Voestalpine : Q4 will not be as strong as expected. The CO2 bill could skyrocket. Underperform (vs Neutral)
>Q3 better than expected - Q3 2020-21 EBITDA (FY ends 30 March) came to € 288m (vs € 237m in Q2 2020-21). The management is constructive on the automotive sector (33% of sales in FY 2019-20), construction (9% of sales), capital goods (9% of sales) and consumer goods (5% of sales) where activity has returned to the pre-COVID-19 level. Activity relating to rail infrastructure (12% of sales) remains solid while orders are accelerating in the storage infrastructure field....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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