GrafTech International Ltd

Graftech Q1 2022: Debt Deleveraging Continues, LTA Pricing Overhang An Issue

Equity Bottom-Up
252 Views, 09 May 2022 22:47
EXECUTIVE SUMMARY
  • GrafTech International Ltd (EAF US) reported solid results for Q1 2022. The stock still continues to look cheap at 4.7x FY22 PE.
  • The debt deleveraging target of 400 mn USD a year seems on track, and the company will be zero debt by FY23. FCF yield is 24% at the current price.
  • The company also bought back 30 mn USD of stock (3 mn shares @9.88 USD/share representing 1.1% of the outstanding shares) in Q1 2022. 
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Sameer Taneja
Equity, Bottom-up Analyst
Investics Research
Equity Bottom-UpThematic (Sector/Industry)

Equity Bottoms up analyst Ex-Kelusa ( 2007-2015). Covered over 80 stocks in the industrials and materials sector.

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