voestalpine confirmed at HOLD, TP EUR 32.5 - Brighter prospects appear discounted in stellar run
Improved market fundamentals and grown appetite for value stocks as well as the managements stringent cost-cutting efforts and focus on FCF generation have resulted in a sharp rebound of the share priceSteel prices have shot up strongly in the past months, which despite elevated iron ore prices heralds an expansion of steel spreads
Following the slump in car volumes in 2020, the demand from the auto sector has recovered strongly
Ahead of the Q3 release (Feb 9) we have considerably increased our forecasts, which coupled with lower risk-free rates resulted in a target price increase to EUR 32.5 from EUR 20.5. We maintain the HOLD rating
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.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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