Aperam : Signs of recovery firming up, target price raised to € 30
>Good print thanks to self-help - In a difficult session, Aperam's Q2 publication was well received with EBITDA of € 86m in line with our estimates but above the Visible Alpha consensus at € 80m. This solid performance was driven by all divisions whether legacy stainless steel or diversification activities (alloys, recycling & renewables). The marked improvement vs Q1 (€ 55m) was due to positive value adjustments (>€ 10m vs ~zero in Q1) but also the positive impact of...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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