Ua ʻoi aku ka maikaʻi o ka loaʻa kālā o Cleveland Cliffs (NYSE:CLF) no ka hapaha ʻelua ma mua o ka loaʻa kālā akā ua emi iho ma mua o kāna kuhi EPS ma -13.7%. He hoʻopukapuka maikaʻi anei nā waihona CLF?
Ua hōʻike ʻo Cleveland-Cliffs (NYSE:CLF) i kēia lā i nā loaʻa kālā no ka hapaha ʻelua i pau i Iune 30, 2022. ʻO ka loaʻa kālā o ka hapaha ʻelua o $6.3 biliona i lanakila ma mua o ka wānana a nā mea loiloi FactSet o $6.12 biliona, i piʻi aʻe he 3.5% me ka manaʻo ʻole ʻia. ʻOiai ʻo ka EPS o $1.14 e hāʻule ana ma lalo o ka manaʻo kuikahi o $1.32, he ʻokoʻa hoʻohoka ia -13.7%.
Ua emi iho nā ʻāpana o ka mea hana kila ʻo Cleveland-Cliffs Inc (NYSE:CLF) ma mua o 21% i kēia makahiki.
ʻO Cleveland-Cliffs Inc (NASDAQ: CLF) ka mea hana kila pālahalaha nui loa ma ʻAmelika ʻĀkau. Hoʻolako ka ʻoihana i nā pellets hao hao i ka ʻoihana kila ʻAmelika ʻĀkau. Ke hana nei ia i ka hana ʻana i ka metala a me ka coke, ka hana ʻana i ka hao, ke kila, nā huahana i ʻōwili ʻia a me nā mea hoʻopau, a me nā ʻāpana paipu, nā sila a me nā mea hana.
Ua hoʻohui ʻia ka ʻoihana ma ke ʻano kū pololei mai nā mea maka, ka hoʻemi pololei a me ka ʻōpala i ka hana kila mua a me ka hoʻopau ʻana ma hope, ka hehi ʻana, nā mea hana a me nā paipu.
Ua hoʻokumu ʻia ʻo Cliffs i ka makahiki 1847 ma ke ʻano he mea hoʻokele mine me ke keʻena nui ma Cleveland, Ohio. Hoʻolimalima ka ʻoihana ma kahi o 27,000 mau kānaka ma ʻAmelika ʻĀkau.
ʻO ka ʻoihana kekahi ka mea hoʻolako nui loa o ke kila i ka ʻoihana kaʻa ma ʻAmelika ʻĀkau. Lawelawe ia i nā mākeke ʻē aʻe he nui me ka laulā o nā huahana kila pālahalaha.
Ua loaʻa iā Cleveland-Cliffs kekahi mau makana ʻoihana hanohano no kāna hana i ka makahiki 2021 a ua helu ʻia ʻo ia ma ka helu 171 ma ka papa inoa Fortune 500 2022.
Me ke kūʻai ʻana o ArcelorMittal USA lāua ʻo AK Steel (i hoʻolaha ʻia i ka makahiki 2020) a me ka pau ʻana o ka hale hana hōʻemi pololei ma Toledo, ua lilo ʻo Cleveland-Cliffs i ʻoihana kila kila i hoʻohui ʻia ma ke ʻano kū pololei.
I kēia manawa, loaʻa iā ia ka pōmaikaʻi kūikawā o ka lawa ponoʻī ʻana, mai ka ʻeli ʻana i nā mea maka a hiki i nā huahana kila, nā ʻāpana tubular, nā sila a me nā mea hana.
Ua kūlike kēia me nā hopena hapa makahiki o CLF o $12.3 biliona i ka loaʻa kālā a me $1.4 biliona i ka loaʻa kālā net. ʻO ka loaʻa kālā i hoʻoheheʻe ʻia ma kēlā me kēia mahele he $2.64. Ke hoʻohālikelike ʻia me nā mahina ʻeono mua o 2021, ua hoʻopaʻa ka hui i $9.1 biliona i ka loaʻa kālā a me $852 miliona i ka loaʻa kālā net, a i ʻole $1.42 no kēlā me kēia mahele i hoʻoheheʻe ʻia.
