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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Ferroglobe PLC    GSM   GB00BYW6GV68

FERROGLOBE PLC

(GSM)
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10/11Ferroglobe Announces Closing of $100 Million Asset-Based Revolving Credit Facility
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10/04Ferroglobe Provides Corporate Update
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10/01Ferroglobe Amends its Revolving Credit Facility
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Ferroglobe Reports First Quarter Results of 2019

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06/03/2019 | 04:08pm EDT
  • Q1 sales of $456.8 million, compared to $603.5 million in Q4 2018 and $560.7 million in Q1 2018
  • Q1 net loss of $(28.6) million compared to a net loss of $(74.2) million in Q4 2018 and a net profit of $35.6 million in Q1 2018
  • Q1 adjusted net loss attributable to parent of $(22.3) million compared to a net profit of $4.9 million in Q4 2018 and a net profit of $33.3 million in Q1 2018
  • Q1 adjusted EBITDA of $11.8 million compared to $32.1 million in Q4 2018 and $89.6 million in Q1 2018
  • Net debt at $419.7 million as of March 31, 2019, compared to $428.7 million at the end of the prior quarter
  • Cash position stable at $216.6 million. Total liquidity of $285.2 million.
  • On June 2, 2019, Ferroglobe entered into a definitive agreement to sell the hydro-electric operations of its non-core energy segment in Spain, together with the associated Cee-Dumbría factory (which will be subject to a tolling agreement between Ferroglobe and the factory´s owner), for estimated gross cash proceeds of €170 million (approximately $190 million)

LONDON, June 03, 2019 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), the world’s leading producer of silicon metal, and a leading silicon- and manganese-based specialty alloys producer, today announced results for the first quarter of 2019.

“Our Q1 results reflect a significant market downturn continuing into 2019. We have reacted swiftly, maintaining our cash position at $217 million, reducing our net debt and reaching a final agreement to divest non-core assets for $190 million,” said Pedro Larrea, CEO of Ferroglobe. “We continue to focus on deleveraging the company, with a target of reaching a net debt level below $200 million, and we have made significant progress in replacing our current RCF with a structure that eliminates leverage-based financial covenants.”

Earnings Highlights

In Q1 2019, Ferroglobe posted a net loss of $(28.6) million, or $(0.16) per share on a fully diluted basis. On an adjusted basis, Q1 2019 net loss was $(22.3) million, or $(0.13) per share on a fully diluted basis.

Q1 2019 reported EBITDA was $11.8 million, up from $(33.6) million in the prior quarter. On an adjusted basis, Q1 2019 EBITDA was $11.8 million, down 63.2% from Q4 2018 adjusted EBITDA of $32.1 million. The Company reported an adjusted EBITDA margin of 2.6% for Q1 2019, compared to an adjusted EBITDA margin of 5.3% for Q4 2018.

         
  Quarter Ended Quarter Ended Quarter Ended Year Ended
$,000 (unaudited) March 31, 2019 December 31, 2018 March 31, 2018 December 31, 2018
             
Revenue  $  456,790  $  603,519  $  560,704  $  2,274,038 
Net (loss) profit $  (28,554) $  (74,155) $  35,614  $  24,573 
Diluted EPS $  (0.16) $  (0.35) $  0.21  $  0.25 
Adjusted net (loss) income attributable to the parent$  (22,251) $  4,876  $  33,296  $  63,932 
Adjusted diluted EPS $  (0.13) $  0.02  $  0.19  $  0.36 
Adjusted EBITDA $  11,790  $  32,089  $  89,604  $  253,031 
Adjusted EBITDA margin  2.6%  5.3%  16.0%  11.1%
                 

“The challenging environment that began in the second half of last year continued into Q1, resulting in a decline in revenues and earnings.  Our focus on cash generation and strengthening our balance sheet during this period has improved our ability to successfully manage through this cyclical industry downturn,” said Mr. Larrea.

