Latest news with #EphremRavi
Business Insider
27-04-2025
- Business
- Business Insider
Stora Enso Oyj (0CXC) Receives a Buy from Kepler Capital
Kepler Capital analyst Ola Soedermark maintained a Buy rating on Stora Enso Oyj (0CXC – Research Report) on April 25 and set a price target of €11.00. The company's shares closed last Friday at €8.04. Stay Ahead of the Market: Discover outperforming stocks and invest smarter with Top Smart Score Stocks. Filter, analyze, and streamline your search for investment opportunities using Tipranks' Stock Screener. According to TipRanks, Soedermark is ranked #4376 out of 9371 analysts. In addition to Kepler Capital , Stora Enso Oyj also received a Buy from Citi's Ephrem Ravi in a report issued on April 14. However, on April 17, J.P. Morgan maintained a Hold rating on Stora Enso Oyj (LSE: 0CXC). Based on Stora Enso Oyj's latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of €2.32 billion and a GAAP net loss of €340 million. In comparison, last year the company earned a revenue of €2.17 billion and had a GAAP net loss of €287 million
Yahoo
06-02-2025
- Business
- Yahoo
Anglo American Expects to Take Another Writedown on De Beers
(Bloomberg) -- Anglo American Plc expects to take a writedown on its De Beers operations, as plunging diamond sales prompt output cuts and complicate its plan to exit the business. Citadel to Leave Namesake Chicago Tower as Employees Relocate State Farm Seeks Emergency California Rate Hike After Fires Transportation Memos Favor Places With Higher Birth and Marriage Rates San Francisco Wants Wealthy Donors to Help Fix Fentanyl Crisis NY Transit Advocate Says Billions in Tax Hikes Would Fix MTA The company is likely to book an impairment in its full-year results due to deteriorating market conditions, particularly in China, Anglo said in a statement Thursday. That comes after it wrote down the value of its De Beers unit by $1.6 billion 12 months ago. Anglo sees a marginal 2024 loss for the diamond business. The mining giant offered De Beers for sale last year as part of a sweeping overhaul launched in the wake of a takeover approach by BHP Group. The broader restructuring has progressed well, but slumping sales at De Beers are creating a dilemma for Anglo's management. Chief Executive Officer Duncan Wanblad said earlier this week that the company intended to exit De Beers by the end of this year, but given the state of the market that could spill over into 2026. The diamond industry has been hammered by a collapse in demand from China and the increasing penetration of lab grown stones. At its final sale of last year, De Beers cut diamond prices by more than 10% across the board as the world's biggest producer abandoned attempts to put a floor under the slumping market. What started as a post-pandemic slowdown has spiraled as inflation hit customer purchases, before a collapse in China's luxury market further eroded demand. Rough diamond prices have plunged nearly 50% in the past two years, while the price of polished stones has fallen about 35%. Anglo on Thursday announced sharp cutbacks to diamond production, with output expected to be as low as 20 million carats in 2025, down from earlier guidance of as much as 33 million carats. Fourth-quarter volumes dropped 26% year-on-year to 5.8 million carats, it said. The lower output goals could be a drag on Anglo's efforts to exit De Beers, according to Citigroup Inc. analyst including Ephrem Ravi. 'We see the guidance cut in diamonds to be a negative headline for the stock, as it could further temper the expectations for disposal of the business,' the Citi analysts wrote in a note. Full-year profit at Anglo American Platinum Ltd. — another business that Anglo plans to exit as part of its restructuring — fell by as much as 52% after the price of palladium and rhodium slumped. Still, Anglo's shares gained as much as 5.5% in London, the most since November. The Quellaveco copper mine — which will be a key asset for the restructured company — had its best quarter of the year. What Bloomberg Intelligence Says 'Anglo American's report that its diamond division, De Beers, will generate marginally negative Ebitda for 2024 implies consensus downgrades of $270-$300 million. A 2025 production guidance downgrade of 10 million carats may not come as a surprise, given the weakness in the market, but early signs of improvements in the luxury goods markets mean sales could outpace production this year, helping a working-capital release.' — Grant Sporre and Alon Olsha, BI analysts Click here to read the full research note (Updates with analyst comment in eighth paragraph and details throughout) Orange Juice Makers Are Desperate for a Comeback Believing in Aliens Derailed This Internet Pioneer's Career. Now He's Facing Prison Inside Elon Musk's Attack on the US Government Amazon and SpaceX Want In on India's Satellite Internet Market Elon Musk Inside the Treasury Department Payment System ©2025 Bloomberg L.P. Sign in to access your portfolio
