文章核心观点 - 公司正在执行扩张战略,包括新收购和提升公司能力 [1] - 公司最近发布的2024年展望并不乐观,平均销售价格下降也不利于公司 [2] - 但考虑到公司之前的自由现金流增长轨迹和正在进行的股票回购计划,公司目前估值被严重低估,有较大上涨潜力 [2][3] 公司概况 - 公司成立于1958年,是北美最大的钢铁回收商 [2] - 2023年公司回收了近1840万吨废钢 [2] 客户多样化 - 公司最大客户占总销售额的5%,意味着单一客户问题不会对公司未来收益增长造成重大影响 [4] - 公司有较强的价格议价能力,相比客户数量有限的竞争对手更有优势 [4] 订单量增长 - 钢铁业务2023年底订单量达32.7亿美元,同比增加40% [5] - 钢铁产品业务2023年底订单量达49.7亿美元 [5] - 大部分订单预计在1年内完成,反映了未来现金流的增长潜力 [5] 收购带来的优势 - 公司近期收购了C.H.I.、CSI、Cornerstone Building Brands和Hannibal等资产 [6] - 这些收购将带来额外产能和现金流潜力,同时也让公司获得了新的专业知识 [6] - 收购行为表明公司管理层对行业长期前景充满信心 [6] 股票回购 - 公司2023年批准了40亿美元的股票回购计划 [7][8] - 公司之前以177美元的平均价格回购了自己的股票,低于当前股价,表明公司认为股票目前被低估 [8] - 股票数量的下降有利于每股价值的提升 [8] 资本支出计划 - 公司计划通过无担保循环信贷额度、债券发行等方式为新的资本支出提供资金 [10] - 新的资本支出将增加未来产能,加快自由现金流的增长潜力 [10] 估值分析 - 基于6%的加权平均资本成本、2031年终值EV/PCF为8倍以及2025-2031年的自由现金流预测,得出公司总企业价值为510亿美元,股权价值为496亿美元,合理股价约为209美元 [11][14][15] - 公司当前估值显著低于行业中位数水平 [16][17] 风险因素 - 平均销售价格和毛利率下降 [18][19] - 从国际市场采购原材料带来的风险 [20] - 天然气价格变动的影响 [21] - 商誉减值风险 [22] 结论 - 公司长期扩张战略和近期收购将加快未来自由现金流增长和产能提升 [23] - 新的资本支出计划和股票回购也将提升市场预期 [23] - 尽管2024年展望不佳,但公司过往的自由现金流表现和本文的保守预测显示其目前估值被严重低估 [23]

Nucor Corporation (NUE) benefits from actions to expand its production capabilities and grow its business through strategic acquisitions amid headwinds from weaker steel prices.NUE’s shares are down 19.2% year to date, compared with a 23.9% decline of its industry. The bearishness is partly due to the choppiness in the steel space as reflected by the significant retreat in U.S. steel prices due to a combination of demand slowdown and oversupply. Image Source: Zacks Investment ResearchLet’s find out why NUE ...

GCShutter Background In my 2023 article on Exxon Mobil, I discussed my issues with coal companies, specifically how metallurgical coal (met coal) companies are likely behind the curve and at risk of being disrupted by the transition away from coal and other fossil fuels: Coal companies seem content to say and do nothing [to transition to green energy], despite the even greater risks to coal as one of the dirtier and faster-declining fossil fuels … Case in point, coal companies Warrior Met Coal (HCC) and ...

CHARLOTTE, N.C., Sept. 12, 2024 /PRNewswire/ -- The Board of Directors of Nucor Corporation (NYSE: NUE) declared the regular quarterly cash dividend of $0.54 per share on Nucor's common stock. This cash dividend is payable on November 8, 2024 to stockholders of record on September 27, 2024 and is Nucor's 206th consecutive quarterly cash dividend.About Nucor Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Products prod ...

