Recent Insider Transactions Derivative • Sep 08
VP of Finance notifies of intention to sell stock Daniel Maudlin intends to sell 7k shares in the next 90 days after lodging an Intent To Sell Form on the 5th of September. If the sale is conducted around the recent share price of US$59.66, it would amount to US$402k. Since December 2023, Daniel has owned 29.53k shares directly. There have been no trades via on-market transactions or options from company insiders in the last 12 months. Upcoming Dividend • Aug 23
Upcoming dividend of US$0.22 per share Eligible shareholders must have bought the stock before 30 August 2024. Payment date: 16 September 2024. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (1.9%). Major Estimate Revision • Aug 08
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$620.3m to US$606.2m. EPS estimate also fell from US$3.09 per share to US$2.55 per share. Net income forecast to grow 23% next year vs 29% growth forecast for Metals and Mining industry in the US. Consensus price target of US$61.00 unchanged from last update. Share price was steady at US$59.41 over the past week. Declared Dividend • Aug 05
Third quarter dividend of US$0.22 announced Dividend of US$0.22 is the same as last year. Ex-date: 30th August 2024 Payment date: 16th September 2024 Dividend yield will be 1.5%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (30% earnings payout ratio) and cash flows (56% cash payout ratio). The dividend has not increased over the past 10 years but has been stable with no material reductions to payments, indicating a long track record of dividend stability. EPS is expected to grow by 61% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 02
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: US$0.64 (down from US$0.69 in 3Q 2023). Revenue: US$153.9m (up 7.0% from 3Q 2023). Net income: US$8.13m (down 6.5% from 3Q 2023). Profit margin: 5.3% (down from 6.0% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) also missed analyst estimates by 25%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Metals and Mining industry in the US. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Jun 29
Haynes International Inc. Appoints Marlin C. Losch III Chief Operating Officer, Effective from July 1, 2024 Haynes International, Inc. announced Marlin (Marty) C. Losch III has been named Chief Operating Officer of Haynes International, effective July 1, 2024. In this newly created position, Losch will have responsibility for all commercial and operational activities for the Company. Losch will report directly to Michael Shor, President and Chief Executive Officer of Haynes. Haynes has initiated a search to identify candidates to fill Mr. Losch’s prior role as Vice President of Sales and Distribution. The Company expects to fill this role in the coming months and in the meantime, Mr. Losch will continue to lead and support the Sales and Distribution team to ensure a smooth transition. Having joined Haynes in 1988, Mr. Losch brings nearly four decades of experience from various operational roles of increasing responsibility, most recently as Vice President of Sales and Distribution. In this capacity he was responsible for sales and distribution worldwide and transformed the department into a world-class service-oriented organization. Prior to that, he was the Vice President of North American Sales for three years after serving as the Regional Manager of the Company’s Midwest operations. He has also held various marketing, quality engineering, and production positions. Marty received his B.S. Material Engineering from Virginia Tech in 1983 and a Masters in Manufacturing Management from GMI in 1996. The Company also announced that David L. Strobel, Vice President of Kokomo Operations will be retiring in early 2025. Mr. Strobel has been serving as the Company’s Vice President of Kokomo Operations since September 2018, leading the operations team’s safety, quality, and process improvement initiatives. Prior to Haynes, Mr. Strobel served as a consultant to manufacturing companies and held various executive positions at Carpenter Technology Corporation. Haynes has begun a search to identify a replacement for Mr. Strobel, which the Company expects to fill in the coming months. Until his retirement, Mr. Strobel will work alongside his successor to ensure a smooth transition and successful integration with NAS and Acerinox. Declared Dividend • May 13
Second quarter dividend of US$0.22 announced Dividend of US$0.22 is the same as last year. Ex-date: 31st May 2024 Payment date: 14th June 2024 Dividend yield will be 1.5%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (29% earnings payout ratio) and cash flows (86% cash payout ratio). The dividend has not increased over the past 10 years but has been stable with no material reductions to payments, indicating a long track record of dividend stability. EPS is expected to grow by 27% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 11
