Salzgitter : Higher results still hypothetical and higher capex weighing on cash flow. Target price lowered to € 23
>Higher 2024 results still hypothetical - Salzgitter had a decent 2023 year with EBITDA coming at € 677m in the middle of the € 650-700m guidance, although this had been revised down vs the initial € 750-850m due to the fraud suffered by Aurubis and the weaker European steel market. Q4 was especially difficult with EBITDA down 12% q-o-q to € 101m, its lowest since Covid due to the margin squeeze from lower prices and higher raw materials as well as the cost of restar...Salzgitter is a holding company. Through its subsidiaries, Co. organized its businesses into five divisions. The Steel Division manufactures steel and special steels. The Tubes Division is involved with the manufacture of line pipes, HFI-welded pipes, precision tubes and stainless steel tubes. The Trading Division operates a European sales network as well as trading companies and agencies worldwide. The companies in the Services Division provide services such as data processing, telecommunications services, scrap dealing, the handling and storage of bulk cargo, transportation, and other services. The Technology Division operates in the filling and packaging technology segment.
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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