Outokumpu : Depressed outlook in Europe and costly ambitions in the US weigh on trajectory, rating lowered to Neutral (vs Outperform)
>Weak performance in Europe but better than peers, excellent in the US - Outokumpu’s Q2 2023 earnings were slightly below expectations (adjusted EBITDA € 190m, 7% below the consensus) due to the main Europe business area (27% of EBIDA) in a depressed market. Volumes were pushed down by the recessionary environment and prices depressed by fierce competition with the other three main regional players. However, in the region Outokumpu outperformed Acerinox and Aperam in ...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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