“The impact of production cuts, announced by ourselves and other producers, has been offset by a significant decline in demand across most of our end markets,” Mr. Larrea added. “We are cautiously optimistic that the markets will begin to improve toward the end of the year as higher cost producers continue to take capacity off-line.”

Cash Flow and Balance Sheet

Cash provided by operations during Q1 2019 was $8.7 million, with working capital decreasing by $5.0 million. Net debt was $419.7 million as of March 31, 2019, down from $428.7 million as of December 31, 2018.

“The change in market sentiment highlights our priority of de-risking the balance sheet.  Continuing in this effort, we are currently pursuing a refinancing of our revolving credit facility in order to remove leverage-based financial covenants, which in tandem with a quarter end cash balance of $216.6 million will provide the Company significant liquidity to endure this cyclical downturn,” commented Phil Murnane, CFO of Ferroglobe. “While our balance sheet is well positioned to see us through the downturn, we are evaluating further capacity curtailments, implementing a new cost cutting plan, and accelerating our cash generating initiatives.”

Sale of FerroAtlántica, S.A.U., with its ten hydroelectric facilities and associated ferroalloys plant

On June 2, 2019 Ferroglobe entered into a definitive agreement to sell the hydro-electric operations of its non-core energy segment in Spain, together with the Cee-Dumbría ferroalloys factory, for estimated gross cash proceeds of €170 million (approximately $190 million). Further details on this transaction appear in a separate press release issued concurrently herewith.

Other recent developments

Ferroglobe is making progress in pursuing financing alternatives and other opportunities to improve its capital structure. The terms, timing and structure of such transaction(s) will depend on market conditions and ongoing discussions in the coming weeks, but the proposed structure would involve a first-lien senior secured term loan secured by U.S. PP&E of up to $125 million and an asset backed loan secured by North American accounts receivable and inventories of up to $140 million. There can be no assurance that any transaction will be consummated, but the Company expects such refinancing to close during the month of June.

“The announced divestiture and the anticipated refinancing of our credit facility will strengthen our balance sheet, resulting in a pro-forma net debt level of around $235 million and significantly improving the Company’s ability to manage through any cyclical downturn,” said Mr. Larrea. “Nevertheless, we continue to focus on deleveraging the company, with a goal of reaching a net debt level below $200 million.”

Discussion of First Quarter 2019 Results

Sales

Sales for Q1 2019 of $456.8 million were 18.5% lower when compared to sales of $560.7 million for Q1 2018. Total shipments were up 3.6% and the average selling price was down 21.9% versus Q1 2018. Sales for Q1 2019 of $456.8 million were down 24.3% when compared to $603.5 million for Q4 2018. For Q1 2019, total shipments were down 23.1% and the average selling price was down 2.0% compared with Q4 2018.

             
  Quarter Ended Quarter Ended   Quarter Ended   Year Ended
  March 31, 2019 December 31, 2018 Change March 31, 2018 Change December 31, 2018
Shipments in metric tons:                
Silicon Metal    62,269    93,364 -33.3%    91,615 -32.0%    352,578
Silicon-based Alloys    81,801    81,197 0.7%    76,328 7.2%    311,703
Manganese-based Alloys    103,669    147,445 -29.7%    71,176 45.7%    424,358
Total shipments*    247,739    322,006 -23.1%    239,119 3.6%    1,088,639
                 
Average selling price ($/MT):                
Silicon Metal $  2,358 $  2,429 -2.9% $  2,762 -14.6% $  2,647
Silicon-based Alloys $  1,669 $  1,719 -2.9% $  1,956 -14.7% $  1,845
Manganese-based Alloys $  1,172 $  1,158 1.2% $  1,375 -14.8% $  1,244
Total* $  1,634 $  1,668 -2.0% $  2,092 -21.9% $  1,870
                 
Average selling price ($/lb.):                
Silicon Metal $  1.07 $  1.10 -2.9% $  1.25 -14.6% $  1.20
Silicon-based Alloys $  0.76 $  0.78 -2.9% $  0.89 -14.7% $  0.84
Manganese-based Alloys $  0.53 $  0.53 1.2% $  0.62 -14.8% $  0.56
Total* $  0.74 $  0.76 -2.0% $  0.95 -21.9% $  0.85
                 
