CONSENSUS: Analysts expect TMK first net profits to triple in H1
MOSCOW. Sept 1 (Interfax) - Analysts at seven investment companies and banks surveyed by Interfax anticipate that net profits at OJSC Pipe Metallurgical Company (TMK) to International Financial Reporting Standards (IFRS) will have tripled in the first half to $210 million.
The consensus forecast for consolidated H1 sales revenues is $3.38 billion (up 32% year-on-year) and for EBITDA (earnings before interest, taxes, depreciation, and amortization) - $594 million (up 43%).
The company plans to release its consolidated IFRS report on Friday, September 2.
Forecast TMK IFRS financial highlights for H1 2011 ($mln, unless otherwise noted):
| Investment bank or company | Sales revenue | EBITDA | Net profits |
| Deutsch Bank | 3 405 | 606 | 223 |
| ING | 3 360 | 584 | 206 |
| Morgan Stanley | 3 394 | 586 | 197 |
| Alfa Bank | 3 300 | 575 | 180 |
| VTB Capital | 3 346 | 583 | 200 |
| Renaissance Capital | 3 446 | 617 | 234 |
| Uralsib Capital | 3 414 | 608 | 233 |
| Consensus | 3 381 | 594 | 210 |
| H1 2010 | 2 566 | 415 | 67 |
| Change | 32% | 43% | 3-fold |
As reported, TMK increased product shipments 16% to 2.2 million tonnes in H1 and 1% to 1.09 million tonnes in Q2.
The company expects the Q2 EBITDA and EBITDA margin will not change much from Q1 ($293 million and 18%).
TMK is a major Russian pipe producer, making product in Russia, the United States, Romania, and Kazakhstan. It shipped 3.969 million tonnes of pipe last year, 42% more than the year before. At the start of this year, 69.7% of the company stock was in the hands of Dmitry Pumpyansky (through TMK Steel).
