New Risk • Jun 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of New Zealander stocks, typically moving 5.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Share price has been volatile over the past 3 months (5.9% average weekly change). Profit margins are more than 30% lower than last year (1.5% net profit margin). Significant insider selling over the past 3 months (NZ$975k sold). Recent Insider Transactions • Mar 21
Non-Executive Chairman recently sold NZ$975k worth of stock On the 18th of March, Rhys Jones sold around 130k shares on-market at roughly NZ$7.50 per share. This transaction amounted to 5.4% 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 Rhys' only on-market trade for the last 12 months. Declared Dividend • Mar 02
First half dividend of AU$0.025 announced Shareholders will receive a dividend of AU$0.025. Ex-date: 11th March 2026 Payment date: 26th March 2026 Dividend yield will be 0.8%, which is lower than the industry average of 4.8%. Payout Ratios Payout ratio: 55%. Cash payout ratio: 21%. Announcement • Feb 25
Vulcan Steel Limited Announces Ordinary Fully Franked Dividend for the Six Months Ended December 31, 2025, Payable on March 26, 2026 Vulcan Steel Limited announced ordinary fully franked dividend of NZD 0.02941176 per security for the six months ended December 31, 2025. Record Date: March 12, 2026, Ex Date: March 11, 2026 and Payment Date: March 26, 2026. Reported Earnings • Feb 25
First half 2026 earnings released: EPS: NZ$0.058 (vs NZ$0.07 in 1H 2025) First half 2026 results: EPS: NZ$0.058 (down from NZ$0.07 in 1H 2025). Revenue: NZ$535.4m (up 8.6% from 1H 2025). Net income: NZ$8.29m (down 9.7% from 1H 2025). Profit margin: 1.5% (down from 1.9% in 1H 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Metals and Mining industry in Oceania. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Announcement • Jan 28
Vulcan Steel Limited to Report First Half, 2026 Results on Feb 24, 2026 Vulcan Steel Limited announced that they will report first half, 2026 results on Feb 24, 2026 New Risk • Dec 22
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: NZ$145k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Profit margins are more than 30% lower than last year (1.7% net profit margin). Significant insider selling over the past 3 months (NZ$145k sold). Price Target Changed • Dec 03
Price target increased by 8.9% to NZ$8.27 Up from NZ$7.60, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of NZ$8.10. Stock is up 5.3% over the past year. The company is forecast to post earnings per share of NZ$0.23 for next year compared to NZ$0.12 last year. Recent Insider Transactions • Nov 15
COO & Executive Director recently sold NZ$145k worth of stock On the 6th of November, Adrian Casey sold around 17k shares on-market at roughly NZ$8.40 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Adrian has been a net seller over the last 12 months, reducing personal holdings by NZ$701k. Upcoming Dividend • Oct 01
Upcoming dividend of AU$0.038 per share Eligible shareholders must have bought the stock before 08 October 2025. Payment date: 22 October 2025. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of New Zealander dividend payers (5.2%). Lower than average of industry peers (3.8%). Recent Insider Transactions • Sep 26
Independent Non-Executive Chairman recently bought NZ$101k worth of stock On the 19th of September, Russell Chenu bought around 13k shares on-market at roughly NZ$8.12 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Russell has been a buyer over the last 12 months, purchasing a net total of NZ$270k worth in shares. Declared Dividend • Aug 28
Final dividend of AU$0.038 announced Shareholders will receive a dividend of AU$0.038. Ex-date: 8th October 2025 Payment date: 22nd October 2025 Dividend yield will be 0.9%, which is lower than the industry average of 4.8%. Payout Ratios Payout ratio: 50%. Cash payout ratio: 9%. Announcement • Aug 27
Vulcan Steel Limited, Annual General Meeting, Oct 31, 2025 Vulcan Steel Limited, Annual General Meeting, Oct 31, 2025. Reported Earnings • Aug 26
