I-Alleima (OTC: SAMHF) yinkampani esanda kuqhathaniswa njengoba yaphuma e-Sandvik (OTCPK:SDVKF) (OTCPK:SDVKY) engxenyeni yesibili ka-2022. isifiso sokukhula esiqondile futhi kungabi nje ukwehlukana kweqembu elikhulu lama-Sandvik.
U-Alleima ungumkhiqizi wezinsimbi ezingenasici ezithuthukisiwe, ama-alloys akhethekile namasistimu okushisa.Nakuba imakethe yensimbi engagqwali iyonke ikhiqiza amathani ayizigidi ezingu-50 ngonyaka, lokho okubizwa ngokuthi "okuthuthukisiwe" umkhakha wensimbi engagqwali kuphela amathani ayizigidi ezingu-2-4 ngonyaka, lapho i-Alleima isebenza khona.
Imakethe yama-alloys akhethekile ihlukile emakethe yensimbi engagqwali esezingeni eliphezulu njengoba le makethe ihlanganisa nama-alloys afana ne-titanium, zirconium ne-nickel.I-Alleima igxile emakethe ye-niche yamahhavini ezimboni.Lokhu kusho ukuthi i-Alleima igxile ekukhiqizeni amapayipi angenamthungo namapayipi ensimbi engagqwali, okuyingxenye yemakethe eqondile (isibonelo, izinto zokushintsha ukushisa, izinkaba zikawoyela negesi noma izinsimbi ezikhethekile zemimese yasekhishini).
Amasheya e-Alleima asohlwini lwe-Stockholm Stock Exchange ngaphansi kophawu lwethikha elithi ALLEI.Njengamanje kunamasheya angaphansi kwezigidi ezingu-251 asele, okuholela emakethe yamanje ye-SEK 10 billion.Ngezinga lokushintshana lamanje lika-10.7 SEK ukuya ku-1 USD, imali yemakethe yamanje cishe iyizigidi ezingu-935 USD (Ngizosebenzisa i-SEK njengohlobo lwemali oluyisisekelo kulesi sihloko).Isilinganiso somthamo wokuhweba wansuku zonke e-Stockholm singaba amasheya ayizigidi ezingu-1.2 ngosuku, okunikeza inani lemali elingaba yizigidi ezi-5 zamaRandi.
Ngenkathi i-Alleima ikwazi ukunyusa amanani, izilinganiso zayo zenzuzo zahlala ziphansi.Ngekota yesithathu, inkampani ibike imali engenayo engaphansi kuka-SEK 4.3 billion, futhi nakuba ikhuphuke cishe ngengxenye yesithathu uma iqhathaniswa nekota yesithathu yonyaka odlule, izindleko zezimpahla ezithengisiwe zenyuka ngaphezu kuka-50%, okuholele ekutheni ukwehla kwenzuzo iyonke.
Ngeshwa, ezinye izindleko nazo zenyuka, okuholele ekulahlekelweni kokusebenza kwezigidi ezingu-SEK 26.Kucatshangelwa izinto ezibalulekile ezingaphindi (kuhlanganise nezindleko ze-spin-off ezihlobene ne-de facto spin-off ye-Alleima evela e-Sandvik), i-Underlying and Adjusted EBIT yayingu-SEK 195 million, ngokusho kuka-Alleima.Lokhu empeleni kuwumphumela omuhle uma kuqhathaniswa nekota yesithathu yangonyaka odlule, ehlanganisa izinto eziphuma kanyekanye ze-SEK 172 million, okusho ukuthi i-EBIT engxenyeni yesithathu ka-2021 izoba yi-SEK 123 million kuphela.Lokhu kuqinisekisa ukukhuphuka okucishe kube ngama-50% kwe-EBIT engxenyeni yesithathu ka-2022 ngendlela elungisiwe.
Lokhu kusho futhi ukuthi kufanele sithathe ukulahlekelwa okuphelele kwe-SEK 154m ngohlamvu lukasawoti njengoba umphumela ongase ube khona kungaba ukuphuka noma ukusondela kuwo.Lokhu kuvamile, ngoba kunomphumela wesizini lapha: ngokwesiko, izinyanga zasehlobo e-Alleim zibuthakathaka kakhulu, njengoba kuyihlobo enyakatho nenkabazwe.
Lokhu kuphinde kuthinte ukuvela kwezimali zokusebenza njengoba i-Alleima ijwayele ukwakha amazinga e-inventory engxenyeni yokuqala yonyaka bese yenza imali ngalezo zimpahla engxenyeni yesibili.
Yingakho singeke nje siveze imiphumela yekota, noma ngisho nemiphumela engu-9M 2022, ukuze sibale ukusebenza konyaka ogcwele.
Uma sekushiwo, Isitatimende Sokugeleza Kwemali engu-9M 2022 sinikeza ukuqonda okuthakazelisayo kokuthi inkampani isebenza kanjani ngesisekelo esiyisisekelo.Ishadi elingezansi libonisa isitatimende sokugeleza kwemali futhi uyabona ukuthi ukungena kwemali okubikiwe okuvela emisebenzini bekukubi ku-SEK 419 million.Uphinde ubone ukuqoqwa kwemali esebenzayo ecishe ibe ngamabhiliyoni angu-SEK 2.1, okusho ukuthi ukugeleza kwemali okushintshiwe kucishe kufinyelele ku-SEK 1.67 billion futhi kungaphezudlwana kuka-SEK 1.6 bhiliyoni ngemva kokudonsa izinkokhelo zokuqasha.