文章核心观点 - 钢铁行业存在两种主要生产方式:高炉法和电弧炉迷你钢厂[1][2] - 电弧炉迷你钢厂更具有抗周期性,在需求下滑时也能保持盈利[2] - 传统高炉钢厂如美国钢铁(X)和克利夫兰-克里夫斯(CLF)在景气周期中盈利波动大[3][4] - 纽科(NUE)和钢动力(STLD)等电弧炉钢厂业绩更加稳定,适合长期投资[5][6] 行业概况 - 钢铁是现代世界的关键建筑材料,需求前景良好,特别是大型基建项目[1] - 自2021年以来已有1.4万亿美元的大型项目宣布,将大量使用钢材[1] - 但钢铁股票具有周期性,需要选择能够经受整个周期的公司[1] 公司分析 - 高炉钢厂如克利夫兰-克里夫斯和美国钢铁在景气时期盈利能力强,但在低迷时期亏损严重[3] - 电弧炉钢厂如纽科和钢动力业绩相对稳定,不会像高炉钢厂那样在不景气时期大幅亏损[5][6] - 纽科是较大且更加多元化的公司,钢动力是增长较快的新兴公司,适合不同风险偏好的投资者[5] - 两家公司都有良好的分红记录,体现了抗周期能力[6] - 目前这两家公司股价较高位有20%-30%的回调,是不错的投资时机[10]

In the latest trading session, Nucor (NUE) closed at $141.71, marking a -1.88% move from the previous day. This change lagged the S&P 500's 0.16% loss on the day. On the other hand, the Dow registered a gain of 0.09%, and the technology-centric Nasdaq decreased by 0.3%.The steel company's stock has dropped by 3.69% in the past month, falling short of the Basic Materials sector's gain of 0.19% and the S&P 500's gain of 3.64%.The upcoming earnings release of Nucor will be of great interest to investors. The c ...

文章核心观点 - 公司股价在过去6个月内下跌22.4%,低于行业平均下跌17.2%,主要是由于钢铁行业需求放缓和供给过剩导致钢价大幅下跌,从而拖累了公司的盈利预测 [1] - 公司正在通过扩产和并购来推动业务增长,但当前钢价下行压制了公司的业绩前景 [3][4] - 公司保持良好的资本配置,通过分红和股票回购为股东创造价值 [5][6] - 公司面临的主要挑战是钢价大幅下跌,导致盈利能力下降,预计第三季度业绩将同比大幅下滑 [7][8][9][10] 关键要点总结 公司发展动态 - 公司持续投资扩大产能,包括建设新的钢厂和微型钢厂,以提高生产效率和盈利能力 [3] - 公司通过并购拓展业务范围,如收购Southwest Data Products和Rytec Corporation,进一步向下游延伸 [4] 资本运营 - 公司保持良好的财务状况,拥有充足的现金流和流动性,积极回报股东 [5][6] - 公司连续51年增加派息,目前股息收益率为1.4%,派息率较低,股息较为安全稳定 [6] 行业环境 - 钢价大幅下跌,主要受需求疲软和供给过剩的影响,拖累了公司的业绩 [7][8] - 制造业和建筑业活动放缓,导致钢材需求下降 [8] - 公司第三季度业绩预计将同比大幅下滑 [9][10] 估值分析 - 公司当前估值水平较高,与同行相比存在一定溢价 [11][12] - 公司股价年初至今跑输大盘,但表现优于主要同行 [13][14]

文章核心观点 - 期权市场显示投资者预期Nucor公司股票未来会出现大幅波动 [1][2] - 分析师对Nucor公司的业绩预期有所下调 [3] - 期权交易者可能会利用Nucor公司股票波动性高的特点进行期权交易 [4] 公司概况 - Nucor公司是一家钢铁生产商,目前在Zacks行业排名中位于钢铁生产商行业的底23% [3] 业绩预测 - 过去30天内,有2名分析师下调了对Nucor公司当前季度每股收益的预测,从之前的$2.48下调至$1.94 [3]

Financial stock market graph. Selective focus. Depicts TradingView financial market chart.gettyToday, I am bringing you something very special. Not only is the featured stock in this Model Portfolio, it is also on my Focus List Stocks: Long Model Portfolio.Now, you may be asking yourself, why would I give away something so valuable? The answer: I genuinely believe in improving the integrity of the stock market.The featured stock summary is an example of the research I do. It is not a full report, but I do t ...

It isn't easy earning the title of Dividend King. It's even more impressive, and interesting, when a company does it in a cyclical industry.With 50 consecutive annual dividend increases a company earns the title Dividend King. Nucor (NUE -3.04%) has increased its dividend each year for 51 consecutive years. That alone should make this company of interest to a lot of investors, but there's one more factor that you need to understand -- Nucor operates in the highly cyclical steel industry. Here's why that's s ...