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: NZ$0.12 (down from NZ$0.30 in FY 2024). Revenue: NZ$948.2m (down 11% from FY 2024). Net income: NZ$15.7m (down 61% from FY 2024). Profit margin: 1.7% (down from 3.8% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates by 7.6%. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Metals and Mining industry in Oceania. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Aug 12
Vulcan Steel Limited to Report Fiscal Year 2025 Results on Aug 26, 2025 Vulcan Steel Limited announced that they will report fiscal year 2025 results on Aug 26, 2025 New Risk • May 19
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.3% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (2.3% net profit margin). Significant insider selling over the past 3 months (NZ$2.8m sold). Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NZ$7.30, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 2x in the Metals and Mining industry in Oceania. Total loss to shareholders of 12% over the past three years. New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of New Zealander stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Profit margins are more than 30% lower than last year (2.3% net profit margin). Significant insider selling over the past 3 months (NZ$2.8m sold). Upcoming Dividend • Mar 06
Upcoming dividend of AU$0.023 per share Eligible shareholders must have bought the stock before 13 March 2025. Payment date: 27 March 2025. Payout ratio is on the higher end at 83%, however this is supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of New Zealander dividend payers (6.4%). Lower than average of industry peers (4.8%). Recent Insider Transactions • Feb 26
CEO, MD & Executive Director recently sold NZ$2.3m worth of stock On the 21st of February, Rhys Jones sold around 251k shares on-market at roughly NZ$8.95 per share. This transaction amounted to 9.6% 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 Rhys' only on-market trade for the last 12 months. Declared Dividend • Feb 13
First half dividend of NZ$0.026 announced Shareholders will receive a dividend of NZ$0.026. Ex-date: 13th March 2025 Payment date: 27th March 2025 Dividend yield will be 1.8%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is covered by both earnings (83% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has decreased over the past 36 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 318% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 12
First half 2025 earnings released: EPS: NZ$0.07 (vs NZ$0.20 in 1H 2024) First half 2025 results: EPS: NZ$0.07 (down from NZ$0.20 in 1H 2024). Revenue: NZ$493.0m (down 13% from 1H 2024). Net income: NZ$9.18m (down 65% from 1H 2024). Profit margin: 1.9% (down from 4.6% in 1H 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Metals and Mining industry in Oceania. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Feb 11
Vulcan Steel Limited Announces Ordinary Fully Franked Dividend for the Six Months Ended December 31, 2024, Payable on March 27, 2025 Vulcan Steel Limited announced ordinary fully franked dividend of NZD 0.02588235 per security for the six months ended December 31, 2024. Record Date: March 14, 2025, Ex Date: March 13, 2025 and Payment Date: March 27, 2025. Announcement • Jan 29
Vulcan Steel Limited to Report First Half, 2025 Results on Feb 11, 2025 Vulcan Steel Limited announced that they will report first half, 2025 results on Feb 11, 2025 Recent Insider Transactions • Nov 25
Independent Non-Executive Chairman recently bought NZ$104k worth of stock On the 21st of November, Russell Chenu bought around 13k shares on-market at roughly NZ$7.71 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Russell has been a buyer over the last 12 months, purchasing a net total of NZ$211k worth in shares. Upcoming Dividend • Sep 19
Upcoming dividend of AU$0.14 per share Eligible shareholders must have bought the stock before 26 September 2024. Payment date: 10 October 2024. Payout ratio is on the higher end at 79%, however this is supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of New Zealander dividend payers (6.1%). Lower than average of industry peers (5.7%). Announcement • Sep 10
