EVR

Evraz PLC

Basic Resources First-pass screen £1.2bn

350/1000 Overall fit

AI beneficiary 35% 18

Operating leverage 25% 68

Valuation 25% 30

Downside protection 15% 28

First-pass take

Global steel producer with zero AI exposure or strategic positioning. Margin expansion (22.7% → 35.4%) driven by commodity price recovery and cost-cutting, not structural leverage. Missing valuation multiples. Acute geopolitical risk: Russian-domiciled, document dated Feb 25, 2022 (day after Ukraine invasion); sanctions risk explicitly flagged but rapidly became material.

Flags

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