Haynes International, Inc. Declares Regular Quarterly Cash Dividend, Payable on June 14, 2024 Haynes International, Inc. announced that on May 1, 2024, the Board of Directors declared a regular quarterly cash dividend of $0.22 per outstanding share of the Company’s common stock. The dividend is payable June 14, 2024 to stockholders of record at the close of business on May 31, 2024. Any future dividends will be at the discretion of the Board of Directors. Reported Earnings • May 10
Second quarter 2024 earnings released: EPS: US$0.68 (vs US$0.98 in 2Q 2023) Second quarter 2024 results: EPS: US$0.68 (down from US$0.98 in 2Q 2023). Revenue: US$152.5m (flat on 2Q 2023). Net income: US$8.55m (down 30% from 2Q 2023). Profit margin: 5.6% (down from 8.0% in 2Q 2023). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Metals and Mining industry in the US. 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 23% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Feb 22
Upcoming dividend of US$0.22 per share Eligible shareholders must have bought the stock before 29 February 2024. Payment date: 15 March 2024. Payout ratio is a comfortable 27% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of American dividend payers (4.7%). Lower than average of industry peers (2.7%). Announcement • Feb 07
Haynes International, Inc. announced that it expects to receive $170 million in funding from Acerinox, S.A. Haynes International, Inc announced a private placement to issue gross proceeds of $170,000,000 on February 5, 2024. The transaction included participation from new investor, Acerinox, S.A .The transaction, has been unanimously approved by the board of directors of both companies, is expected to close in the third calendar quarter of 2024, subject to satisfaction of customary closing conditions, including receipt of regulatory approval and approval by Haynes stockholders. Upon completion of the transaction, Haynes shares will cease trading on the Nasdaq stock exchange Announcement • Feb 06
North American Stainless, a subsidiary of Acerinox, S.A. (BME:ACX) entered into a definitive agreement to acquire Haynes International, Inc. (NasdaqGS:HAYN) for approximately $790 million. North American Stainless, a subsidiary of Acerinox, S.A. (BME:ACX) entered into a definitive agreement to acquire Haynes International, Inc. (NasdaqGS:HAYN) for approximately $790 million on February 4, 2024. North American Stainless will acquire Haynes International in an all-cash transaction. Under the terms of the agreement, Acerinox will acquire all the outstanding shares of Haynes for $61.00 per share in cash, which represents a fully diluted equity value of $798 million, and a premium of approximately 22% to Haynes’s six-month volume-weighted average share price for the period ending February 2, 2024. The all-cash transaction values Haynes at an enterprise value of approximately $970 million. Acerinox plans to finance the transaction using existing available cash on its balance sheet. The transaction includes the absorption of Haynes’s debt and other adjustments of approximately $172 million. In Connection with Transaction, Acerinox will Invest an Additional $200 million in U.S. Operations, Including $170 Million in Haynes’ Operations. Upon completion of the transaction, Haynes’s shares will no longer be traded on the Nasdaq, and Haynes will become a wholly owned subsidiary of Acerinox. Under certain circumstances mentioned in the agreement, in case of termination, Haynes International will be required to pay North American a termination fee in an amount equal to $28 million. The law firm of Wohl & Fruchter LLP is investigating the fairness of the price of $61 per share in cash for which Haynes International, Inc. has agreed to be sold to North American Stainless.The transaction is subject to receipt of regulatory approval and the satisfaction of customary closing conditions, including approval by Haynes shareholders and the expiration or termination of any applicable waiting periods under the Hart-Scott-Rodino Act. The transaction has been unanimously approved by the Boards of Directors of Haynes and Acerinox. The transaction is expected to close in the third calendar quarter of 2024. The transaction is expected to be immediately accretive to Acerinox’s earnings per share in its first year of ownership, even prior to the realization of $71 million in estimated annual synergies. Goldman Sachs Bank Europe SE is serving as the exclusive financial advisor to Acerinox. Scott A. Barshay and Kyle T. Seifried of Paul, Weiss, Rifkind, Wharton & Garrison LLP and Linklaters are serving as legal counsels to Acerinox. Jefferies LLC is serving as the exclusive financial and opinion provider advisor to Haynes. David M. Klein, Allison M. Wein, Michael Movsovich, Andrea Agathoklis Murino, Matthew Sinclair-Thomson, Ivan A. Schlager, Rohit A. Nafday, Rohit A. Nafday, Karsten Busby, Dean S. Shulman, Sehj Vather, Joanna Schlingbaum and Julia Danforth of Kirkland & Ellis LLP is serving as legal counsel to Haynes. Reported Earnings • Feb 05