* Excludes by-products and other 
 

Sales Prices & Volumes By Product

During Q1 2019, average selling prices decreased by 2.0% for total products as compared to Q4 2018.  Q1 average selling prices of silicon metal decreased 2.9%, silicon-based alloys decreased 2.9%, and manganese-based alloys increased 1.2%. During Q1 2019, sales volumes decreased by 23.1% as compared to Q4 2018.  Q1 sales volumes of silicon metal decreased 33.3%, silicon-based alloys increased 0.7%, and manganese-based alloys decreased 29.7% as compared to Q4 2018.

Cost of Sales

Cost of sales was $329.5 million in Q1 2019, a decrease from $448.3 million in Q4 2018.  Cost of sales as a percentage of sales decreased to 72.1% in Q1 2019 from 74.3% for Q4 2018.

Staff Costs

Staff costs was $74.8 million in Q1 2019, a decrease from $81.2 million in Q4 2018, primarily due to the reduction of wages as a result of the idling of Niagara Falls, New York and Selma, Alabama plants. 

Operating Loss

Operating loss was $(20.3) million in Q1 2019 compared to an operating loss of $(63.6) million in Q4 2018. Q4 2018 operating loss included $58.9 million of impairment losses and a reduction of the bargain purchase gain relating to the acquisition of the manganese smelting assets at Dunkirk and Mo i Rana of $4.5 million. 

Net Loss Attributable to the Parent

In Q1 2019, net loss attributable to the Parent was $(26.8) million, or $(0.16) per diluted share, compared to a net loss attributable to the Parent of $(59.2) million, or ($0.35) per diluted share in Q4 2018.

Adjusted EBITDA

In Q1 2019, adjusted EBITDA was $11.8 million, or 2.6% of sales, compared to adjusted EBITDA of $32.1 million, or 5.3% of sales in Q4 2018.

Conference Call

Ferroglobe management will review the first quarter results of 2019 during a conference call at 9:00 a.m. Eastern Time on June 4, 2019.

The dial-in number for participants in the United States is 877‑293‑5491 (conference ID 2180878). International callers should dial +1 914‑495‑8526 (conference ID 2180878). Please dial in at least five minutes prior to the call to register. The call may also be accessed via an audio webcast available at https://edge.media-server.com/m6/p/3578ay6h.

About Ferroglobe

Ferroglobe is one of the world’s leading suppliers of silicon metal, silicon-based and manganese-based specialty alloys and other ferroalloys, serving a customer base across the globe in dynamic and fast-growing end markets, such as solar, automotive, consumer products, construction and energy. The Company is based in London. For more information, visit http://investor.ferroglobe.com.

Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of U.S. securities laws. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe the Company’s future plans, strategies and expectations. Forward-looking statements often use forward-looking terminology, including words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “forecast”, “guidance”, “intends”, “likely”, “may”, “plan”, “potential”, “predicts”, “seek”, “will” and words of similar meaning or the negative thereof.

Forward-looking statements contained in this press release are based on information currently available to the Company and assumptions that management believe to be reasonable, but are inherently uncertain. As a result, Ferroglobe’s actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control.

Forward-looking financial information and other metrics presented herein represent the Company’s goals and are not intended as guidance or projections for the periods referenced herein or any future periods.

All information in this press release is as of the date of its release. Ferroglobe does not undertake any obligation to update publicly any of the forward-looking statements contained herein to reflect new information, events or circumstances arising after the date of this press release. You should not place undue reliance on any forward-looking statements, which are made only as of the date of this press release.

Non-IFRS Measures

EBITDA, adjusted EBITDA, adjusted profit per ordinary share, and adjusted profit are non-IFRS financial metrics that, we believe, are pertinent measures of Ferroglobe’s success. Ferroglobe has included these financial metrics to provide supplemental measures of its performance. The Company believes these metrics are important because they eliminate items that have less bearing on the Company’s current and future operating performance and highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures.

