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After a very difficult year due to the lack of operating visibility, the good news from the past few weeks linked to the sector (business and price recovery) leads us to raise our estimates by +6% in 2020 and by +10% in 2020/22e (LfL) in all divisions. To that we must add the good news from the company itself, with value-enhancing M&A moves such as the asset sales in the US and the divestiture from Ilva, that leads us to raise our T.P. to € 22.00/sh. (+46% vs. previously and +15% upside). MTS is facing 2021 from a robust financial position (
ARCELOR MITTAL: HEALTHIER IN 2021 (ANÁLISIS BANCO SABADELL)
Rising steel prices and M&A moves lead us to raise our T.P. BUY.After a very difficult year due to the lack of operating visibility, the good news from the past few weeks linked to the sector (business and price recovery) leads us to raise our estimates by +6% in 2020 and by +10% in 2020/22e (LfL) in all divisions. To that we must add the good news from the company itself, with value-enhancing M&A moves such as the asset sales in the US and the divestiture from Ilva, that leads us to raise our T.P. to € 22.00/sh. (+46% vs. previously and +15% upside). MTS is facing 2021 from a robust financial position (
Underlying
ArcelorMittal
Provider
Sabadell
Francisco Rodriguez
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