Les bénéfices du deal Calvert se retrouvent plus que compensés par l’impact massif des droits de douane engendrant un OC réduit à 28 € vs 29 €. Aussi la part de l’Amérique du Nord (près du tiers de l’EBITDA pro forma) va désormais baisser au profit de l’Europe et du Brésil, limitant les perspectives de rerating. Les multiples actuels, près des plus hauts sur 5 ans, risquent donc de rester durablement plus proches des acteurs européens à ~4x l’EBITDA que des ~7x des américains. Nous maintenons no...
The benefits of the Calvert deal are outweighed by the massive impact of fresh US tariffs, resulting in a target price reduced to € 28 from € 29. As such, the share of North America (close to one-third of pro forma EBITDA) will now drop over the forecast period in favour of Europe and Brazil, limiting rerating prospects. Current multiples, close to five-year highs, are therefore likely to remain durably closer to European players at ~4x EBITDA than to the ~7x of US players. We maintain our Neutr...
Blue Sky Territory; Bullish Outlook Intact We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass). Our near-term bullish outlook will remain in place long as the S&P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM) are above their 20-day MAs. We will maintain our bullish intermediate-term outlook as long as market dynamics remain healthy and the SPX is above 5700-5785. Short-term support on SPX is at 6028-6...
ArcelorMittal publishes its 2024 Payments to governments in respect of extractive activities report 30 June 2025, 16:00 CET ArcelorMittal (’the Company’) has today filed its 2024 Payments to governments in respect of extractive activities report, which provides a consolidated overview of payments made by the Company and its subsidiaries in 2024 to governments regarding its mining operations. The report, which complies with reporting requirements under Luxembourg law, is available for download from . ENDS About ArcelorMittal ArcelorMittal is one of the world’s leading integrated steel a...
A director at Sims Limited maiden bought 2,900 shares at 15.147AUD and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cl...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.