ArcelorMittal Issues Impressive Steelmaking and Mining Results in 1Q; Raising FVEs to $18 and EUR 15
The first quarter brought ArcelorMittal's eighth consecutive quarter of double-digit adjusted EBITDA margins, as the company remains on track to deliver strong 2018 profits. With global steel prices tracking above our prior estimates, we've increased our near-term pricing and profit outlook for the company, which raises our fair value estimates to $18 and EUR 15 per share. Our no-moat rating is unchanged, although we forecast that the company will again generate returns on invested capital above...
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