Outokumpu : Post-Q1: visibility improving on the rest of the year, target price raised to € 7.6
>Q1 results dominated by a robust performance from BA Europe, well above peers - At a conference call yesterday, Outokumpu reviewed its Q1 results which were a strong beat with adjusted EBITDA of € 204m, 33% above our expectations and 55% above the consensus. Given the muted economic environment, we were particularly pleased with the performance of Europe, the group’s largest business area, at € 122m vs € 88m expected, testament to Outokumpu’s above-peer performance....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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