SSAB : Une belle résilience au T2 et une amélioration attendue courant T3. Des qualités intrinsèques sous-estimées. Achat vs Neutre
>Du mieux en perspective au T3 sur la demande finale - Dans un contexte encore très incertain, le management a indiqué s’attendre à une baisse séquentielle des livraisons amplifiée par la saisonnalité pour SSAB Europe (15% de l’EBITDA 2019) et SSAB Special Steels (33% de l’EBITDA 2019) tandis que celles de SSAB Americas (45% de l’EBITDA 2019) sont attendues stables. Le management nous semble assez constructif sur les prix qu’il attend stables pour Americas ou en légèr...SSAB is a supplier of high strength steels with products comprising various qualities and dimensions within wear steels and structural steels. Co.'s solutions also include services, from concept to finished delivery. SSAB Wear Services also provides advice, repairs, and sales of spare parts to the aftermarket. The business is organized into three business areas; SSAB Americas, SSAB EMEA and SSAB APAC as well as the subsidiary, Tibnor, which is a steel distributor in the Nordic region. SSAB EMEA consist of Europe, the Middle East and Africa; SSAB Americas of North and Latin America; SSAB APAC of Asia, Australia and New Zealand and Tibnor of steel and metal distribution in northern Europe.
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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