Outokumpu : The situation for the Americas division needs to be settled
>The quality of the Q4 2018 results is questionable - Outokumpu reported adjusted Q4 2018 EBITDA of € 89m (consensus: € 86m, Oddo BHF: € 80m and Q3 2018: € 128m). This result includes a gain of € 32m related to an insurance compensation for the ferrochrome division (EBITDA of € 83m in Q4 2018 and € 210m in 2018). Adjusted EBITDA excluding exceptionals came in at € 57m. Outokumpu's profitability has deteriorated (in sequential terms) mainly due to: 1/ the 8% drop in d...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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