IGH: strong EBITDA decrease amid continued challenging market conditions|Nexity: a Q3 without surprises and without progress|URW: a solid Q3, accompanied by a new CEO, an acquisition and higher targets|
IGH: strong EBITDA decrease amid continued challenging market conditions|Nexity : un T3 sans surprise et sans progrès|URW : un T3 solide, accompagné d’un nouveau CEO, d’une acquisition et d’une hausse des objectifs|
We update our estimates ahead of ArcelorMittal's 3Q25 results, due 6 November. Our target price increases to €38 per share from €34, mainly due to higher peer multiples.