Aperam - A tough quarter, although mainly due to one-offs
• Aperam warned that Q3-23 will significantly miss expectations and previous guidance, primarily due to one-offs and unforeseen factors. • Trading conditions remain tough, particularly in Europe, with pressure on volumes and prices. We have lowered our FY23 and FY24 REBITDA by >20% and close to 8% respectively. • As a result, our 2024E SOTP now arrives at EUR 30 p/s (was EUR 35 p/s) with a target EV/EBITDA of 5x. Hold maintainedAPERAM is a stainless and specialty steel producer. Co. produces a range of stainless steel products and products including electrical steel (grain oriented, non-grain oriented, and non-grain oriented semi-processed steel), nickel alloys and specialties. Co. sells its products to customers on three continents in over 40 countries, including aerospace, automotive, catering, construction, household appliances and electrical engineering, industrial processes, medical, and oil & gas industries. Co. manages its business according to three operating segments: Stainless and Electrical Steel; Services and Solutions; and Alloys and Specialties.
We are an investment house with Belgian roots founded on more than 150 years of trust.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
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