Ua hōʻike ʻo Cleveland-Cliffs i $2.6 biliona ma ka EBITDA i hoʻoponopono ʻia no ka hapa mua o 2022, i piʻi aʻe mai $1.9 biliona i kēlā me kēia makahiki.
Hōʻike kā mākou hopena o ka hapaha ʻelua i ka hoʻokō mau ʻana o kā mākou hoʻolālā. ʻOi aku ka pālua o ke kahe kālā manuahi ma mua o ka hapaha ma ka hapaha, a ua hiki iā mākou ke hoʻokō i kā mākou hōʻemi ʻaiʻē hapaha nui loa mai ka hoʻomaka ʻana o kā mākou hoʻololi ʻana i kekahi mau makahiki i hala aku nei, ʻoiai e hāʻawi ana i kahi hoʻihoʻi paʻa ma ke kaulike ma o ke kūʻai hou ʻana i nā ʻāpana.
Manaʻo mākou e hoʻomau kēia kahe kālā manuahi olakino i ko mākou komo ʻana i ka hapa lua o ka makahiki, i hoʻokele ʻia e nā koi capex haʻahaʻa, ka hoʻokuʻu wikiwiki ʻana o ke kapikala hana a me ka hoʻohana nui ʻana i nā ʻaelike kūʻai kumukūʻai paʻa. Eia kekahi, manaʻo mākou e piʻi hou aʻe nā ASP no kēia mau ʻaelike paʻa ma hope o ka hoʻonohonoho hou ʻana ma ʻOkakopa 1.
ʻO $23 miliona, a i ʻole $0.04 no kēlā me kēia mahele i hoʻoheheʻe ʻia, ka hōʻemi wikiwiki ʻana e pili ana me ka manawa pau ʻole o ka hale hana coking Middletown.
Loaʻa kālā ʻo Cleveland-Cliffs ma ke kūʻai aku ʻana i nā ʻano kila āpau. ʻOi aku ka ʻōwili wela, ʻōwili anu, uhi ʻia, kila kila / uila, pepa a me nā huahana kila ʻē aʻe. ʻO nā mākeke hope loa e lawelawe ai ʻo ia ka kaʻa, nā ʻoihana hana a me nā hana, nā mea hoʻolaha a me nā mea hana, a me nā mea hana kila.
ʻO ke kūʻai aku ʻupena o ke kila i ka hapaha ʻelua he 3.6 miliona tone, me 33% i uhi ʻia, 28% i ʻōwili wela ʻia, 16% i ʻōwili anu ʻia, 7% pā kaumaha, 5% kila kila a me nā huahana uila, a me 11% nā huahana ʻē aʻe. me nā pā a me nā alahao.
Ke kālepa ʻia nei nā ʻāpana CLF ma kahi lakio kumukūʻai-i-ka-loaʻa (P/E) o 2.5 i hoʻohālikelike ʻia me ka awelika ʻoihana o 0.8. ʻOi aku ke kiʻekiʻe o kāna lakio kumukūʻai-i-ka-waiwai puke (P/BV) o 1.4 ma mua o ka awelika ʻoihana o 0.9. ʻAʻole uku nā ʻāpana Cleveland-Cliffs i nā dividends i nā mea kuleana.
Hāʻawi ka lakio ʻaiʻē net i ka EBITDA iā mākou i kahi manaʻo maʻamau o ka lōʻihi o ka manawa e uku ai kahi ʻoihana i kāna ʻaiʻē. Ua emi ka lakio ʻaiʻē net/EBITDA o nā ʻāpana CLF mai 12.1 i ka makahiki 2020 a i 1.1 i ka makahiki 2021. Ua hoʻokele ʻia ka lakio kiʻekiʻe i ka makahiki 2020 e nā loaʻa. Ma mua o kēlā, ua noho mau ia ma 3.4 no ʻekolu mau makahiki i ka lālani. ʻO ka hoʻomaʻamaʻa ʻana o ka lakio o ka ʻaiʻē net i ka EBITDA ua hōʻoluʻolu i nā mea kuleana.
