Arcelor Mittal

ArcelorMittal is a steel company, based in Luxembourg, with operations in more than 60 countries. Co. is active in all major global steel markets, including automotive, construction, household appliances and packaging, as well as activities in Research & Development and technology, with captive supplies of raw materials and its own distribution network. Co. has an industrial presence in over 20 countries spanning four continents, covering key steel markets, from emerging to mature. Co. offers a complete spectrum of steel products from commodity steel to value-added products, from long products to flat, from standard to specialty products, from carbon steel to stainless steel and alloys.
  • TickerMT
  • ISINLU1598757687
  • ExchangeEuronext Amsterdam
  • SectorIndustrial Metals & Mining
  • CountryLuxembourg
Bruno Cavalier ...
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/03/2020

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Alain William

ArcelorMittal : Q2 2020 EBITDA provides a solid base for the rest of the year Buy rating reiterated

>Volumes as a driver in H2 2020 - ArcelorMittal’s management (AM) thinks that volumes will drive earnings in H2 2020 and sees a recovery in all sectors, particularly the automotive sector (restarting after an almost complete shutdown in April). ArcelorMittal intends to restart blast furnaces according to the level of demand (aims to maintain its market share). This resumption of production should result in the generation of fixed costs, but management anticipates that...

Alain William

ArcelorMittal : L’EBITDA du T2 2020 donne une base solide pour le reste de l’année. Opinion Achat réitérée

>Les volumes comme moteur de la croissance au S2 2020 - Le management d’ArcelorMittal (AM) estime que les volumes seront le moteur des résultats au S2 2020 et entrevoit une reprise dans tous les secteurs et plus particulièrement celui de l’automobile (redémarrage après un arrêt quasi-complet en avril). AM entend redémarrer des hauts fourneaux en fonction du niveau de la demande (souhaite conserver ses parts de marché). Cette reprise de la production devrait entrainer ...

Jérôme VINERIER

Analyse court terme - ARCELOR MITTAL : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 20,949 €. La tendance de fond serait remise en cause en cas de franchissement de 25,300 €.

Jérôme VINERIER

Short term view - ARCELOR MITTAL : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €20.949. The background trend would be questioned should prices rise above €25.300.

Jérôme VINERIER

Short term view - ARCELOR MITTAL : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €20.949, then €19.700. Passing €25.300 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - ARCELOR MITTAL : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 20,949 €, puis 19,700 €. Le franchissement de 25,300 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Medium term view - ARCELOR MITTAL : Falling prices.

The trend is uncertain. Prices are falling and they may accelerate to the downside. A new bearish trend is attempting to emerge.

Alain William

ArcelorMittal : Q2 2020 EBITDA provides a solid base for the rest of the year Buy rating reiterated

>Volumes as a driver in H2 2020 - ArcelorMittal’s management (AM) thinks that volumes will drive earnings in H2 2020 and sees a recovery in all sectors, particularly the automotive sector (restarting after an almost complete shutdown in April). ArcelorMittal intends to restart blast furnaces according to the level of demand (aims to maintain its market share). This resumption of production should result in the generation of fixed costs, but management anticipates that...

Alain William

ArcelorMittal : L’EBITDA du T2 2020 donne une base solide pour le reste de l’année. Opinion Achat réitérée

>Les volumes comme moteur de la croissance au S2 2020 - Le management d’ArcelorMittal (AM) estime que les volumes seront le moteur des résultats au S2 2020 et entrevoit une reprise dans tous les secteurs et plus particulièrement celui de l’automobile (redémarrage après un arrêt quasi-complet en avril). AM entend redémarrer des hauts fourneaux en fonction du niveau de la demande (souhaite conserver ses parts de marché). Cette reprise de la production devrait entrainer ...

Alain William

ArcelorMittal : Q2 2020 better than expected. No Q3 guidance. There are signs of life albeit from a low point

>Q2 prints on the high side - ArcelorMittal (AM) posted Q2 2020 EBITDA of $ 707m above our expectations (ODDO BHF: $ 501m) and well above the company consensus ($ 482m). Mining did much better than expected with an EBITDA of $ 391m (ODDO BHF: $ 295m; Q1 2020: $ 297m) which we can attribute to the positive impact of higher market-priced iron ore shipments (+6.4% q-o-q) and seaborne market prices (+4% q-o-q), as well as the benefit of lower freight. Overall, NAFTA disap...

Alain William

ArcelorMittal : Q2 2020 better than expected. No Q3 guidance. There are signs of life albeit from a low point

>Q2 prints on the high side - ArcelorMittal (AM) posted Q2 2020 EBITDA of $ 707m above our expectations (ODDO BHF: $ 501m) and well above the company consensus ($ 482m). Mining did much better than expected with an EBITDA of $ 391m (ODDO BHF: $ 295m; Q1 2020: $ 297m) which we can attribute to the positive impact of higher market-priced iron ore shipments (+6.4% q-o-q) and seaborne market prices (+4% q-o-q), as well as the benefit of lower freight. Overall, NAFTA disap...