Imali yokutshalwa kwezimali ngonyaka (isondlo + ukukhula) ilinganiselwa ezigidini ezingu-600 SEK, okusho ukuthi ukutshalwa kwezimali kwezimali okujwayelekile kwamakota amathathu okuqala kufanele kube ama-SEK ayizigidi ezingu-450, okungaphezudlwana kwezigidi ezingu-348 SEK ezisetshenziswe ngempela inkampani.Ngokusekelwe kule miphumela, ukuhamba kwemali kwamahhala okujwayelekile kwezinyanga eziyisishiyagalolunye zokuqala zonyaka cishe kungama-SEK 1.15 billion.
Ikota yesine isengase ibe ubuqili obuncane njengoba u-Alleima elindele ukuthi i-SEK 150m ibe nomthelela omubi emiphumeleni yekota yesine ngenxa yamazinga okushintshaniswa kwemali, amazinga ezimpahla nezintengo zensimbi.Kodwa-ke, kuvame ukugeleza okuqinile kwama-oda kanye namamajini aphezulu ngenxa yobusika enyakatho nenkabazwe.Ngicabanga ukuthi kungase kudingeke silinde kuze kube ngu-2023 (mhlawumbe ngisho sekupheleni kuka-2023) ukuze sibone ukuthi inkampani isiphatha kanjani isivunguvungu sesikhashana samanje.
Lokhu akusho ukuthi u-Alleima usesimeni esibi.Naphezu kwezivunguvungu zesikhashana, ngilindele ukuthi i-Alleima ibe nenzuzo engxenyeni yesine ngemali engenayo engu-SEK 1.1-1.2 billion, ephakeme kancane kulo nyaka wezimali wamanje.Isamba semali engenayo ye-SEK 1.15 bhiliyoni imelela inzuzo ngesheya ngalinye cishe e-SEK 4.6, okuphakamisa ukuthi amasheya ahweba cishe enzuzweni ephindwe izikhathi ezingu-8.5.
Enye yezinto engiyithokozela kakhulu ibhalansi eqinile ka-Alleima.U-Sandvik wenze kahle esinqumweni sakhe sokususa i-Alleima, ene-balance sheet engu-SEK 1.1 bhiliyoni engukheshi kanye namabhiliyoni angu-SEK angu-1.5 esikweletini samanje nesesikhathi eside ekupheleni kwekota yesithathu.Lokhu kusho ukuthi isamba sesikweletu silinganiselwa ezigidini ezingu-SEK 400 kuphela, kodwa i-Alleima ihlanganisa nezikweletu zokuqasha nezempesheni ekwethulweni kwayo kwenkampani.Isikweletu siphelele silinganiselwa ku-SEK 325 million, ngokusho kwenkampani.Ngilinde umbiko wonyaka ogcwele ukuze ngingene esikweletini “sesisemthethweni” sensalela, futhi ngingathanda ukubona ukuthi ukuguqulwa kwezinga lenzalo kungathinta kanjani ukushoda kwempesheni.
Kunoma ikuphi, isimo sezimali sika-Alleima sisonke (ngaphandle kwezikweletu zempesheni) singase sibonise isimo semali eyinsalela (nakuba lokhu kusalokhu kungaphansi kwezinguquko zengqalasizinda yokusebenza).Ukuqhuba inkampani ngaphandle kwezikweletu kuzoqinisekisa futhi inqubomgomo ye-dividend ye-Alleima yokusabalalisa u-50% wenzuzo evamile.Uma izilinganiso zami ze-FY 2023 zilungile, silindele inkokhelo ye-dividend engu-SEK 2.2–2.3 ngesheya ngalinye, okuholela enkolweni yenzuzo engu-5.5–6%.Izinga lentela elijwayelekile kumadividendi kwabangezona izakhamuzi zase-Swedish lingu-30%.
Nakuba kungase kuthathe isikhathi ukuthi i-Alleima ibonise ngempela imakethe ukuhamba kwemali kwamahhala engayikhiqiza, isitoko sibonakala sithandeka kakhulu.Ithatha isikhundla semali eyisamba semali engu-SEK 500 million ekupheleni konyaka ozayo kanye ne-EBITDA evamile futhi elungisiwe ye-SEK 2.3 billion, inkampani ihweba ku-EBITDA engaphansi kokuphindwe ka-4 kwe-EBITDA yayo.Imiphumela yamahhala yokungena nokuphuma kwemali ingase yeqe u-SEK 1 bhiliyoni ngo-2023, okufanele kuvule indlela yezinzuzo ezikhangayo kanye nokuqiniswa okwengeziwe kwe-balance sheet.
Okwamanje anginaso isikhundla e-Alleima, kodwa ngicabanga ukuthi kunezinzuzo zokuphothula u-Sandvik njengenkampani ezimele.
Inothi Lomhleli: Lesi sihloko sidingida isibambiso esisodwa noma eziningi ezingathengiswa ngokuhwebelana okukhulu kwase-US.Qaphela ubungozi obuhambisana nalezi zinyuso.
Cabangela ukujoyina i-European Small-Cap Ideas ukuze uthole ukufinyelela okukhethekile ocwaningweni olungasetshenzelwa ngamathuba okutshala imali agxile e-Europe futhi usebenzise isici sengxoxo ebukhoma ukuxoxa ngemibono nabantu abanomqondo ofanayo!
Ukudalula: Mina/asinaso isitoko, izinketho noma izikhundla ezifanayo zokuphuma kunoma iyiphi inkampani engenhla futhi asihlele ukuthatha lezo zikhundla emahoreni angama-72 alandelayo.Lesi sihloko sabhalwa yimi futhi siveza owami umbono.Angitholanga sinxephezelo (ngaphandle kokuthi Ukufuna i-Alpha).Anginabo ubudlelwano bebhizinisi nanoma yiziphi izinkampani ezibalwe kulesi sihloko.
Isikhathi sokuthumela: Jan-09-2023