Salzgitter : Le phénix de l’acier renaît de ses cendres
Délaissé depuis 2022 avec la conjonction de la crise énergétique et l’accélération de la désindustrialisation en Allemagne, l’action Salzgitter a opéré un retour en force depuis un an, étant perçu comme un des acteurs les plus exposés au retour en grâce de l’acier avec le plan allemand de relance et le renforcement prévu des droits de douane en Europe. Nous pensons que le titre conserve un potentiel supplémentaire de re-rating avec la prise de conscience progressive par le marché de la valeur des différents actifs, notamment les droits carbone. Nous relevons nos estimations, notre OC à 64 € vs 27 € et notre opinion à Surperformance.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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