ArcelorMittal

  • TickerMTL
  • ISINLU0323134006
  • ExchangeLuxembourg Stock Exchange
  • SectorIndustrial Metals & Mining
  • CountryLuxembourg

Analysts

Francisco Rodriguez

ARCELOR MITTAL: MENSAJES DE LA CONFERENCE CALL RDOS. 4T’19 (ANÁLISIS BANCO SABADELL)

De la conference call de Rdos. destacamos:  Situación operativa: Esperan un aumento significativo en volúmenes en EE.UU. y Europa en 1T’20 beneficiándose de la estacionalidad propia del negocio y los bajos niveles de inventarios con que acabó 2019. En Brasil y CIS la evolución de volúmenes será más discreta, pero sin embargo serán estos mercados los más beneficiados del escenario de precios del acero más altos a nivel global en 1T’20 (al estar más expuestos a los precios spot). En NAFTA y Europa lo veremos con algo más de retraso.  Deuda: El objetivo de deuda neta de 7.000 M dólares en 2020 ...

Francisco Rodriguez

ARCELOR MITTAL: 4Q’19 RESULTS (ANÁLISIS BANCO SABADELL)

4Q'19 vs. 4Q'18 Results Sales: US$ 15.514 Bn (-15.3% vs. -12.9% expected and -13.0% expected by the market consensus); EBITDA: US$ 925.0 M (-52.6% vs. -57.0% expected and -56.1% expected by the market consensus); Net Profit: US$ -1.882.0 M (US$ 5.149 Bn in FY2018 vs. US$ -29.0 M expected by the market consensus); FY2019 vs. FY2018 Results Sales: US$ 70.615 Bn (-7.1% vs. -6.5% expected and -6.6% expected by the market consensus); EBITDA: US$ 5.195 Bn (-49.4% vs. -50.2% expected and -50.1% expected by the market consensus); Net Profit: US$ -2.454.0 M (US$ 1.193 Bn in FY2018 vs. US$ -601.0 M expe...

ING
ING Helpdesk

Benelux Morning Notes

AB InBev: Felipping the CFO. ALD: 2020 guidance likely seen as neutral. ArcelorMittal: Solid EBITDA and cash beat, positive outlook and cash returns in sight. Marel: Weak 4Q, but client activity already picking up. Orange Belgium: Reassuring guidance and 4Q

Francisco Rodriguez

ARCELOR MITTAL: RDOS. 4T'19 (ANÁLISIS BANCO SABADELL)

Rdos. 4T'19 vs 4T'18: Ventas: 15.514 M dólares (-15,3% vs -12,9% BS(e) y -13,0% consenso); EBITDA: 925,0 M dólares (-52,6% vs -57,0% BS(e) y -56,1% consenso); BDI: -1.882,0 M dólares (5.149 M dólares en 2018 vs -29,0 M dólares consenso); Rdos. 2019 vs 2018: Ventas: 70.615 M dólares (-7,1% vs -6,5% BS(e) y -6,6% consenso); EBITDA: 5.195 M dólares (-49,4% vs -50,2% BS(e) y -50,1% consenso); BDI: -2.454,0 M dólares (1.193 M dólares en 2018 vs -601,0 M dólares consenso). Rdos. 4T’19 mejores de lo esperado a nivel operativo gracias a EE.UU. (25% EBITDA), Minas (25%) y en menor medida a Brasil (25%)...

Research Department

IBERIAN DAILY 06 FEBRUARY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACS, ARCELOR MITTAL, METROVACESA, SIEMENS GAMESA, TALGO. MARKETS YESTERDAY AND TODAY Better news on the coronavirus front Rumours of a coronavirus vaccine having been found and a positive reception of the US data helped stock markets rally. Within the Euro STOXX, all sectors posted gains once again, led by Basic Resources and Autos vs. defensive sectors such as Real Estate and Telecoms, which saw the smallest increases. On the macro side, in the Euro zone, January’s final services PMI came was raised slightly despite a sharp deterioration in Spain (52.3 vs. 54.9 previously). ...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 02/12/2019 - Gazprom - FR

Gazprom (Achat) : RN de RUB1tn (€14 mds) sur les 9M-19 Azimut (Achat) : Prévoit d’émettre une obligation senior de maturité 7 ans ArcelorMittal (Achat) : Offre de rachat en numéraire sur les souches 2020 et 2021 Fiat Chrysler Automobiles (Achat) : Accord avec le syndicat UAW sur une nouvelle convention collective de 4 ans Evoca-9M-19 : Marge d’EBITDA de 22,3% (-1,1pt) Swissport (Achat)- 9M-19 : EBITDA de €329m (+54,8%) Picard (Vente) - S1-19/20 : Résultat opérationnel de €47m (+3,1%) Hapag-Lloyd (Conserver, versus Achat) : S&P con...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 02/12/2019 - Gazprom - EN

