Aperam - Challenging quarters due to drop in base prices
• Q2-23 EBITDA broadly in line with consensus, but estimates had come down during the quarter to reflect the drop in European base prices. • The outlook of a lower EBITDA in Q3-23 is logical given the ongoing challenging trading conditions. We will fine-tune our estimates.• Although we view Aperam as a quality cyclical, we have a Hold rating due to lack of short-term visibility on earnings recovery due to the sluggish base prices. We stick to Hold and TP of EUR 35.APERAM 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.