Evraz falls, as expected, after a look at its half-year balance sheet

A rebound in commodities prices from multi-year lows has been good news for the share prices of most natural resources companies this year, even if the underlying stories remained shaky. In the case of Russian steel producer Evraz (EVR), we felt that the premium applied to its shares was unwarranted given the company's debt pile - which at the half-year mark stood at a colossal eight times net assets. The market now appears to be nodding in agreement, having knocked 23 per cent off the shares since the publication of full-year results on 18 August.