Vulcan Steel Limited Announces Executive Appointments Vulcan Steel Limited appointed Gavin Street as the company's Chief Commercial Officer (CCO). As Vulcan's CCO, Gavin will be responsible for the company's commercial activities, including engagement with customers and business strategy. Gavin will commence his employment with Vulcan in early October 2024 and will be based in Melbourne, Australia. Prior to joining Vulcan, Gavin held a number of leadership positions including Chief Executive Officer (CEO) roles at Lawrence & Hanson Australia (L&H) and Reece Group's Australia and New Zealand operations (Reece ANZ). In his most recent role at L&H, Gavin was responsible for more than 150 branches and over 1,100 employees. As CEO of Reece ANZ, Gavin had responsibility for more than 630 branches and over 5,000 employees. During Gavin's tenure at Reece Group, he was also Group Chief Financial Officer (CFO) and Chief Technology Officer. Prior to Reece Group, Gavin was CFO at Westpac New Zealand. This appointment at Vulcan follows the confirmation of Lou Cadman as the company's New Zealand leader with overall responsibility for Vulcan's businesses in New Zealand from August 2024. Lou joined Vulcan as the company's New Zealand aluminium leader in March 2024. Before joining Vulcan, Lou was CEO for eight years at New Zealand Panels Group and was responsible for over 300 employees. Lou had also previously held senior roles at Fletcher Building, Fletcher Challenge Forestry division and Southern Spars. Declared Dividend • Aug 29
Final dividend of AU$0.14 announced Shareholders will receive a dividend of AU$0.14. Ex-date: 26th September 2024 Payment date: 10th October 2024 Dividend yield will be 3.9%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is covered by both earnings (79% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has decreased over the past 36 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 131% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 28
Vulcan Steel Limited, Annual General Meeting, Nov 01, 2024 Vulcan Steel Limited, Annual General Meeting, Nov 01, 2024. Reported Earnings • Aug 28
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: NZ$0.30 (down from NZ$0.67 in FY 2023). Revenue: NZ$1.06b (down 14% from FY 2023). Net income: NZ$40.0m (down 55% from FY 2023). Profit margin: 3.8% (down from 7.1% in FY 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.6%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Metals and Mining industry in Oceania. Announcement • Aug 07
Vulcan Steel Limited to Report Fiscal Year 2024 Results on Aug 27, 2024 Vulcan Steel Limited announced that they will report fiscal year 2024 results on Aug 27, 2024 Recent Insider Transactions • Mar 18
Insider recently bought NZ$86k worth of stock On the 13th of March, Russell Chenu bought around 10k shares on-market at roughly NZ$8.32 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought NZ$170k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Mar 14
Independent Non-Executive Chairman recently bought NZ$86k worth of stock On the 13th of March, Russell Chenu bought around 10k shares on-market at roughly NZ$8.32 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Russell has been a buyer over the last 12 months, purchasing a net total of NZ$170k worth in shares. Announcement • Mar 14
Vulcan Steel Limited Announces Resignation of Russell Chenu as Director Vulcan Steel Limited announced resignation of Russell Chenu as director. Date of last notice is 8 December 2023. Upcoming Dividend • Feb 22
Upcoming dividend of AU$0.13 per share Eligible shareholders must have bought the stock before 29 February 2024. Payment date: 21 March 2024. Payout ratio is on the higher end at 94%, however this is supported by cash flows. Trailing yield: 5.4%. Lower than top quartile of New Zealander dividend payers (6.6%). In line with average of industry peers (5.3%). Declared Dividend • Feb 19
First half dividend of AU$0.13 announced Shareholders will receive a dividend of AU$0.13. Ex-date: 29th February 2024 Payment date: 21st March 2024 Dividend yield will be 5.9%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is not adequately covered by earnings (94% earnings payout ratio). However, it is well covered by cash flows (35% cash payout ratio). The dividend has not increased over the past 2 years but payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 4.0% to bring the payout ratio under control. EPS is expected to grow by 104% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Feb 15
