Constellium : No (strong) short-term catalyst despite expected improvement in H2
Management confirmed its targets for 2024, despite a rather weak Q1, and a Q2 that is also expected to be down year-on-year. However, the outlook remains positive for Constellium's most important end markets, with good momentum in the aerospace industry and a recovery in the packaging industry. Our expectations of positive FCF for 2024 will probably be offset by the share buyback plan, for which management will use over 50% of FCF, which should limit the reduction in net leverage...Constellium N.V. designs and manufactures a range of innovative specialty rolled and extruded aluminum products, serving primarily the aerospace, packaging and automotive end-markets. Co. has a strategic footprint of manufacturing facilities located in the United States, Europe and China. Co.'s product portfolio commands higher margins as compared to less differentiated, more commoditized fabricated aluminum products, such as common alloy coils, paintstock, foilstock and soft alloys for construction and distribution. Co. organizes its business around three operating segments: Aerospace & Transportation, Packaging & Automotive Rolled Products, and Automotive Structures & Industry.
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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