Gazprom (O/P): Net Profit of RUB1tn (€14bn) In the Nine-Month Period of 2019 Azimut (O/P): Plans To Issue a 7-Year Senior Bond With a Maturity of 7 Years ArcelorMittal (O/P): Tender Offer on the 2020 and 2021 Bonds Fiat Chrysler Automobiles (O/P): New 4-Year Collective Agreement with the UAW Evoca - 9M-19: EBITDA Margin of 22.3% (-1.1pt) Swissport (O/P) - 9M-19: EBITDA of €329m (+54.8%) Picard (U/P) - H1-19/20: Operating Income of €47m (+3.1%) Hapag-Lloyd (M/P Vs O/P): S&P Affirms The B+ Rating And Raises the Outlook To Positive

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 19/11/2019 - Aroundtown - FR

Aroundtown (Conserver) : Fusion avec TLG Immobilien (Achat) Erste Group Bank (Achat) : Emission d'un nouveau titre Tier 2 à mid-swap+130pbs Accor (Achat) : Cède 5,2% de sa filiale AccorInvest pour €204m Casino (Achat souches courtes, Conserver souches longues) : Nouvelle ligne de crédit syndiquée de €2 mds ArcelorMittal (Achat) : Finalise l'acquisition d'Essar Steel d’un montant de $5,8 mds Coty (Achat) : Acquisition de 51% du groupe Kylie Jenner pour $600m Volkswagen (Achat) : Revoit à la baisse ses perspectives de moyen-terme 2016-2020 ...

Marnik Hinnekens

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

UniCredit (Achat) : RN de €4,3mds sur les 9M-19 (versus €2,2mds un an avant), amélioration de la qualité d’actifs Generali (Achat) - 9M-19 : RN en hausse de +17% à €2,2mds ING (Achat): Emission d'un nouveau titre Tier 2  11NC6 AXA (Achat) - 9M-19 : CA de €79,7 mds (+5%) Coty (Achat) - T1-2019/20 : Résultat opérationnel de $155m (+10%) ArcelorMittal (Achat) - 9M-19 :  EBITDA de $4,3 mds (-48,6%) CNH Industrial (Achat) - 9M-19 :  EBIT de $1,5 md (-6,3%) Wirecard (Achat) - 9M-19 : EBITDA de €553m (+38,4%)

Francisco Rodriguez

ARCELOR MITTAL: MENSAJES DE LA CONFERENCE CALL RDOS. 4T’19 (ANÁLISIS BANCO SABADELL)

De la conference call de Rdos. destacamos:  Situación operativa: Esperan un aumento significativo en volúmenes en EE.UU. y Europa en 1T’20 beneficiándose de la estacionalidad propia del negocio y los bajos niveles de inventarios con que acabó 2019. En Brasil y CIS la evolución de volúmenes será más discreta, pero sin embargo serán estos mercados los más beneficiados del escenario de precios del acero más altos a nivel global en 1T’20 (al estar más expuestos a los precios spot). En NAFTA y Europa lo veremos con algo más de retraso.  Deuda: El objetivo de deuda neta de 7.000 M dólares en 2020 ...

Francisco Rodriguez

ARCELOR MITTAL: 4Q’19 RESULTS (ANÁLISIS BANCO SABADELL)

4Q'19 vs. 4Q'18 Results Sales: US$ 15.514 Bn (-15.3% vs. -12.9% expected and -13.0% expected by the market consensus); EBITDA: US$ 925.0 M (-52.6% vs. -57.0% expected and -56.1% expected by the market consensus); Net Profit: US$ -1.882.0 M (US$ 5.149 Bn in FY2018 vs. US$ -29.0 M expected by the market consensus); FY2019 vs. FY2018 Results Sales: US$ 70.615 Bn (-7.1% vs. -6.5% expected and -6.6% expected by the market consensus); EBITDA: US$ 5.195 Bn (-49.4% vs. -50.2% expected and -50.1% expected by the market consensus); Net Profit: US$ -2.454.0 M (US$ 1.193 Bn in FY2018 vs. US$ -601.0 M expe...

