Aperam - Better quarters coming up
• Aperam had already warned for a weak Q3, so results were in line, although FCF was impacted more than we had anticipated.• Upcoming Q4-23 will logically be better, although trading conditions remain challenging in Europe with very low base prices.• We stick to Hold and TP EUR 30, based on target EV/EBITDA of 5x 2024EAPERAM 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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