INVESTOR CONTACT:

Gaurav Mehta
EVP – Investor Relations
Email:   investor.relations@ferroglobe.com

 
Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Income Statement
(in thousands of U.S. dollars, except per share amounts)
              
  Quarter Ended Quarter Ended Quarter Ended Year Ended 
  March 31, 2019 December 31, 2018 March 31, 2018 December 31, 2018 
Sales $  456,790  $  603,519  $  560,704  $  2,274,038  
Cost of sales    (329,492)    (448,333)    (320,678)    (1,447,354) 
Other operating income    14,083     25,039     6,786     46,037  
Staff costs    (74,757)    (81,230)    (82,423)    (341,064) 
Other operating expense    (54,297)    (73,160)    (70,862)    (283,930) 
Depreciation and amortization charges, operating allowances and write-downs    (32,077)    (30,062)    (28,016)    (119,137) 
Bargain purchase gain    —     (4,491)    —     40,142  
Impairment losses    (140)    (58,919)    —     (58,919) 
Other (loss) gain    (397)    4,005     (37)    6,941  
Operating (loss) profit    (20,287)    (63,632)    65,474      116,754   
Net finance expense    (14,756)    (15,128)    (13,156)    (56,648) 
Financial derivatives gain (loss)    1,264     1,383     (1,765)    2,838  
Exchange differences    (1,479)    (3,086)    729     (14,136) 
(Loss) profit before tax    (35,258)    (80,463)    51,282      48,808   
Income tax benefit (expense)     6,704     6,308     (15,668)    (24,235) 
(Loss) profit for the period    (28,554)    (74,155)    35,614      24,573   
Loss attributable to non-controlling interest    1,724     14,943     1,066     19,088  
(Loss) profit attributable to the parent $  (26,830) $  (59,212) $  36,680   $  43,661   
              
              
EBITDA $  11,790  $  (33,570) $  93,490  $  235,891  
Adjusted EBITDA $  11,790  $  32,089  $  89,604  $  253,031  
              
Weighted average shares outstanding             
Basic    170,183     170,183     171,977     171,406  
Diluted    170,183     170,183     172,215     171,530  
              
(Loss) profit per ordinary share             
Basic $  (0.16) $  (0.35) $  0.21  $  0.25  
Diluted $  (0.16) $  (0.35) $  0.21  $  0.25  

 

 
Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Statement of Financial Position
(in thousands of U.S. dollars)
           
  March 31, December 31, March 31,
  2019 2018 2018
ASSETS
Non-current assets          
Goodwill $   203,472 $  202,848 $  204,537
Other intangible assets     69,399    51,822    61,774
Property, plant and equipment     890,436    888,862    980,101
Non-current financial assets      54,979    70,343    147,744
Deferred tax assets     7,135    14,589    6,581
Non-current receivables from related parties     2,247    2,288    2,464
Other non-current assets     10,435    10,486    32,125
Total non-current assets     1,238,103     1,241,238     1,435,326
Current assets          
Inventories     451,753    456,970    493,108
Trade and other receivables     127,992    155,996    142,641
Current receivables from related parties     6,556    14,226    8,841
Current income tax assets     26,855    27,404    6,524
Current financial assets     2,191    2,523    897
Other current assets     13,721    8,813    16,095
Cash and cash equivalents     216,627    216,647    197,669
Total current assets     845,695     882,579     865,775
Total assets $   2,083,798  $  2,123,817  $  2,301,101
           
