Voestalpine : H2 EBITDA should be better on a sequential basis but not for FCF generation
>Management is optimistic on H2 - Q2 2020-21 EBITDA (fiscal year ending 30 March) was € 237m (vs € 158m in Q1 2020-21). Management is constructive on the automotive sector (33% of 2019-20 sales). It indicates that October and November showed a very robust level of activity. The capital goods market (9% of sales) is improving very gradually. Construction (9% of sales) remains solid and the group boasts a robust order backlog and fully-used production capacity. Demand f...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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