Outokumpu : Current margin levels are sustainable. Debt reduction trajectory is credible. Attractive valuation. Outperform vs Neutral
>The right level - During a recent exchange, the CFO of Outokumpu, Pia Aaltonen-Forsell, indicated that: 1/ the group’s deliveries should see a sequential increase of 0-5% (more towards the middle of the range) in line with guidance; 2/ delivery times stand at four months in the US and six months in Europe (vs 4 months in Q1) and stocks remain low; 3/ order intake concerns mainly standard stainless steel and is gradually picking up for valued-added products, and; 4/ m...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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