Aperam : Solid EBITDA and FCF generation in Q3 2021. Outperform recommendation reiterated
>Fundamentals still sound. China is not a threat - Demand remains on a very positive trend for the majority of segments with the notable exception of automobile. Stocks at distributors appear to be at normal levels in Europe. Lead times now extend to 3 months (vs 2 months under usual conditions). The market share of imports has returned to normal (<22-23% vs 31% in Q3 2020) notably thanks to, 1/ the anti-dumping measures put in place by the EU on hot-rolled imports (C...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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