I ka hapaha ʻelua, ua komo pū ke kumukūʻai kūʻai aku o ke kila (COGS) me $242 miliona o nā lilo keu/ʻaʻole hana hou. ʻO ka hapa nui o kēia e pili ana i ka hoʻonui ʻana o ka manawa hana ʻole ma Blast Furnace 5 ma Cleveland, ʻo ia hoʻi nā hoʻoponopono hou aʻe i ka hale hana hoʻomaʻemaʻe wai kūloko a me ka hale hana mana.
Ua ʻike pū ka hui i ka piʻi ʻana o nā kumukūʻai ma kēlā me kēia hapaha a me kēlā me kēia makahiki i ka piʻi ʻana o nā kumukūʻai no ke kinoea kūlohelohe, ka uila, ka ʻōpala a me nā metala hao.
He ʻāpana koʻikoʻi ke kila o ka hoʻololi ikehu honua, ka mea e hōʻoiaʻiʻo ai i ka hoʻomau ʻana o nā mahele CLF i ka wā e hiki mai ana. Pono ka nui o ke kila no ka hana ʻana o ka makani a me ka ikehu lā.
Eia kekahi, pono e hoʻoponopono hou ʻia nā ʻoihana kūloko e hana i kahi no ka neʻe ʻana o ka ikehu maʻemaʻe. He kūlana kūpono kēia no nā ʻāpana o Cleveland-Cliffs, nona ka manawa kūpono e pōmaikaʻi ai mai ka piʻi ʻana o ke koi no ke kila kūloko.
ʻO ko mākou alakaʻi ʻana i ka ʻoihana kaʻa e hoʻokaʻawale iā mākou mai nā ʻoihana kila ʻē aʻe a pau ma ʻAmelika Hui Pū ʻIa. ʻO ke kūlana o ka mākeke kila i loko o hoʻokahi makahiki a me ka hapa i hala aku nei ua hoʻokele nui ʻia e ka ʻoihana kūkulu hale, ʻoiai ua emi loa ka ʻoihana kaʻa ma hope, ma muli nui o nā pilikia kaulahao lako ʻole kila. Eia nō naʻe, ua nui loa ka noi a nā mea kūʻai aku no nā kaʻa, nā SUV a me nā kalaka i ka wā i ʻoi aku ai ka noi no nā kaʻa ma mua o ka hana ʻana no nā makahiki ʻelua.
I ka hoʻomau ʻana o kā mākou mea kūʻai aku kaʻa e hoʻoponopono i nā pilikia o ke kaulahao lako, ke piʻi nei ke koi i hoʻopaʻa ʻia no nā kaʻa uila, a ke hopu nei ka hana ʻana i nā kaʻa ohua, ʻo Cleveland-Cliffs ka mea nui e pōmaikaʻi ai kēlā me kēia hui kila o ʻAmelika. I ke koena o kēia makahiki a me ka makahiki aʻe, e ʻike ʻia kēia ʻokoʻa koʻikoʻi ma waena o kā mākou ʻoihana a me nā mea hana kila ʻē aʻe.
Ma muli o ke kaʻina hana o kēia manawa no ka makahiki 2022, ʻo ia hoʻi, ʻo ke kumukūʻai awelika o ka HRC index he $850 no ka tone upena ma mua o ka hopena o ka makahiki, a manaʻo ʻo Cleveland-Cliffs e pili ana ke kumukūʻai kūʻai aku awelika ma 2022 i $1,410 no ka tone upena. he piʻi nui ia o nā ʻaelike kumukūʻai paʻa, kahi a ka hui e manaʻo nei e kūkākūkā hou ma ʻOkakopa 1, 2022.
