GrafTech International "Cessation of Coverage" (Neutral) Jones

Research evidence excerpt

GrafTech International "Cessation of Coverage" (Neutral) Jones

Global Research

17 July 2026ab

GrafTech International Equities

United StatesCessation of Coverage

Mining

12-month rating Neutral *

Ceasing coverage of GrafTech International

Effective immediately, due to reallocation of research resources, we are dropping 12m price target US$8.00

coverage of GrafTech International. Going forward, our rating, price target and financial

estimates for EAF should not be relied on.

Price (16 Jul 2026) US$7.39

Estimates driven by ongoing volume & pricing pressures RIC: EAF.N BBG: EAF US

Our 2026 adj. EBITDA estimate of -$11m assumes continued volume & pricing pressure, Trading data and key metrics

with Graftech noting "persistent competitive pressures" across most principal

52-wk range US$19.82-5.23

commercial regions in the 1Q26 earnings release. While Graftech recently took $600-

Market cap. US$0.19b

1,200/mt price on uncommitted volumes (~20%) to offset pricing pressures & plans to

Shares o/s 26.1m (COM)

continue to optimize its order book & execute on a geographic mix shift, we don't

Free float 99%

expect a meaningful impact to average realized price in 2026, noting we model average

realized price of $4.1k/mt in 4Q26 (vs $3.9k/mt in 1Q26). While a 3Q26 trade case could Avg. daily volume ('000) 109

be supportive, raising the cost of imports, stimulating both domestic production Avg. daily value (m) US$0.9

& pricing, based on contracting, we wouldn't expect to see those benefits until 2027. Common s/h equity (12/26E) US$-0.39b

Additionally, elevated net debt ($1b+) & reduced liquidity (~$330m) remain a concern P/BV (12/26E) NM

with pricing pressure (ex-trade case) expected to persist. Net debt to EBITDA (12/26E) NM

EPS (UBS, diluted) (USD)

Key upside and downside risks

12/26E