue Guillaume Kroll,
Luxembourg City,
1882,
Luxembourg
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTAM APAM Ordinary Shares Euronext Amsterdam NL EUR 26. Jan 2011
DB 7AA Ordinary Shares Deutsche Boerse AG DE EUR 26. Jan 2011
LSE 0OLF Ordinary Shares London Stock Exchange GB EUR 26. Jan 2011
WBAG APAM Ordinary Shares Wiener Boerse AG AT EUR 26. Jan 2011
BDL APAML Ordinary Shares Bourse de Luxembourg LU EUR 26. Jan 2011
BMV APAM N Ordinary Shares Bolsa Mexicana de Valores MX MXN 26. Jan 2011
BME APAM Ordinary Shares Bolsas y Mercados Espanoles ES EUR 26. Jan 2011
BATS-CHIXE APAMA Ordinary Shares BATS 'Chi-X Europe' GB EUR 26. Jan 2011
BATS-CHIXE APAME Ordinary Shares BATS 'Chi-X Europe' GB EUR 26. Jan 2011
OTCPK APEM.Y NY REGISTRY SHS Pink Sheets LLC US USD 20. Jan 2011
Number of employees
Current staff
Staff numbers
9,800
Aperam employees.
Industry
Steel
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/20 21:47
End of day share price update: 2019/07/19 00:00
Last estimates confirmation: 2019/07/19
Last earnings filing: 2019/05/08
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.