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The voestalpine Group is a steel-based technology and capital goods group focusing on the manufacture, processing, and development of sophisticated steel products. The Company supplies technology-intensive sectors, such as the automotive, railway, aviation, and energy industries. The Company is based in Linz, Austria and employes over 45,000 people. The Linz hot strip mill is a "fully integrated steel works" operated by voestalpine Stahl GmbH, a part of the steel division of voestalpine AG. In addition to Linz the most important plants are in Leoben in Styria and in Krems in Lower Austria. The Company operates in four divisions: Steel, Special Steel, Metal Engineering and Metal Forming Division. Voestalpine's history dates back to 1881, when the Alpine Montangesellschaft was founded as a vehicle of consolidating Austrian iron and steel assets

Finance

Voestalpine has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 8.68% a year during that time to total of EUR 1,523 mil in 2014, or 13.6% of sales. That’s compared to 12.8% average margin seen in last five years.

The company netted EUR 536 mil in 2014 implying ROE of 10.3% and ROCE of 5.41%. Again, the average figures were 9.28% and 4.81%, respectively when looking at the previous 5 years.

Voestalpine’s net debt amounted to EUR 3,430 mil at the end of 2014, or 0.672 of equity. When compared to EBITDA, net debt was 2.25x, up when compared to average of 2.15x seen in the last 5 years.

Valuation

Voestalpine stock traded at EUR 34.1 per share at the end of 2014 resulting in a market capitalization of USD 7,116 mil. Over the previous five years, stock price grew by 13.9% or 2.63% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 5.74x and price to earnings (PE) of 11.0x as of 2014.