ArcelorMittal : A 2019e FCF which will remain solid despite the rise in investments
>Management remains optimistic on growth prospects - Management is forecasting growth in each of its markets. Growth excl. China should be around 2-3% whilst China (-1.5%/-0.5% in 2019e vs +3.5% in 2018) could surprise on the upside (stimuli, infrastructure, etc.). EU safeguard measures will have a positive effect despite a few weak points (+5% increase in exports per annum compared with expectations of weak growth in demand in the EU).No palpable concern...ArcelorMittal is a steel company, based in Luxembourg, with operations in more than 60 countries. Co. is active in all major global steel markets, including automotive, construction, household appliances and packaging, as well as activities in Research & Development and technology, with captive supplies of raw materials and its own distribution network. Co. has an industrial presence in over 20 countries spanning four continents, covering key steel markets, from emerging to mature. Co. offers a complete spectrum of steel products from commodity steel to value-added products, from long products to flat, from standard to specialty products, from carbon steel to stainless steel and alloys.
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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