Credit Suisse Downgrades Steel Dynamics (STLD) to Neutral
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Credit Suisse analyst Curt Woodworth downgraded Steel Dynamics (NASDAQ: STLD) from Outperform to Neutral with a price target of $29.00 (from $38.00).
- now forecast EBITDA to range from $1.2-1.4bn from 2019-2022 (from $1.3-1.5bn)
- without compelling FCF yield / capital return upside potential, we struggle to see why SDI should trade above 7.0x EV/EBITDA given the 5 year median multiple of 6.7x and 10 year median of 6.3x.
- Also the average 5-10 year FCF yield is ~8%.
- Key risk is sheet metal spread and execution on new greenfield mill.
Shares of Steel Dynamics closed at $28.33 yesterday.
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