He hui ʻo Cleveland-Cliffs e kū nei i ke koi cyclical. ʻO ke ʻano kēia, hiki ke loli kāna loaʻa kālā, ʻo ia ke kumu e loli ai ke kumukūʻai o nā ʻāpana CLF.
Ke neʻe nei nā waiwai i ka piʻi ʻana o nā kumukūʻai ma muli o nā hoʻopilikia ʻana o ke kaulahao lako i hoʻonui ʻia e ka maʻi ahulau a me ke kaua ma Ukraine. Akā i kēia manawa, ke hoʻāla nei ka hoʻonui ʻia ʻana o ke kumukūʻai a me ka piʻi ʻana o nā uku paneʻe i ka hopohopo no ka hoʻokele waiwai honua, e hoʻolilo ana i ka noi e hiki mai ana i mea kānalua.
I nā makahiki i hala iho nei, ua ulu ʻo Cleveland-Cliffs mai kahi ʻoihana mea maka like ʻole i kahi mea hana hao hao kūloko a ʻo ia ka mea hana nui loa o nā huahana pālahalaha ma ʻAmelika Hui Pū ʻIa a me Kanada.
No nā mea hoʻopukapuka kālā lōʻihi, he nani paha ke ʻano o ka waihona kālā ʻo Cleveland-Cliffs. Ua lilo ia i hui ikaika e hiki ke ulu no ka manawa lōʻihi.
ʻO Rūsia a me Ukraine ʻelua o nā mea hoʻopuka kila ʻelima kiʻekiʻe loa o ka honua. Eia nō naʻe, ʻaʻole hilinaʻi ʻo Cleveland-Cliffs i kekahi o ia mau mea, e hāʻawi ana i ka waihona CLF i kahi pono kūloko ma mua o kona mau hoa.
Eia nō naʻe, no nā mea kānalua a pau o ka honua, he maopopo ʻole nā ​​wānana ulu waiwai. Ua hāʻule ka hilinaʻi i ka ʻoihana hana i ka wā i hoʻomau ai nā hopohopo no ka hoʻokele waiwai e kau i ke kaomi ma luna o nā waihona waiwai.
He ʻoihana pōʻaiapuni ka ʻoihana kila, a ʻoiai aia kahi hihia ikaika no ka piʻi ʻana o ka waihona CLF, ʻaʻole ʻike ʻia ka wā e hiki mai ana. Inā pono ʻoe e hoʻopukapuka kālā i ka waihona Cleveland-Cliffs, aia ia i kou makemake pilikia a me ka manawa hoʻopukapuka.
ʻAʻole hāʻawi kēia ʻatikala i kekahi ʻōlelo aʻoaʻo kālā a ʻōlelo paha i ke kālepa ʻana i kekahi mau palekana a huahana paha. Hiki ke emi ke kumukūʻai o nā hoʻopukapuka kālā a hiki i nā mea hoʻopukapuka kālā ke nalowale kekahi a i ʻole nā ​​​​mea hoʻopukapuka kālā āpau. ʻAʻole ka hana i hala he hōʻailona o ka hana e hiki mai ana.
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ʻAʻole mākou i hoʻoponopono ʻia e ka Financial Conduct Authority. ʻAʻole hiki iā ʻoe ke waiho i kahi hoʻopiʻi me ka Financial Ombudsman Service a ʻaʻole hoʻi e ʻimi i ka uku mai ka Financial Services Compensation Scheme. Hiki ke piʻi a hāʻule paha ke kumukūʻai o nā hoʻopukapuka kālā āpau, no laila e nalowale paha kekahi a i ʻole kāu hoʻopukapuka kālā āpau. ʻAʻole ka hana i hala he hōʻailona o ka hana i ka wā e hiki mai ana.
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