Aperam - Challenging times continue
• Q4-23 was broadly in line with expectations, but Aperam indicates that Q1-24 will be similar, meaning that trading conditions in stainless steel remain challenging.• We expect to lower our EBITDA estimates by high single digits as so far there is a lack of base price recovery in Europe.• We stick to Hold and TP of EUR 30 based on our 2025E SOTP with a target EV/EBITDA of around 5x (was based on 2024E).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.