GrafTech International: Cessation of Coverage

研报英文原文证据摘录

GrafTech International: Cessation of Coverage

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