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    Dmitry Ivanov

    Vice President and CEEMEA Desk Analyst for EM Fixed Income at Jefferies

    Dmitry Ivanov is a Vice President and CEEMEA Desk Analyst for EM Fixed Income at Jefferies, focusing on emerging markets across Central and Eastern Europe, the Middle East, and Africa. He specializes in covering sovereign and corporate fixed income securities within these regions, providing clients with research and trading support on companies and issuers such as sovereign bonds and large corporates active in the EM debt markets. Ivanov has held this role since at least the early 2020s, and prior to joining Jefferies, he gained analytical experience within the financial securities sector, though specific previous firms are not publicly listed. He is professionally credentialed and likely registered with relevant regulatory bodies for fixed income analysis and trading, holding securities licenses appropriate to his vice president level.

    Dmitry Ivanov's questions to Eregli Demir ve Celik Fabrikalari TAS/ADR (ERELY) leadership

    Dmitry Ivanov's questions to Eregli Demir ve Celik Fabrikalari TAS/ADR (ERELY) leadership • Q4 2024

    Question

    Dmitry Ivanov from Jefferies questioned the assumptions behind the significant jump in the 2025 EBITDA per ton guidance from Q4 levels, asking for a breakdown of drivers and timing. He also inquired about the outlook for cash tax payments in 2025.

    Answer

    Idil Onay (Executive) explained that the guided increase in EBITDA per ton to $90-$100 is not based on higher steel prices but on internal cost reductions from new investments like the blast furnace and coke battery, which are set to be completed in the first half of 2025. She clarified the benefits would be more weighted towards the second half of the year. Regarding taxes, she stated that cash tax payments are expected to remain at similarly low levels in 2025 due to ongoing incentives.

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    Dmitry Ivanov's questions to Eregli Demir ve Celik Fabrikalari TAS/ADR (ERELY) leadership • Q4 2024

    Question

    Dmitry Ivanov of Jefferies requested a more detailed breakdown of the assumptions behind the ambitious $90-$100 EBITDA per ton guidance for 2025, questioning if the increase from Q4's $39 level would be driven entirely by cost reductions. He also asked for guidance on cash tax payments for 2025.

    Answer

    Executive Idil Onay explained that the EBITDA per ton guidance assumes stable commodity prices and will be achieved through internal cost reductions from new blast furnace and coke battery investments coming online in the first half of 2025. She confirmed the improvement would be more weighted to the second half of the year. Onay also stated that cash tax payments are expected to remain at similarly low levels in 2025 due to ongoing investment incentives.

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