Aperam - European base prices are under pressure
European base prices are under pressure due to lackluster demand and aggressive competition. This leads to more negative inventory adjustments.We have lowered our EBITDA estimate by -23% for FY 23 and -11% for FY24.Although we continue to view Aperam as a quality cyclical, we downgrade from Buy to Hold due to lack of short-term visibility on earnings recovery. Our TP is lowered from EUR 42 to EUR 35, based on a 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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