EQUITY AND LIABILITIES
Equity $   855,099  $  884,372  $  979,504
Non-current liabilities          
Deferred income     11,676    1,434    7,321
Provisions     76,613    75,787    82,957
Bank borrowings     131,366    132,821    71,242
Lease liabilities     66,992    53,472    68,101
Debt instruments      342,222    341,657    341,036
Other financial liabilities     27,109    32,788    58,288
Other non-current liabilities     25,080    25,030    64,457
Deferred tax liabilities     61,887    77,379    64,733
Total non-current liabilities     742,945     740,368     758,135
Current liabilities          
Provisions     47,619    40,570    30,162
Bank borrowings     19,100    8,191    850
Lease liabilities     20,616    12,999    13,478
Debt instruments      2,734    10,937    2,735
Other financial liabilities     51,618    52,524    91,243
Payables to related parties     12,199    11,128    10,671
Trade and other payables     228,649    256,823    298,438
Current income tax liabilities     4,369    2,335    5,889
Other current liabilities     98,850    103,570    109,996
Total current liabilities     485,754     499,077     563,462
Total equity and liabilities $   2,083,798  $  2,123,817  $  2,301,101
           

 

Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Statement of Cash Flows
(in thousands of U.S. dollars)
               
  Quarter Ended Quarter Ended Quarter Ended  Year Ended 
  March 31, 2019 December 31, 2018 March 31, 2018  December 31, 2018 
Cash flows from operating activities:              
(Loss) profit for the period $  (28,554) $  (74,155) $  35,614    $  24,573   
Adjustments to reconcile net (loss) profit
to net cash used by operating activities:
              
Income tax (benefit) expense    (6,704)    (6,308)    15,668      24,235  
Depreciation and amortization charges,
operating allowances and write-downs
    32,077     30,062     28,016      119,137  
Net finance expense    14,756     15,128     13,156      56,648  
Financial derivatives (gain) loss    (1,264)    (1,383)    1,765      (2,838) 
Exchange differences    1,479     3,086     (729)     14,136  
Impairment losses    140     58,919     —      58,919  
Bargain purchase gain    —     4,491     —      (40,142) 
Share-based compensation    1,332     1,016     699      2,798  
Other adjustments    397     (4,005)    37      (6,941) 
Changes in operating assets and liabilities              
Decrease (increase) in inventories    35     91,173     (107,481)     (101,024) 
Decrease (increase) in trade receivables    28,371     (12,261)    (513)     (25,807) 
(Decrease) increase in trade payables    (22,967)    5,772     70,375      55,410  
Other    9,787     6,509     (49,770)     (25,901) 
Income taxes paid    (1,680)    (6,983)    (9,982)     (36,408) 
Interest paid    (18,508)    (4,360)    (17,301)     (43,018) 
Net cash provided (used) by operating activities    8,697      106,701      (20,446)     73,777   
Cash flows from investing activities:              
Interest and finance income received    390     843     79      3,833  
Payments due to investments:              
Acquisition of subsidiary    —     —     (20,379)     (20,379) 
Other intangible assets    (134)    (240)    (703)     (3,313) 
Property, plant and equipment    (13,448)    (28,131)    (22,531)     (106,136) 
Disposals:              
Disposal of subsidiary    —     20,533     —      20,533  
Other non-current assets    —     —     —      12,734  
Other    1,759     —     4,010      6,853  
Net cash used by investing activities    (11,433)    (6,995)    (39,524)     (85,875) 
Cash flows from financing activities:              
Dividends paid    —     —     —      (20,642) 
Payment for debt issuance costs    (705)    (429)    (4,476)     (4,905) 
Repayment of other financial liabilities    —     —     —      (33,096) 
Increase/(decrease) in bank borrowings:              
Borrowings    31,850     6,882     182,364      252,200  
Payments    (20,811)    —     (106,514)     (106,514) 
Proceeds from stock option exercises    —     —     —      240  
Other amounts paid due to financing activities    (5,708)    (3,178)    (2,987)     (13,880) 
Payments to acquire or redeem own shares    —     (16,598)    —      (20,100) 
Net cash provided (used) by financing activities    4,626      (13,323)    68,387       53,303   
Total net cash flows for the period    1,890      86,383      8,417       41,205   
Beginning balance of cash and cash equivalents    216,647     131,671     184,472      184,472  
Exchange differences on cash and
cash equivalents in foreign currencies
    (1,910)    (1,407)    4,780      (9,030) 
Ending balance of cash and cash equivalents $  216,627   $  216,647   $  197,669    $  216,647   
               

