Aperam : Q2 postview: horizon blocked
>Market environment structurally depressed in Europe - At a conference call yesterday, Aperam went through its Q2 results which were in line with EBITDA of € 103m vs € 104m expected by consensus and better than our own estimate (€ 78m). Due to the depressed European stainless steel market, EBITDA was nonetheless well below the initial guidance which had banked on a slight improvement vs Q1 (€ 127m). Unsurprisingly, management was gloomy as Europe remains mired in a vi...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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