Time for Special Steels to shine
We believe SSAB’s growing share of niche steel deliveries combined with improved pricing discipline in Europe’s steel industry will support 2018–2019 earnings. We expect a clear pick-up for the Special Steels division in 2018, as production stoppages have meant SSAB has not benefited from improved end-user demand YTD. Our EBITDA estimates are above consensus by 9% for 2018 and 1% for 2019. We initiate coverage with a BUY recommendation and SEK47 target price.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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