voestalpine : Q1 post-view: weaker momentum due to seamless tubes and Europe, TP lowered to € 31 vs € 34
>Weaker momentum due notably to seamless tubes - Despite Q1 earnings in line with expectations (EBITDA of € 505m, 1% below the VARA consensus) and satisfactory cash generation, the share price fell 2% yesterday on a nonetheless upward market. This underperformance is undoubtedly linked to the cautious indications provided by management during the conference call. Indeed, the group highlighted the recessionary environment in Europe, as well as the expected deterioratio...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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