First half 2024 earnings released: EPS: NZ$0.20 (vs NZ$0.41 in 1H 2023) First half 2024 results: EPS: NZ$0.20 (down from NZ$0.41 in 1H 2023). Revenue: NZ$564.0m (down 12% from 1H 2023). Net income: NZ$26.1m (down 52% from 1H 2023). Profit margin: 4.6% (down from 8.5% in 1H 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Oceania are expected to remain flat. Announcement • Feb 13
Vulcan Steel Limited Announces Ordinary Dividend for the Six Months December 31, 2023, Payable on March 21, 2024 Vulcan Steel Limited announced ordinary dividend of NZ 12 cents per share for the six months December 31, 2023. Ex Date is February 29, 2024. Record Date is March 1, 2024. Payment Date is March 21, 2024.. Announcement • Jan 25
Vulcan Steel Limited to Report First Half, 2024 Results on Feb 13, 2024 Vulcan Steel Limited announced that they will report first half, 2024 results on Feb 13, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of AU$0.31 per share at 6.7% yield Eligible shareholders must have bought the stock before 27 September 2023. Payment date: 12 October 2023. Payout ratio is on the higher end at 82%, however this is supported by cash flows. Trailing yield: 6.7%. Within top quartile of New Zealander dividend payers (6.4%). Higher than average of industry peers (5.5%). Board Change • Sep 12
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Carolyn Steele was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Sep 05
Vulcan Steel Limited Appoints Nicola Greer to Board, Effective from 5 September 2023 Vulcan Steel Limited has appointed Nicola Greer as a director effective from 5 September 2023. Nicola is a professional company director, currently holding directorships with Precinct Properties New Zealand Limited, Fidelity Life Assurance Company Limited, South Port NZ Limited, New Zealand Railways Corporation, and is a member of the New Zealand Markets Disciplinary Tribunal. She was previously a director of Airways Corporation NZ and Heartland Bank Limited. Nicola is also a shareholder and director in a privately owned commercial property investment and development company. Prior to embarking on her governance career, Nicola worked in New Zealand, Australia and the United Kingdom in the banking and finance sectors, holding a range of senior roles within financial markets and asset and liability management at ANZ Bank, Citibank and Goldman Sachs. Nicola holds a Master of Commerce with First Class Honours in Management Science from Canterbury University. The appointment of Nicola as a Vulcan director reinstates Vulcan's Board composition to a majority of independent directors. Price Target Changed • Sep 02
Price target decreased by 8.8% to NZ$8.62 Down from NZ$9.45, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of NZ$8.50. Stock is down 4.0% over the past year. The company is forecast to post earnings per share of NZ$0.53 for next year compared to NZ$0.67 last year. Reported Earnings • Aug 29
Full year 2023 earnings released: EPS: NZ$0.007 (vs NZ$0.94 in FY 2022) Full year 2023 results: EPS: NZ$0.007 (down from NZ$0.94 in FY 2022). Revenue: NZ$1.24b (up 28% from FY 2022). Net income: NZ$87.9m (down 29% from FY 2022). Profit margin: 7.1% (down from 13% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 3.4% p.a. on average during the next 2 years, while revenues in the Metals and Mining industry in Oceania are expected to grow by 2.3%. Announcement • Jul 17
Vulcan Steel Limited to Report Fiscal Year 2023 Results on Aug 29, 2023 Vulcan Steel Limited announced that they will report fiscal year 2023 results on Aug 29, 2023 Upcoming Dividend • Mar 02
Upcoming dividend of AU$0.26 per share at 9.3% yield Eligible shareholders must have bought the stock before 09 March 2023. Payment date: 06 April 2023. Payout ratio is a comfortable 65% but the company is not cash flow positive. Trailing yield: 9.3%. Within top quartile of New Zealander dividend payers (6.1%). Higher than average of industry peers (8.2%). Announcement • Feb 14
