Two sides of the Companhia Siderurgica Nacional (NYSE:SID) coin

Posted by Peter Lauro August 13, 2013 0 Comment 785 views

The brazil-based Companhia Siderurgica Nacional (NYSE:SID) is on the country’s largest integrated-steel companies. It is also the

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2nd largest iron ore exporter in Brazil. It also produces cement and holds some stake in 2 different railroads. It has

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a market cap of $2.2B.

A financial overview

SID has $5.6B in cash and cash-equivalents, which is a major part of its working-capital surplus of $5.49B. It has raised its profits at a 24.6% annual rate from 2009-2011, however, there was a major dip in profits in 2012. For the first time in several years, its net income stood at a negative level. Take a closer look and you will notice that normalized net-income, which is not inclusive of any special 1-time charges, is at a healthy $953.5M. This accounts for 22.7% of the company’s market-cap generated in net-income in one of the worst years

that it has experienced in recent years.

SID released its Q2 results on 7 August and they were pretty impressive. The company had record steel sales that boosted its net income to $288M. Year-over-year, steel sales saw a rise of 15%. In comparison to the Q1, iron-ore sales rose by 45% and it manages to make record sales and improve margins alongside as well.

Theoretically speaking

It goes without saying that investors will sell high and buy low, however in trade-life, this is not always possible. Though U.S stock-indexes have been heading for record-highs, the Bovespa has been heading deeper. No doubt, there are genuine reasons why this index has dipped so far. It is primarily because most of the companies graded by it are closely connected with the dismal performance of the Brazilian economy.

Inflation is at all-time high. In addition, the 2013 Q1, GDP growth stood at 1.9%

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and this too has slowed-down. If there is no improvement in Brazil’s economy, investors just might have to brace themselves for returns that have no sheen whatsoever.

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