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: US$0.61. Revenue: US$147.4m (up 11% from 1Q 2023). Net income: US$7.70m (flat on 1Q 2023). Profit margin: 5.2% (down from 5.8% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is forecast to grow 4.1% p.a. on average during the next 2 years, compared to a 4.7% growth forecast for the Metals and Mining industry in the US. New Risk • Feb 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Announcement • Jan 27
Haynes International, Inc. to Report Q1, 2024 Results on Feb 08, 2024 Haynes International, Inc. announced that they will report Q1, 2024 results After-Market on Feb 08, 2024 Announcement • Jan 10
Haynes International, Inc., Annual General Meeting, Feb 21, 2024 Haynes International, Inc., Annual General Meeting, Feb 21, 2024, at 09:30 Eastern Standard Time. Agenda: To elect Robert H. Getz as a director of Haynes to serve for a one-year term; To elect Dawne S. Hickton as a director of Haynes to serve for a one-year term; To elect Alicia B. Masse as a director of Haynes to serve for a one-year term; To elect Brian R. Shelton as a director of Haynes to serve for a one-year term; To elect Michael L. Shor as a director of Haynes to serve for a one-year term; and to discuss other matters. Buying Opportunity • Dec 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.2%. The fair value is estimated to be US$59.96, 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. Meanwhile, the company has become profitable. Revenue is forecast to grow by 7.9% in 2 years. Earnings is forecast to grow by 42% in the next 2 years. Reported Earnings • Nov 19
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: US$3.31 (down from US$3.62 in FY 2022). Revenue: US$590.0m (up 20% from FY 2022). Net income: US$41.6m (down 6.7% from FY 2022). Profit margin: 7.1% (down from 9.1% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.5%. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Metals and Mining industry in the US. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Announcement • Nov 17
Haynes International, Inc. Provides Earnings Guidance for the First Quarter of Fiscal 2024 Haynes International, Inc. provided earnings guidance for the first quarter of fiscal 2024. Revenue and earnings in the first quarter of fiscal 2024 are expected to be higher compared to the first quarter of fiscal 2023, but lower than the fourth quarter of fiscal 2023. Announcement • Nov 09
Haynes International, Inc. to Report Q4, 2023 Results on Nov 16, 2023 Haynes International, Inc. announced that they will report Q4, 2023 results After-Market on Nov 16, 2023 Buying Opportunity • Sep 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 2.6%. The fair value is estimated to be US$57.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 100%. Revenue is forecast to grow by 15% in 2 years. Earnings is forecast to grow by 40% in the next 2 years. Announcement • Aug 04
Haynes International, Inc. Declares Regular Quarterly Cash Dividend on the Company’s Common Stock, Payable September 15, 2023 Haynes International, Inc. declared a regular quarterly cash dividend of $0.22 per outstanding share of the Company’s common stock. The dividend is payable September 15, 2023 to stockholders of record at the close of business on September 1, 2023. Announcement • Jul 26
Haynes International, Inc. to Report Q3, 2023 Results on Aug 03, 2023 Haynes International, Inc. announced that they will report Q3, 2023 results After-Market on Aug 03, 2023 Announcement • Jun 14
Haynes International, Inc. Begins Network Outlet of Cybersecurity Incident On June 10, 2023, Haynes International Inc. began experiencing a network outage indicative of a cybersecurity incident. Upon detection of the incident, the Company engaged third-party specialists to assist in investigating the source of this outage, determine its potential impact on the Company's systems, and securely restore full functionality to the Company's systems as soon as possible. The Company's Incident Response Team reported the incident to law enforcement and has taken additional steps to protect the integrity of the Company's systems. Despite temporarily shutting down its network while it investigates the threat, the Company continues to run many of its manufacturing operations during the investigation, albeit initially less efficiently. At this time, the network shutdown is primarily affecting administrative, sales, financial and customer service functions. The investigation into this incident is ongoing, and the Company and its consultants are working to restore network functionality. Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$50.27, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Metals and Mining industry in the US. Total returns to shareholders of 120% over the past three years. Upcoming Dividend • May 24
