FY 2023 resultsA naive summary of what I gathered from FY 2023 results:
Bad news:
- EBITDA and cash flow still not recovered
- EAF is now not on budget neiher on time - they need nearly 150 additonal millions and more time
- They might need to borrow more to complete EAF, and if this is not enought they might even need to raise capital and issue new shares?
Good news:
- Q1 2024 would be better (EBIDTA 170-180 million), but still below historical high levels
- Plate mill is at least working fine and they have a plan for the upgrade that will not cause any disruptions, hopefully.
- At least they are prepparing for the worst.
Share price crashing after hours; not sure how much of all this will be priced in in the morning. However, I think they might only need 2-3 good quarters to be on the safe side.