Aperam : Growth drivers revisited. Cash return capacity preserved after ELG deal. Very attractively valued
>We buy into the EBITDA improvement of € 300m expected out to 2025 - We confirm the expectation of an improvement of € 300m in EBITDA out to 2025 vs the 2016-2018 mid-cycle (€ 506m) unveiled by management at the CMD in September. This EBITDA growth is based on Aperam's capacity, notably through the Leadership Journey programme (phase 4 from 2021 to 2023 and phase 5 > 2024), to: 1/ continue cutting its costs (the lowest costs on all its products), while 2/ acceleratin...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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