Outokumpu : BA America behind the downgrade in our forecasts, the sequence should now improve
>Robust Q2 performance given the headwinds - Outokumpu reported yesterday decent Q2 earnings with adjusted EBITDA up 49% q-o-q at € 56m in a nonetheless tricky context marked by weak markets notably in Europe, a national strike in Finland with a major impact and several operating incidents in Business Areas (BA) Americas and Ferrochrome. We found the BA Europe’s performance convincing with EBITDA of € 28m which would likely have been above € 50m leaving aside the stri...Outokumpu is organized into the following five business areas: Coil Europe, Middle East and Africa, which consists of stainless operations as well as ferrochrome production in Europe; Coil Americas, which produces standard austenitic and ferritic grades as well as tailored products; APAC, which includes cold rolling facility and coil and plate service center in China, as well as a coil service center in Australia; Quarto Plate, which is comprised of the quarto plate production facilities in Sweden and in the U.S.; as well as Long Products, in which its products are used in a range of applications such as springs, wires, surgical equipment, automotive parts and construction.
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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