AI-generated · cited to primary sources · not investment advice
John Cockerill (500147) Aug 2025 Filing Analysis
Does management do what it says?
The company has achieved a 20% to 25% share for service, spare parts, and revamping in the current order book, meeting the medium-term target early. (3 met, 1 in progress across 4 tracked commitments)
“So, right now, we are already well advanced into seeing value services 20%-25% of the overall order book. And I think this is also a percentage that we like to continue to see, if not growing up to maybe 30%-35% if possible.”
The company continues to highlight JVD as a revolutionary breakthrough and a key product for 2025, though a specific signed contract for the first order is not explicitly confirmed in the 9M results. (2 in progress across 2 tracked commitments)
“And regarding JVD, we are in a very deep discussion currently with customers. And it could be that we register the first JVD order this year.”
Management has reiterated the target of 200k tons of annual iron plates by 2027, indicating the project remains on track as a key innovation milestone. (1 in progress across 1 tracked commitment)
“200k ton of annual iron plates by 2027”
Management expects steel players' profitability to show material improvement in CY25 due to stabilizing steel prices.
“Steel prices have been steadily improving, and we expect steel players’ profitability to show a material improvement in CY25.”
See the full cited Management analysis of John Cockerill
What could break the thesis?
EASING. Management reports 'green shoots' of stability in demand and pricing, with a recovery in project enquiries and a sequential revenue growth of 7.4% compared to Q1. (1 easing, 1 intensifying)
“However, we started seeing some green shoots of stability in demand as well as pricing emerge in the last quarter. That trend has only improved in Q2.”
See the full cited Risk analysis of John Cockerill
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