Salzgitter : Management sets out detailed expectations by division for 2020. We have downgraded our estimates. Reduce rating maintained
>Management provides more granularity on 2020 guidance - Profit before tax (PBT) for Q1 2020 showed a loss of € 31.4m (vs -€ 294m in Q4 2019 and € 126m last year) as pre-announced on 24 April at the time of its warning on 2020 results. The 2020 PBT guidance is still for a loss in the triple digit million range, largely due to: 1/ the strip steel division (73% of 2019 EBITDA) which is set to suffer from a sharp reduction in its capacity (current utilisation rate of 60%...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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