Steel Dynamics Inc.

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SKU: STLD Category:

Description

This is our first report on Steel Dynamics, one of the largest steel fabrication players in the world. The company has been delivering a decent set of financial results, relying on a long-term diversified value-adding growth strategy. Its revenues have been growing well off-late thanks to higher realized selling values in their steel fabrication business and ongoing strong performance in their steel and metals recycling operations. Their Butler Flat Roll division benefits from iron dynamics, an on-site liquid pig iron production facility that meets almost all of Butler’s pig iron needs. The company was recently in the news for purchasing equity interest of ROCA as part of their North American raw material procurement strategy. The management also announced that they intend to become carbon neutral by 2050 across their electric arc furnace steel mill operations. Overall, we are optimistic about their consistency and growth strategy and initiate coverage with a ‘Hold’ rating.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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