Vulcan Steel Limited Announces Ordinary Franked Dividend for the Six Months December 31, 2022, Payable on April 6, 2023 Vulcan Steel Limited announced ordinary franked dividend of NZD 0.28823500 per share for the six months December 31, 2022. Ex Date is March 9, 2023. Record Date is March 10, 2023. Payment Date is April 6, 2023. Reported Earnings • Feb 14
First half 2023 earnings released First half 2023 results: Revenue: NZ$638.0m (up 38% from 1H 2022). Net income: NZ$54.4m (flat on 1H 2022). Profit margin: 8.5% (down from 12% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Oceania are expected to remain flat. Announcement • Jan 23
Vulcan Steel Limited to Report First Half, 2023 Results on Feb 14, 2023 Vulcan Steel Limited announced that they will report first half, 2023 results on Feb 14, 2023 Board Change • Oct 26
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Carolyn Steele was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Sep 20
Independent Non-Executive Director recently sold NZ$584k worth of stock On the 16th of September, Philippa Greenwood sold around 60k shares on-market at roughly NZ$9.73 per share. This transaction amounted to 67% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of NZ$546k more than they bought in the last 12 months. Upcoming Dividend • Sep 15
Upcoming dividend of AU$0.38 per share Eligible shareholders must have bought the stock before 22 September 2022. Payment date: 07 October 2022. Payout ratio is a comfortable 69% but the company is not cash flow positive. Trailing yield: 10.0%. Within top quartile of New Zealander dividend payers (5.9%). In line with average of industry peers (9.6%). Announcement • Sep 13
Vulcan Steel Limited Announces Board Changes Vulcan Steel Limited's board has appointed Adrian Casey, Vulcan's long serving Chief Operating Officer, as a director effective from 13 September 2022. As permitted by Vulcan's Constitution, Adrian will hold office as a director until Vulcan's annual meeting of shareholders (Annual Meeting) on 20 October 2022. Adrian will seek election as a director, by the company's shareholders, at the 2022 Annual Meeting. Adrian has worked in the steel sector in Australia and New Zealand for more than 40 years. He held management positions in a major New Zealand steel distribution operation before establishing his own downstream steel business which was successfully merged with Vulcan in 1998. Adrian successfully led Vulcan's entry into the Victorian market in 2002. He has had various oversight roles across Vulcan's business units during his 24-year tenure with the company and has made a significant contribution to Vulcan's success. He was previously a director of Vulcan between May 2001 and December 2015. In addition to serving as an executive director on Vulcan's Board, Adrian will remain in his management role as Chief Operating Officer. Vulcan Steel's founder, Peter Wells, has advised the company's Board of his intention to retire as a director at Vulcan's Annual Meeting. In addition to establishing Vulcan in 1995, Peter has been a director for the past 27 years, the last 10 years as a non-executive director. He served as Chairman of the Company from 2005 to 2021. Peter has confirmed that he will continue to be available to Vulcan's directors and management, as required. In addition, Pip Greenwood has advised Vulcan's Board of her intention not to seek re- election at the company's Annual Meeting in October. Pip was appointed as an independent director of Vulcan in August 2019 in advance of the Company's proposed listing on the ASX and NZX. Following the success of Vulcan's initial public offering and listing in November 2021, and the recent acquisition of Ullrich Aluminium, Pip has decided not to seek re-election. Announcement • Aug 25
Vulcan Steel Limited, Annual General Meeting, Oct 20, 2022 Vulcan Steel Limited, Annual General Meeting, Oct 20, 2022, at 14:00 NZST - New Zealand Standard. Buying Opportunity • Aug 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.5%. The fair value is estimated to be NZ$11.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 40%. For the next 3 years, revenue is forecast to grow by 7.4% per annum. Earnings is forecast to decline by 2.1% per annum over the same time period. Reported Earnings • Aug 24
