By definition, in this industry you keep the debt on balance sheet as this is treated like utility based business as Aluminum/Steel/copper will needed for foreseeable future for this industrial metals so if you pick any player in industrial metals they will (most likely) have debt around 1:1 or more as you can clearly see improvement in ROE.
Though recent bull market in these metals have helped companies to reduce debt but you can assume that this will be there.
For RAIN IND, if you heard management in past, they had never said that they wanted to be debt free. Of course, at that time debt was much cheaper so it was good as your ROCE is >interest rate you are paying on your debt (by margin!) but now interest rates have increased both USA and Europe so we need to see how much they go ahead and refinance. If management thinks that they have enough for WC then they might pay 40-50m USD and rest refinance as they have around 140m USD in cash or cash equivalent.
Thanks!
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