voestalpine : Guidance reset opens a more favourable sequence but low FCF limits optionality
>Q2 expected down on exceptionals, but also auto and Europe exposure - Ahead of the Q2 results release (to 30 September) on 13 November, voestalpine announced last Monday that it would generate EBITDA close to € 300m (-28% vs Q1) and EBIT of € 110m, notably below forecasts (consensus € 379m and ODDO BHF € 402m for EBITDA). The group justifies this poor performance by € 50m in asset impairments for its tool steel unit Buderus ahead of its scheduled disposal, now in the...voestalpine is engaged in the production, processing, and distribution of materials made of steel and in research and development in the areas of metallurgy, metal processing, and materials technology. Co.'s steel division focuses on the production and processing of flat steel products. Co.'s special steel division is involve in tool steel and high-speed steel. Co.'s metal engineering division is engaged in turnout technology, rails and treated wire, and tubes. Co.'s metal forming division is involve in tube products and precision strip steel as well as pre-finished system components. Co.'s other activities include heavy plate production, a foundry, and a number of downstream processes.
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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