ArcelorMittal : Un peu plus loin du rêve américain
Les bénéfices du deal Calvert se retrouvent plus que compensés par l’impact massif des droits de douane engendrant un OC réduit à 28 € vs 29 €. Aussi la part de l’Amérique du Nord (près du tiers de l’EBITDA pro forma) va désormais baisser au profit de l’Europe et du Brésil, limitant les perspectives de rerating. Les multiples actuels, près des plus hauts sur 5 ans, risquent donc de rester durablement plus proches des acteurs européens à ~4x l’EBITDA que des ~7x des américains. Nous maintenons notre opinion Neutre avec un potentiel de rebond en cas de levée des incertitudes tarifaires et une exposition intéressante à la relance du secteur européen tirée par l’Allemagne.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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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