Adjusted EBITDA ($,000):

 

  Quarter Ended Quarter Ended Quarter Ended Year Ended
  March 31, 2019 December 31, 2018 March 31, 2018 December 31, 2018
(Loss) profit attributable to the parent $  (26,830) $  (59,212) $  36,680   $  43,661  
Loss attributable to non-controlling interest    (1,724)    (14,943)    (1,066)    (19,088)
Income tax (benefit) expense     (6,704)    (6,308)    15,668     24,235 
Net finance expense    14,756     15,128     13,156     56,648 
Financial derivatives (gain) loss    (1,264)    (1,383)    1,765     (2,838)
Exchange differences    1,479     3,086     (729)    14,136 
Depreciation and amortization charges, operating allowances and write-downs    32,077     30,062     28,016     119,137 
EBITDA    11,790      (33,570)    93,490      235,891  
Impairment    —     65,300     —     65,300 
Revaluation of biological assets    —     7,615     —     7,615 
Bargain purchase gain    —     4,491     —     (40,142)
Gain on sale of hydro plant assets    —     (11,747)    —     (11,747)
Share-based compensation    —     —     (3,886)    (3,886)
Adjusted EBITDA $  11,790   $  32,089   $  89,604   $  253,031  
             

Adjusted profit attributable to Ferroglobe ($,000):

  Quarter Ended Quarter Ended Quarter Ended Year Ended
  March 31, 2019 December 31, 2018 March 31, 2018 December 31, 2018
(Loss) profit attributable to the parent $  (26,830) $  (59,212) $  36,680   $  43,661  
Tax rate adjustment    4,579     19,440     (742)    8,616 
Impairment    —     44,404     —     44,404 
Revaluation of biological assets    —     5,178     —     5,178 
Bargain purchase gain    —     3,054     —     (27,297)
Gain on sale of hydro plant assets    —     (7,988)    —     (7,988)
Share-based compensation    —     —     (2,642)    (2,642)
Adjusted (loss) profit attributable to the parent $  (22,251) $  4,876   $  33,296   $  63,932  
             

Adjusted diluted profit per share:

  Quarter Ended Quarter Ended Quarter Ended Year Ended
  March 31, 2019 December 31, 2018 March 31, 2018 December 31, 2018
Diluted (loss) profit per ordinary share $  (0.16) $  (0.35) $  0.21   $  0.25  
Tax rate adjustment    0.03     0.11        0.05 
Impairment    —     0.26     —     0.26 
Revaluation of biological assets    —     0.03     —     0.03 
Bargain purchase gain    —     0.02     —     (0.16)
Gain on sale of hydro plant assets    —     (0.05)    —     (0.05)
Share-based compensation    —     —     (0.02)    (0.02)
Adjusted diluted (loss) profit per ordinary share $  (0.13) $  0.02   $  0.19   $  0.36  
             

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Financials (USD)
Sales 2019 1 659 M
EBIT 2019 -108 M
Net income 2019 -124 M
Debt 2019 292 M
Yield 2019 -
P/E ratio 2019 -1,05x
P/E ratio 2020 -6,08x
EV / Sales2019 0,25x
EV / Sales2020 0,22x
Capitalization 130 M
Chart FERROGLOBE PLC
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Ferroglobe PLC Technical Analysis Chart | MarketScreener
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Technical analysis trends FERROGLOBE PLC
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 4
Average target price 2,50  $
Last Close Price 0,77  $
Spread / Highest target 500%
Spread / Average Target 226%
Spread / Lowest Target 82,7%
EPS Revisions
Managers
NameTitle
Pedro Larrea Paguaga Chief Executive Officer & Director
Francisco Javier López Madrid Executive Chairman
Benoist Ollivier EVP-Technology & Production
Greger Hamilton Independent Non-Executive Director
Juan Villar-Mir de Fuentes Non-Executive Director