ArcelorMittal : EBITDA >$ 16bn, net debt evaporated, cash galore...2x “normalised” 2022e EV/EBITA...are you kidding?
>The fundamentals are continuing to improve - ArcelorMittal’s (AM) management is still observing a continued improvement in demand (growth in global demand for steel expected at the upper end and even above the 4.5-5.5% range), increasingly large backlogs (out to Q4 2021) and low inventories. The risk of destruction of demand is low (mainly inelastic) according to management. AM confirmed that it is operating at full capacity. We think it should be the same story for ...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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