ArcelorMittal : Un EBITDA >16 Md$, une dette nette évaporée, du cash à gogo, …à 2x en VE/EBITDA 2022e « normalisé » … vous plaisantez ?
>Les fondamentaux continuent de s’améliorer - Le management d’ArcelorMittal (AM) constate toujours une poursuite de l’amélioration de la demande (croissance de la demande globale d’acier attendue dans le haut/voire au-dessus de la fourchette 4.5-5.5%), des carnets de commandes toujours plus longs (s'étendant jusqu'au T4 2021) ainsi que de faibles niveaux de stock. Le risque de destruction de la demande est faible (largement inélastique) selon le management. AM confirm...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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