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Focused

Constellium 3Q18: Deleveraging in Focus

Earnings Note: 28 Oct 2018, 9:04 AM ET - We examine CSTM's 3Q18 results and take a look at the company's FCF, leverage, and ratings trajectory. 

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
Focused

CSTM: Moody's Upgrades Rating to B2

Worth Watching: 08 Aug 2018, 1:08 PM ET - CSTM (B2/B-): Moody's upgraded CSTM's senior unsecured rating by one-notch to B2 from B3 with a stable outlook. The ratings action follows CSTM's higher EBITDA forecast for 2018 and 2019. In addition, the ratings action also reflects the significa ..
Focused

Constellium 2Q18: Ups EBITDA Guidance

Earnings Note: 25 Jul 2018, 9:58 AM ET - Constellium's positive momentum continues to build, as the company booked more shipments across its segments while benefiting from higher pricing.  

Italy Assessing the Risks: Part 2 - Non-Financials

Sector Analysis: 31 May 2018, 10:24 PM ET - In the second part of our series on the impact of Italian political uncertainty on the country's investment grade and high yield credits we take a look at non-financial corporates.

Brazil Truckers' Strike: Basic Industries View

Sector Analysis: 31 May 2018, 5:08 AM ET - We take a look at the Brazilian truckers' strike which has crippled the local economy over the last 1.5 weeks and assess the potential impact on the Metals & Mining and Paper & Packaging sectors. 
Focused

Constellium 1Q18: Another Strong Quarter

Earnings Note: 26 Apr 2018, 12:42 PM ET - CSTM continues to deliver strong results that exceed guidance. 

BHP: F3Q18 Production Results, IO Disappoints

Worth Watching: 19 Apr 2018, 11:36 PM ET - BHP (A3/A) posted mixed F3Q18 production results for the quarter that ended on March 31, 2018. WAIO iron ore production of 67 Mt on 100% basis came in below analyst estimates of 69 Mt. Iron ore production was up 8% YoY due to record production at ..

Basic Industries: 1Q18 In Review and a Look Ahead

Sector Analysis: 17 Apr 2018, 4:12 AM ET - We review the performance of the Basic Industries sector  YTD, comparing themes in our outlook with actual developments. We also talk about unexpected developments, and what we think will shape the balance of the year. 

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.
Focused

CSTM 4Q17: Under Promising & Over Delivering

Earnings Note: 22 Feb 2018, 8:13 PM ET - CSTM reiterated its 2018-20 EBITDA and FCF projections, which appear to be conservative given the 14% EBITDA growth in 2017.
Focused

CSTM: Novelis Buys Sierre Assets for €200 mn

Worth Watching: 02 Feb 2018, 1:35 PM ET - CSTM (B3/B-) announced the sale of its North Building Assets at the Sierre plant in Switzerland for €200 mn to Novelis in conjunction with the contribution of the plant's shared infrastructure to a 50/50 JV between the parties. The agreement is mu ..
Focused

Metals: Electric Vehicle Revolution

Sector Analysis: 29 Jan 2018, 2:49 PM ET - We discuss the EV market and more specifically EV batteries, supply/demand profiles of the commodities that are found within an EV battery, and our coverage companies that could stand to benefit and lose from the EV revolution. 

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

Metals 2018 Outlook: Valuations Over Fundamentals

Sector Outlook: 15 Jan 2018, 9:19 PM ET - We analyze the broad trends within the metals & mining sector, delve into sub-sector developments, and then examine name-specific recommendations.

GLENLN: First Mover In Base Metals Streaming

Worth Watching: 06 Dec 2017, 8:59 PM ET - GLENLN (Baa2/BBB), along with Ontario Teachers' Pension Plan ("OTPP"), announced the formation of BaseCore Metals LP, a 50/50 joint venture focused on base metals streams and royalties. OTPP subscribed for its interest in BaseCore Metals for cash ..
Focused

CSTM: Balance Sheet De-Risks from Latest Refi

Worth Watching: 03 Nov 2017, 6:11 PM ET - CSTM (B3/B-) completed a cross-border bond offering and an USD equity issuance this week for refinancing purposes: CSTM placed $500 mn and €400 mn of senior unsecured notes due February 2026. The USD tranche was upsized by $50 mn and priced at 5.8 ..
Focused

CSTM: Refi Takes Center Stage after Strong 3Q17

Earnings Note: 30 Oct 2017, 7:41 PM ET - We examine CSTM's 3Q17 results from last week. We also take a look at its refinancing plans that were announced on Monday. 

Iron Ore: China Imports Hit New Record

Worth Watching: 13 Oct 2017, 12:17 PM ET - Iron Ore: September imports of iron ore into China were 102.8 mn tons, up 16% month-over-month and 10.5% year-over-year. This surpassed the previous record of iron ore imports of 96.3 mn tons in December 2015. The government's effort to clean up ..

August 2017 US Company Recommendation Changes

US Company Recommendation Changes: 01 Sep 2017, 8:11 AM ET - Our monthly report provides executive summaries for the thirty-five company recommendation changes made on US companies during the month of August.

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