Aperam : The consensus seems too conservative to us for Q4 2020. The 2021 outlook is positive. Cash return in sight, in our opinion
>New elements - Management reiterated guidance for an improvement in EBITDA in Q4 vs the previous quarter. As a reminder, Aperam reported EBITDA of € 65m in Q3, a figure than did not include inventory valuation gains. We think guidance for a high single-digit inventory valuation gain in Q4 may be surpassed (“low double digit”) given the spike in nickel prices (+14% to $ 7.54/lb at 31 December vs 30 September). The consensus estimate, which only appears to price in ini...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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