Upcoming dividend of US$0.22 per share at 1.9% yield Eligible shareholders must have bought the stock before 31 May 2023. Payment date: 15 June 2023. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 1.9%. Lower than top quartile of American dividend payers (5.1%). Lower than average of industry peers (2.8%). Announcement • May 06
Haynes International, Inc. Provides Earnings Guidance for the Third Quarter and Full Year of 2023 Haynes International, Inc. provided earnings guidance for the third quarter and full year of 2023. The Company expects revenue and earnings in the third quarter of fiscal 2023 to be higher than the second quarter of fiscal 2023. The Company continues to expect the full year fiscal 2023 to be 15-20% higher than fiscal 2022 for both revenue and earnings. Reported Earnings • May 06
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: US$0.98 (up from US$0.68 in 2Q 2022). Revenue: US$152.8m (up 31% from 2Q 2022). Net income: US$12.3m (up 47% from 2Q 2022). Profit margin: 8.1% (up from 7.2% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) missed analyst estimates by 5.9%. Revenue is forecast to grow 2.9% p.a. on average during the next 2 years, compared to a 1.4% growth forecast for the Metals and Mining industry in the US. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to US$46.56, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Metals and Mining industry in the US. Total returns to shareholders of 178% over the past three years. Recent Insider Transactions Derivative • Feb 26
Vice President of Sales & Distribution notifies of intention to sell stock Marlin Losch intends to sell 19k shares in the next 90 days after lodging an Intent To Sell Form on the 22nd of February. If the sale is conducted around the recent share price of US$54.30, it would amount to US$1.0m. Since September 2022, Marlin's direct individual holding has increased from 25.01k shares to 26.84k. Company insiders have collectively sold US$847k more than they bought, via options and on-market transactions in the last 12 months. Upcoming Dividend • Feb 21
Upcoming dividend of US$0.22 per share at 1.6% yield Eligible shareholders must have bought the stock before 28 February 2023. Payment date: 15 March 2023. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of American dividend payers (4.3%). Lower than average of industry peers (2.6%). Recent Insider Transactions Derivative • Feb 12
Controller & Chief Accounting Officer notifies of intention to sell stock David Van Bibber intends to sell 2k shares in the next 90 days after lodging an Intent To Sell Form on the 7th of February. If the sale is conducted around the recent share price of US$54.00, it would amount to US$122k. Since September 2022, David's direct individual holding has increased from 11.96k shares to 12.99k. Company insiders have collectively sold US$463k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Feb 05
First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2023 results: EPS: US$0.62 (up from US$0.37 in 1Q 2022). Revenue: US$132.7m (up 33% from 1Q 2022). Net income: US$7.68m (up 67% from 1Q 2022). Profit margin: 5.8% (up from 4.6% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) missed analyst estimates by 7.6%. Revenue is forecast to grow 7.4% p.a. on average during the next 2 years, while revenues in the Metals and Mining industry in the US are expected to remain flat. 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 24% per year, which means it is significantly lagging earnings growth. Announcement • Feb 03
Haynes International, Inc. Declares Regular Quarterly Cash Dividend, Payable on March 15, 2023 Haynes International, Inc. on February 2, 2023 announced that the Board of Directors declared a regular quarterly cash dividend of $0.22 per outstanding share of the Company’s common stock. The dividend is payable March 15, 2023 to stockholders of record at the close of business on March 1, 2023. Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. Independent Director Larry Spencer was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 28
Haynes International, Inc., Annual General Meeting, Feb 22, 2023 Haynes International, Inc., Annual General Meeting, Feb 22, 2023, at 09:30 US Eastern Standard Time. Agenda: To elect Donald C. Campion as a director of the company to serve for a one-year term; to elect Robert H. Getz as a director of the company to serve for a one-year term; to elect Dawne S. Hickton as a director of the company to serve for a one-year term; to elect Michael L. Shor as a director of the company to serve for a one-year term; to elect Larry O. Spencer as a director of the company to serve for a one-year term; to ratify the appointment of Deloitte & Touche LLP as the company’s independent registered public accounting firm for the fiscal year ending September 30, 2023; to hold an advisory vote on executive compensation; to hold an advisory vote on the frequency of future advisory votes on executive compensation; and to transact such other business as may properly come before the meeting. Announcement • Jan 25
