Illegal Activity
none
Blackmail
none
Date
2018-01-03
Document Type
report
Model
gemini-2.0-flash-001
Processed
2026-02-07T18:41
Summary
This report from January 3, 2018, reiterates a hold rating for Steel Dynamics, Inc. (STLD) due to the increased likelihood of a debt-funded acquisition. The report provides a financial analysis of STLD, including their cash flow, leverage, and liquidity, and discusses potential risks and opportunities.
Metadata
- Subject
- Steel Dynamics, Inc. (STLD): Reiterate Hold Ratings due to the increased likelihood of a debt-funded acquisition
- Sender
- —
- Recipients
- —
- Document ID
- DB-SDNY-0086741
- Date
- 2018-01-03
Notable Quotes 2
STLD's cash balance ballooned to over $1.0bn in 3017 and management made it clear to investors that they are evaluating several inorganic opportunities in the market but would seek to keep a lid on leverage -3.0x should they proceed with one.
Hence, given the increasing likelihood STLD executes a debt-funded acquisition that could prime or layer existing senior notes (which are already trading at tight spreads), we maintain our Hold recommendations on SILOS existing notes despite our opinion that STLD is a great operator with a solid >20% FCF yield.
Financial Information
Amounts:$347mn$352mn$2.443bn$2.389bn$245mn$18mn$226mn-$183mn$43mn$6mn$37mnS99mn-$41 mn$1.1bn$2.534bn$1.377bn$2.1bn$1.0bn$10.251$12.7•551,10281541
Transactions:
- EBITDA of $347mn (-3% y/y)
- Revenue of $2.443bn (+16% y/y)
- OCF before changes in W/C of $245mn
- W/C consumed $18mn resulting in OCF of $226mn
- STLD generated organic FCF of -$183mn after subtracting capex of $43mn from OCF
- STLD also spent $6mn on acquisitions, paid dividends of $37mn and repurchased S99mn of stock bringing net cash flow to -$41 mn
Raw Analysis JSON
click to expand
Themes
Financial transactions/money flowBusiness dealings
Organizations 2
Steel Dynamics, Inc. (STLD)Deutsche Bank Securities Inc.
Locations 1
U.S.
Text Analysis
- Tone
- Professional
- Purpose
- To reiterate hold ratings for Steel Dynamics, Inc. (STLD) due to the increased likelihood of a debt-funded acquisition.
- Significance
- Provides financial analysis and recommendations regarding STLD's existing notes and potential acquisitions.
File Info
- File Name
- EFTA01385456.txt
- Dataset
- dataset_10
- Type
- Text
- Model
- gemini-2.0-flash-001
- Processed
- 2026-02-07T18:41:42.878646
- DOJ Source
- View on DOJ