Full year 2022 earnings released: EPS: NZ$0.94 (vs NZ$0.49 in FY 2021) Full year 2022 results: EPS: NZ$0.94 (up from NZ$0.49 in FY 2021). Revenue: NZ$972.7m (up 33% from FY 2021). Net income: NZ$124.0m (up 91% from FY 2021). Profit margin: 13% (up from 8.9% in FY 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 19%, compared to a 80,054% growth forecast for the Metals and Mining industry in New Zealand. Announcement • Aug 24
Vulcan Steel Limited Approves A Final Dividend, Payable on 7 October 2022 Vulcan Steel Limited announced that on 24 August 2022, the Directors approved a final dividend of 37.5 cents per share totaling $49.3 million. The dividend record date is 23 September 2022 and payment will occur on 7 October o2022. The dividend will be fully franked and 80% imputed. Announcement • Aug 02
Vulcan Steel Limited (ASX:VSL) completed the acquisition of Ullrich Aluminium Co Limited from Gilbert Ullrich. Vulcan Steel Limited (ASX:VSL) signed a conditional sale and purchase agreement to acquire Ullrich Aluminium Co Limited from Gilbert Ullrich for approximately NZD 170 million on July 22, 2022. The NZD 165 million transaction price – the enterprise value - comprises the purchase of the business for projected net tangible assets of NZD 131 million and net debt within Ullrich of NZD 34 million (both of which are subject to finalisation of accounts through to July 31, 2022). Note the projected NZD 34 million debt includes working capital, to be reduced, which will be funded by deferred settlement of NZD 20 million for the transaction in 1H 2023. In the financial year ended March 31, 2022, Vulcan recorded NZD 270 million in revenue and NZD 49 million in EBITDA. Vulcan expects the Transaction to be NPAT and earnings per share accretive in FY23.
Vulcan Steel Limited (ASX:VSL) completed the acquisition of Ullrich Aluminium Co Limited from Gilbert Ullrich on August 1, 2022. Announcement • Jul 23
Vulcan Steel Limited (ASX:VSL) signed a conditional sale and purchase agreement to acquire Ullrich Aluminium Co Limited from Gilbert Ullrich for approximately NZD 170 million. Vulcan Steel Limited (ASX:VSL) signed a conditional sale and purchase agreement to acquire Ullrich Aluminium Co Limited from Gilbert Ullrich for approximately NZD 170 million on July 22, 2022. The NZD 165 million transaction price – the enterprise value - comprises the purchase of the business for projected net tangible assets of NZD 131 million and net debt within Ullrich of NZD 34 million (both of which are subject to finalisation of accounts through to July 31, 2022). Note the projected NZD 34 million debt includes working capital, to be reduced, which will be funded by deferred settlement of NZD 20 million for the transaction in 1H 2023. In the financial year ended March 31, 2022, Vulcan recorded NZD 270 million in revenue and NZD 49 million in EBITDA. Vulcan expects the Transaction to be NPAT and earnings per share accretive in FY23. Announcement • May 31
Vulcan Steel Limited Announces the Resignation of Peter Kevin Wells as Director Vulcan Steel Limited announced the resignation of Peter Kevin Wells as director of the company with effect from 7 March 2022. Announcement • Apr 26
Vulcan Steel Limited to Report Fiscal Year 2022 Results on Aug 24, 2022 Vulcan Steel Limited announced that they will report fiscal year 2022 results on Aug 24, 2022 Announcement • Mar 01
Vulcan Steel Limited Announces Executive Changes Vulcan Steel Limited announced the appointment of Sarah-Jane Lawson replacing Kar Yue Yeo as Company Secretary, effective 1 March 2022. Prior to joining Vulcan, Sarah-Jane was special counsel in corporate and commercial law at Hudson Gavin Martin. Sarah-Jane will be responsible for communications with the ASX under listing Rule 12.6 and NZX. Announcement • Feb 11
Vulcan Steel Limited's Board Approves Interim Dividend Payable on 8 April 2022 On 10 February 2022, the Directors of Vulcan Steel Limited approved an interim dividend of 27.5 cents per share totalling $36.1 million. The dividend record date is 11 March 2022 and payment will occur on 8 April 2022. Reported Earnings • Feb 11
First half 2022 earnings released First half 2022 results: Revenue: (flat on 1H 2021). Net income: (flat on 1H 2021). Profit margin: (in line with 1H 2021). Over the next year, revenue is forecast to grow 6.6%, compared to a 29% growth forecast for the industry in New Zealand. 
