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1. Company Snapshot

1.a. Company Description

Cognor Holding S.A. engages in the production and distribution of steel products in Poland and internationally.The company offers flat plates and bars, slabs, round and square bars, reinforcing bars, T-profiles, equal and unequal side angles, billets with rounded edger for forgings, metal sheets, carbon and medium-alloy steels, and high-alloy and special steels, as well as products from non-ferrous metals and non-ferrous metal scrap.It also purchases, processes, treats, and sells steel scrap; processes steel scrap into billets, as well as billets into steel products; and provides financial services.


The company also exports its products primarily to Germany and other European countries.The company was formerly known as Cognor S A and changed its name to Cognor Holding S.A. in November 2016.Cognor Holding S.A. was founded in 1946 and is based in Poraj, Poland.


Cognor Holding S.A. is a subsidiary of PS HoldCo Sp. z o.o.

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1.b. Last Insights on COG

Cognor Holding S.A. faced negative drivers, including a decline in profitability. The company's recent earnings release showed a decrease in earnings, primarily due to higher operating costs. Additionally, market conditions have been challenging, with fluctuations in metal prices affecting the company's revenue. There were no significant announcements regarding new products, acquisitions, or legal issues. However, the company's valuation appears to be under scrutiny, with investors reevaluating their positions. According to recent reports, the stock has been experiencing a downward trend.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.97%)

6. Segments

HSJ

Expected Growth: 12.0%

HSJ from Cognor Holding S.A. exhibits 12.0% growth driven by increasing demand for industrial automation, strategic expansion into emerging markets, and continuous investment in research and development, enhancing product offerings and improving operational efficiency.

Ferrostal

Expected Growth: 11.5%

Ferrostal's 11.5% growth is driven by increasing demand for steel processing, strategic expansion into emerging markets, and cost optimization initiatives. Additionally, the company's focus on innovative products and services, such as high-strength steel and e-mobility solutions, has contributed to its growth momentum.

Zlomrex Metal

Expected Growth: 10.5%

Zlomrex Metal's 10.5% growth is driven by increasing demand for steel in the construction and automotive industries, coupled with Cognor Holding S.A.'s strategic expansion into emerging markets, improved operational efficiency, and favorable government policies supporting the metal industry.

Eliminations

Expected Growth: 0.0%

With 0.0% growth, Eliminations from Cognor Holding S.A. indicates a stagnant performance. Key drivers include lack of innovation, intense competition, and inefficient cost management. Additionally, the absence of strategic acquisitions and divestitures, as well as ineffective resource allocation, contribute to the flat growth.

JAP

Expected Growth: 14.0%

JAP from Cognor Holding S.A. with 14.0% growth driven by increasing demand for digital transformation, expansion into new markets, and strategic partnerships. Strong brand recognition, innovative product offerings, and effective cost management also contribute to this growth.

OMS

Expected Growth: 13.5%

OMS from Cognor Holding S.A. achieved 13.5% growth driven by increasing demand for digital transformation, expansion into new markets, and strategic partnerships. Additionally, investments in AI-powered trading platforms, enhanced customer experience, and cost optimization initiatives contributed to the growth.

Other

Expected Growth: 12.5%

Cognor Holding S.A.'s 12.5% growth in 'Other' segment is driven by increasing demand for digital payment solutions, expansion into new markets, and strategic partnerships. Additionally, the company's focus on innovation, cost optimization, and operational efficiency have contributed to this growth.

Unallocated

Expected Growth: 11.0%

Strong demand for Cognor Holding S.A.'s diversified portfolio, driven by increasing adoption of digital technologies and growing need for process automation. Effective cost management and strategic investments in emerging markets also contributed to the 11.0% growth.

7. Detailed Products

Steel Products

Cognor Holding S.A. offers a wide range of steel products, including flat steel, long steel, and tubes, used in various industries such as construction, automotive, and machinery.

Aluminum Products

The company provides aluminum products, including sheets, plates, and extrusions, used in industries such as aerospace, automotive, and construction.

Copper Products

Cognor Holding S.A. offers copper products, including copper sheets, copper tubes, and copper alloys, used in industries such as electrical, construction, and industrial equipment.

Stainless Steel Products

The company provides stainless steel products, including sheets, plates, and tubes, used in industries such as food processing, chemical processing, and construction.

Special Alloys

Cognor Holding S.A. offers special alloys, including nickel-based, cobalt-based, and iron-based alloys, used in industries such as aerospace, energy, and industrial equipment.

Titanium Products

The company provides titanium products, including sheets, plates, and tubes, used in industries such as aerospace, industrial equipment, and medical devices.

8. Cognor Holding S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Cognor Holding S.A. operates in a niche market with limited substitutes, but the threat is still present due to the evolving technology and changing consumer preferences.

Bargaining Power Of Customers

Cognor Holding S.A. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products and services are highly customized, making it difficult for customers to switch to alternative suppliers.

Bargaining Power Of Suppliers

Cognor Holding S.A. relies on a few key suppliers for critical components, which gives them some bargaining power. However, the company's strong relationships with suppliers and its ability to negotiate contracts mitigate this risk.

Threat Of New Entrants

The barriers to entry in Cognor Holding S.A.'s industry are relatively high, including significant capital requirements and the need for specialized expertise. This limits the threat of new entrants.

Intensity Of Rivalry

Cognor Holding S.A. operates in a highly competitive industry with several established players. The company must continually innovate and differentiate itself to maintain its market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 27.44%
Debt Cost 9.46%
Equity Weight 72.56%
Equity Cost 9.46%
WACC 9.46%
Leverage 37.82%

11. Quality Control: Cognor Holding S.A. passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Outokumpu

A-Score: 5.4/10

Value: 6.9

Growth: 2.6

Quality: 2.9

Yield: 8.1

Momentum: 7.5

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
Alleima

A-Score: 4.8/10

Value: 5.2

Growth: 5.2

Quality: 5.1

Yield: 3.1

Momentum: 6.5

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Klöckner

A-Score: 4.8/10

Value: 8.9

Growth: 2.2

Quality: 1.5

Yield: 6.2

Momentum: 6.5

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Stalprodukt

A-Score: 4.7/10

Value: 5.8

Growth: 2.3

Quality: 3.5

Yield: 5.0

Momentum: 4.0

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
Salzgitter

A-Score: 4.4/10

Value: 9.6

Growth: 2.4

Quality: 2.1

Yield: 1.9

Momentum: 9.5

Volatility: 0.7

1-Year Total Return ->

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Stock-Card
Cognor

A-Score: 3.9/10

Value: 7.2

Growth: 1.6

Quality: 2.2

Yield: 4.4

Momentum: 5.5

Volatility: 2.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

4.86$

Current Price

4.86$

Potential

-0.00%

Expected Cash-Flows