Outokumpu : Management remains confident. Debt reduction still its priority. Outperformance reiterated.
>Supply/demand still generally beneficial - Outokumpu’s management remains constructive in terms of demand for BA Europe (47% of 2021e EBITDA). Household appliances were solid like automotive (surprising) whereas the recovery in long-duration projects (industrial, oil & gas) should (gradually) contribute to enhancing the mix. Market share of imports was stable at 26% (higher than we thought) and the level of stocks was qualified as low. At BA Americas (29% of EBITD...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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