ArcelorMittal Reports Solid 4Q Results, Closing Out a Successful 2016
ArcelorMittal reported encouraging fourth-quarter results that were largely in line with our expectations. Our fair value estimate of $4 per share for the company's U.S.-dollar-denominated shares is unchanged. For the company's euro-denominated shares, we have ticked up our fair value estimate to EUR 3.80 per share from EUR 3.75. Our no-moat rating is unchanged.ArcelorMittal performed much better in 2016 than 2015, and, perhaps most notably, management significantly reduced the company's financ...
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