ING
ING Helpdesk

Benelux Morning Notes

AB InBev: Felipping the CFO. ALD: 2020 guidance likely seen as neutral. ArcelorMittal: Solid EBITDA and cash beat, positive outlook and cash returns in sight. Marel: Weak 4Q, but client activity already picking up. Orange Belgium: Reassuring guidance and 4Q

Francisco Rodriguez

ARCELOR MITTAL: RDOS. 4T'19 (ANÁLISIS BANCO SABADELL)

Rdos. 4T'19 vs 4T'18: Ventas: 15.514 M dólares (-15,3% vs -12,9% BS(e) y -13,0% consenso); EBITDA: 925,0 M dólares (-52,6% vs -57,0% BS(e) y -56,1% consenso); BDI: -1.882,0 M dólares (5.149 M dólares en 2018 vs -29,0 M dólares consenso); Rdos. 2019 vs 2018: Ventas: 70.615 M dólares (-7,1% vs -6,5% BS(e) y -6,6% consenso); EBITDA: 5.195 M dólares (-49,4% vs -50,2% BS(e) y -50,1% consenso); BDI: -2.454,0 M dólares (1.193 M dólares en 2018 vs -601,0 M dólares consenso). Rdos. 4T’19 mejores de lo esperado a nivel operativo gracias a EE.UU. (25% EBITDA), Minas (25%) y en menor medida a Brasil (25%)...

Research Department

IBERIAN DAILY 06 FEBRUARY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACS, ARCELOR MITTAL, METROVACESA, SIEMENS GAMESA, TALGO. MARKETS YESTERDAY AND TODAY Better news on the coronavirus front Rumours of a coronavirus vaccine having been found and a positive reception of the US data helped stock markets rally. Within the Euro STOXX, all sectors posted gains once again, led by Basic Resources and Autos vs. defensive sectors such as Real Estate and Telecoms, which saw the smallest increases. On the macro side, in the Euro zone, January’s final services PMI came was raised slightly despite a sharp deterioration in Spain (52.3 vs. 54.9 previously). ...

1 director sold

A director at ArcelorMittal sold 2,667 shares at 18.192EUR and the significance rating of the trade was 54/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board m...

Russell Waller

Global TMT: UI/DRI Downgrade, VOD/HUTCH/TPG, Singapore, MTS

Global TMT: UI/DRI Downgrade, VOD/HUTCH/TPG, Singapore, MTS.

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Marcel Klok
  • Nadège Tillier
  • Philippe Ledent
  • Timothy Rahill

BNLX+ Corporates/European and BeNeLux credit value mapping

Strategy and Supply: • Mildly bullish for 2020, with preference for less cyclical sectors • Expect corporate credit curves to flatten • CSPP targeting long end of the curve • ECB purchasing more new and recent issues under CSPP • BeNeLux supply to remain in line with 2019 . Selected sectors and BeNeLux names: • Food retailers: Always light in the darkness • Telecoms: KPN and Proximus focus on digitalisation to drive cost savings • Utilities: 2020 will be a fundamentally robust year Netherlands, Belgium and Luxembourg Economics: • Netherlands: Only a small slowdown thanks to fiscal pol...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Société Générale, Barclays, Standard Chartered, DSM, ArcelorMittal, Acea, Veolia and TenneT

Société Générale reported lower earnings and higher capital metrics, 75% of the funding programme completed

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Casino, Deutsche Bank, DT, ArcelorMittal, EDF

Casino (COFP) was downgraded by two notches by S&P to B with CreditWatch negative after Casino's parent Rallye (RALFP) entered into safeguard proceedings last week. Although Casino itself is not part of the proceedings, S&P believes there is significant event risk for Casino and its creditors. S&P also believes the proceedings raise questions about the reliability of the group's governance standards. The CreditWatch negative reflects significant uncertainties that could arise from Rallye entering safeguard proceedings and the impact that this could have on Casino, directly or indirectly.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Engie and ArcelorMittal

In April, the consortium led by Engie (ENGIFP) and Caisse de Dépôt et Placement du Québec (CADEPO) made the best offer for the acquisition of 90% of Petrobras' (PETBRA) TAG gas pipelines in Brazil. The deal amounted to $8.6bn and received the approval of the Brazilian antitrust regulator. Yesterday, the Brazilian Supreme Court suspended the sale of Petrobras' assets. The main reason is an ongoing dispute on the sale of public assets to foreign private companies. TAG transports natural gas across the country with a gas pipeline network of 4,500km. From a credit perspective, we view the possibil...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Carrefour, UniCredit, DT, Enel, ArcelorMittal

Carrefour (CAFP) is considering options for its business in China, according to Bloomberg reports. People familiar with the matter said that Carrefour could sell the business for US$1bn, but may also opt to only divest a stake or not sell altogether. A spokesperson for Carrefour denied that a sale is on the table. A full sale of the China business would decrease net adjusted leverage by just over 0.1x to 2.2x, which we don't see as material for spread development. (For full stories, download report)

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