Outokumpu : Reduce recommendation on both debt instruments
Outokumpu unveiled last month Q2 results marked by a halved Ebitda in the context of the Covid-19 crisis. The group suffered from both lower volumes and realized prices. - With regards to the high gross leverage expected at year-end (about 8x – above the 6x trigger set by Moody’s for a further rating downgrade), we maintain our Negative credit opinion on the name. - An announcement of the disposal project of the Americas and (to a lesser extent) the Long Products divisions could bri...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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