Aperam : Le consensus nous semble trop prudent pour le T4 2020. Les perspectives 2021 sont favorables. Retour de cash en vue, selon nous
>Eléments nouveaux - Le management confirme sa guidance d’un EBITDA en hausse séquentiel au T4. Rappelons qu’Aperam a publié un EBITDA de 65 M€ au T3 qui n’incluait pas de gains de revalorisation des stocks. Or, nous estimons que la guidance d’une réévaluation des stocks « high single digit » au T4 pourrait être dépassée (« low double digit ») compte tenu de la flambée du prix du nickel (+ 14% à 7,54 $/lb à fin décembre vs fin septembre). Le consensus qui ne semble in...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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