Aperam - Recovery of base prices takes longer than anticipated
• Q1-24 will be flattish qoq, and Q2-24 is unlikely to be much better as the anticipated recovery in European base prices takes longer than expected.• We have lowered our FY24 EBITDA by -23%, but FY25/26 by only -3% as we still see room for volume/price recovery in the course of H2-24.• We stick to our Hold rating with a TP of EUR 30, based on our 2025E SOTP with an overall target EV/EBITDA of around 5x.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.
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