Aperam : Very solid Q4 2020. H1 2021e looking good. The re-rating is set to continue. Outperform rating reiterated
>Q4 2020 EBITDA came in well ahead of expectations - Aperam reported solid EBITDA for Q4 2020 of € 109m (vs € 65m in Q3 vs ODDO BHF/consensus forecasts of around € 90m). This better-than-expected performance was driven by a good showing from Stainless & Electrical Steel Brazil (S&ES Brazil, 43% of 2020 EBITDA), which benefited from solid demand (except from oil & gas) along with inventory rebuilding and a positive mix despite the normally unfavourable seasonal pattern...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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