Alain William

ArcelorMittal : Q2 2020 EBITDA guidance will be reached. A laboured exit from the crisis prompts us to lower our EBITDA estimates for 2020-21e

>A particularly challenging Q2 2020… as expected - Q2 2020 deliveries will likely be in the 13.5 mt -14.5 mt range, according to management (ODDO-BHF: 13.9 mt vs 19.5 mt in Q1), i.e. -25% to -30% on a sequential basis. We are forecasting a more marked fall in deliveries for the Europe and NAFTA divisions (significant exposure to the automotive sector). Fixed costs are expected to have fallen in the same proportion as deliveries (-25% to 30% vs Q1), resulting in a rela...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 07/11/2019 - UniCredit - EN

TP ICAP - Europe - Morning CreditUpdate 07/11/2019 - UniCredit - EN

Bruno Cavalier ...
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/03/2020

...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Delphine Brault
  • Jerôme Bodin

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/30/2020

We are maintaining our Buy recommendation on the stock, factoring in a judicious Ingenico deal in services, a sector set to benefit from greater digitisation of transactions in the post-epidemic era and an attractive valuation for the new entity. We included Ingenico in our forecasts (from 2021) and the opportunities from Wirecard”s collapse in our valuation (target price = € 90 vs € 84). Cf. equity report published last evening. - ...

An increasingly favourable environment allows ARCELORMITTAL to improve to Neutral

The independent financial analyst theScreener just upgraded the general evaluation of ARCELORMITTAL (NL), a company active in the Steel industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains as risky. theScreener believes, however, that a more enabling environment allows the title to increase its general evaluation to Neutral. As of the analysis date July 17, 2020, the closing price was EUR 10.18 and its expected value was estimated at EUR 9.55.

An increasingly favourable environment allows ARCELORMITTAL to improve to Neutral

The independent financial analyst theScreener just upgraded the general evaluation of ARCELORMITTAL (FR), a company active in the Steel industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains as risky. theScreener believes, however, that a more enabling environment allows the title to increase its general evaluation to Neutral. As of the analysis date July 17, 2020, the closing price was EUR 10.18 and its expected value was estimated at EUR 9.55.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Pauline Delecourt

ArcelorMittal - Assemblée Générale des actionnaires du 13 Juin 2020

Conformément à la loi de 1er août 2019 transposant la directive SRD II en droit luxembourgeois, la société a adopté une politique de rémunération et a préparé un rapport rémunération 2019 des membres du Conseil et des membres du Comité Exécutif qui sont soumis pour la première fois à un vote consultatif des actionnaires. Dans l’ensemble, la structure et les montants de la rémunération du CEO ne sont pas satisfaisants. On regrettera le manque de communication de la société qui ne permet pas à l’actionnaire de comprendre comment a été déterminé le bonus et son lien avec les performances enregis...

Expert Corporate Governance Service (ECGS)

ArcelorMittal – AGM 13 June 2020

In accordance with the Shareholders Right Directive II (Directive (EU) 2017/828) as implemented by Luxembourg law on 1 August 2019 (the "Shareholders' Rights Law") ArcelorMittal has adopted a remuneration policy applicable for 4 years, in particular, to the members of the Board of Directors and the CEO. Furthermore, the Shareholders Right Directive II also requires an advisory vote on the Remuneration Report.   ITEM VI: The Company seeks shareholder approval of the Remuneration Report. The remuneration structure is not satisfactory and too short term. In addition, as the targets and outcomes...

Expert Corporate Governance Service (ECGS)

ArcelorMittal - Assemblée Générale des actionnaires du 7 mai 2019

Après le retour aux béné?ces après une perte historique de près de 8 milliards USD, ArcelorMittal a décidé de proposer la mise en place d'un dividende de 0,20 $ cette année, doublé par rapport à 2018. La société, après des années très difficiles, a réussi à maîtriser son endettement et à procéder pour la deuxième année à une distribution, même si elle reste très modérée. Nous recommanderons donc l'approbation à la résolution III. Proxinvest déplore depuis plusieurs années le montant excessif de jetons de présence, qui dépasse les 100 000 € par personne, ce qui crée une réelle dépendance écono...

Expert Corporate Governance Service (ECGS)

ArcelorMittal - AGM 07 May 2019

After a historic loss of nearly $ 8 billion in 2015, ArcelorMittal has decided to propose a dividend of $ 0.20 this year, doubled compared to 2018. The company, after difficult years, continues to control its debt and pays dividends for a second year, even if it remains very moderate. We will therefore recommend approval of the resolution III. For several years, ECGS has been complaining about the excessive amount of directors’ fees, which exceeds € 100 000  per person, as it creates a real economic dependence on the company. In addition, it is not indexed to real attendance. We therefore re...

ArecelorMittal - Assemblée générale des actionnaires du 07 mai 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

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