Haynes International, Inc. to Report Q1, 2023 Results on Feb 02, 2023 Haynes International, Inc. announced that they will report Q1, 2023 results After-Market on Feb 02, 2023 Recent Insider Transactions Derivative • Dec 10
Controller & Chief Accounting Officer notifies of intention to sell stock David Van Bibber intends to sell 2k shares in the next 90 days after lodging an Intent To Sell Form on the 2nd of December. If the sale is conducted around the recent share price of US$50.84, it would amount to US$92k. Since September 2022, David's direct individual holding has increased from 11.96k shares to 12.99k. Company insiders have collectively sold US$449k more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Dec 02
Independent Director recently sold US$120k worth of stock On the 29th of November, Donald Campion sold around 2k shares on-market at roughly US$48.25 per share. This transaction amounted to 8.7% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$173k. Insiders have been net sellers, collectively disposing of US$292k more than they bought in the last 12 months. Recent Insider Transactions Derivative • Nov 26
Insider notifies of intention to sell stock Venkat Ishwar intends to sell 25k shares in the next 90 days after lodging an Intent To Sell Form on the 22nd of November. If the sale is conducted around the recent share price of US$50.19, it would amount to US$1.2m. Since March 2022, Venkat's direct individual holding has decreased from 18.99k shares to 17.84k. Company insiders have collectively sold US$251k more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Nov 25
Independent Director recently sold US$173k worth of stock On the 22nd of November, Donald Campion sold around 4k shares on-market at roughly US$49.34 per share. This transaction amounted to 11% 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 the only on-market transaction from insiders over the last 12 months. Reported Earnings • Nov 18
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: US$3.65 (up from US$0.71 loss in FY 2021). Revenue: US$490.5m (up 45% from FY 2021). Net income: US$45.1m (up US$53.9m from FY 2021). Profit margin: 9.2% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 7.6% p.a. on average during the next 2 years, while revenues in the Metals and Mining industry in the US are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 16
Price target increased to US$60.00 Up from US$52.50, the current price target is provided by 1 analyst. New target price is 13% above last closing price of US$53.18. Stock is up 28% over the past year. The company is forecast to post earnings per share of US$3.57 next year compared to a net loss per share of US$0.71 last year. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improved over the past week After last week's 16% share price gain to US$56.13, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 8x in the Metals and Mining industry in the US. Total returns to shareholders of 71% over the past three years. Upcoming Dividend • Aug 24
Upcoming dividend of US$0.22 per share Eligible shareholders must have bought the stock before 31 August 2022. Payment date: 15 September 2022. Payout ratio is a comfortable 35% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of American dividend payers (4.1%). Lower than average of industry peers (3.1%). Major Estimate Revision • Aug 04
Consensus EPS estimates increase by 36% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from US$469.3m to US$486.4m. EPS estimate increased from US$2.62 to US$3.57 per share. Net income forecast to grow 66% next year vs 2.3% decline forecast for Metals and Mining industry in the US. Consensus price target up from US$49.50 to US$53.00. Share price rose 21% to US$41.62 over the past week. Price Target Changed • Aug 01
Price target increased to US$53.00 Up from US$48.00, the current price target is provided by 1 analyst. New target price is 40% above last closing price of US$37.93. Stock is up 2.8% over the past year. The company is forecast to post earnings per share of US$2.62 next year compared to a net loss per share of US$0.71 last year. Reported Earnings • Jul 29
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: US$1.25 (up from US$0.031 in 3Q 2021). Revenue: US$130.2m (up 48% from 3Q 2021). Net income: US$15.5m (up US$15.1m from 3Q 2021). Profit margin: 12% (up from 0.4% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) also surpassed analyst estimates by 65%. Over the next year, revenue is forecast to grow 18%, compared to a 2.1% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 10% per year, which means it is well ahead of earnings.