reports
- Baptiste Lebacq
- Maxime Kogge
ODDO : Favour Vallourec over ArcelorMittal with a view to a win-win ta...
We think that ArcelorMittal's arrival in Vallourec's capital validates the success of the financial restructuring undertaken in 2021 which has rendered Vallourec ripe for takeover by an industrial group. For ArcelorMittal, it is already ~4% accretive in terms of 2025-2026 EPS and, more importantly, a vector of synergies in the event of a full takeover with the potential for additional accretion of >10% and a possible re-rating. That said, the weak steel environment, while it full...
- Baptiste Lebacq
- Maxime Kogge
ODDO : Favoriser Vallourec sur ArcelorMittal en vue d’un rapprochement...
L’entrée d’ArcelorMittal au capital de Vallourec valide, selon nous, le succès de la restructuration financière de 2021 qui rend Vallourec investissable. Pour ArcelorMittal, elle est déjà relutive de ~4% sur les BPA 2025/26 et surtout porteuse de synergies dans le cas d’une prise de contrôle avec un potentiel de relution additionnelle > 10% et un possible rerating. Toutefois, l’environnement dégradé de l’acier, s’il confirme en creux l’intérêt d’un deal Vallourec, nous conduit au...
- Bruno Cavalier
- Delphine Brault
- Quentin Borie
KNEBV KONE OYJ CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
BRBY BURBERRY GROUP PLC
KER KERING SA
ALO ALSTOM SA
BAS BASF SE
VOW3 VOLKSWAGEN AG PREF
01913 PRADA S.P.A.
ASM ASM INTERNATIONAL N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TLGO TALGO SA
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
STM STMICROELECTRONICS NV
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
STLA STELLANTIS N.V.
- Bruno Cavalier
- Delphine Brault
- Quentin Borie
KNEBV KONE OYJ CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
BRBY BURBERRY GROUP PLC
KER KERING SA
ALO ALSTOM SA
BAS BASF SE
VOW3 VOLKSWAGEN AG PREF
01913 PRADA S.P.A.
ASM ASM INTERNATIONAL N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TLGO TALGO SA
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
STM STMICROELECTRONICS NV
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
STLA STELLANTIS N.V.
- Emna Ben Bdira
- Maxime Kogge
ArcelorMittal : Feedback from the India visit: an increasingly visible...
>Still a modest player, but fully integrated - Last week, we took part in a visit of the AMNS India steel mill at Hazira, organised by ArcelorMittal and attended by CEO Aditya Mittal and the entire local management. AMNS India is the result of the acquisition by ArcelorMittal and Nippon Steel of Essar Steel in 2019. It is still a modest player with production of 7.7 Mt for domestic market share of ~6% and ~14% for flat products alone, the category on which it is prese...
- Emna Ben Bdira
- Maxime Kogge
ArcelorMittal : Feedback visite en Inde : un atout différentiant de pl...
>Acteur encore modeste mais totalement intégré - Nous avons participé la semaine dernière à la visite de l’aciérie d’AMNS India à Hazira organisée par ArcelorMittal en présence du CEO Aditya Mittal et de tout le management local. AMNS India est issu du rachat par ArcelorMittal et Nippon Steel d’Essar Steel en 2019. C’est encore un acteur modeste avec une production de 7,7 Mt pour une PdM nationale de ~6% et de ~14% sur les seuls produits plats, la catégorie où il est ...
ArcelorMittal holds investor day in India
ArcelorMittal holds investor day in India Event highlights India’s position as world’s fastest growing steel market and AM/NS India’s vision to become the benchmark for quality, scale and sustainability in Indian steelmaking 25 September 2024, 11:30 CET ArcelorMittal today hosted an investor day at AM/NS India’s flagship plant in Hazira, Gujarat. The event provided members of the investment community with the opportunity to witness first-hand the progress AM/NS India – a 60/40 joint venture between ArcelorMittal and Nippon Steel – is making with the first phase of its project to grow stee...
- Oliver Metzger
- Sinan Doganli
ODDO : First feedback – DAY 2
We host the 15th edition of the Corporate Conference in cooperation with Commerzbank on September 3rd & 4th 2024 in Frankfurt am Main. This year we are welcoming 90 German small, mid and large cap companies. - >Accelor Mittal (=) – Heading for better H2 despite still soft underlying markets, no change on VallourecAdesso (=) – IT-solutions segment will continue to be a drag on profitability in H2 2024Aurubis (+) – Announced disposal for its US-based finished ...
CON CONTINENTAL AKTIENGESELLSCHAFT
FRA FRAPORT AG
MT ARCELORMITTAL SA
DAI DAIMLER AG
SZG SALZGITTER AG
VNA VONOVIA SE
RWE RWE AG
NDA AURUBIS AG
WIE WIENERBERGER AG
RAA RATIONAL AG
ADN1 ADESSO AG
BFSA BEFESA SA
S92 SMA SOLAR TECHNOLOGY AG
JEN JENOPTIK AG
KBX KNORR-BREMSE AG
HAG HENSOLDT AG
STM STABILUS SE
TUI TUI AG
R3NK RENK GROUP AG
- Christophe Chaput
- Hela Zarrouk
- Christophe Chaput
- Hela Zarrouk
- Emna Ben Bdira
- Maxime Kogge
ArcelorMittal : Pending market recovery, share buybacks and valuation ...
>After a resilient Q2, Q3 forecasts only edged down - We talked to the company following its earnings release last week. Q2 was resilient with EBITDA of $ 1.86bn, 5% above consensus and just 5% down on Q1 despite the global decline in steel and iron ore prices and a number of incidents in Mexico (major strike), Canada (wildfire) and South Africa (outages). Following this release, we have lowered our estimate for Q3 EBITDA by just 1% to $ 1.53bn although the adjustment...
- Emna Ben Bdira
- Maxime Kogge
ArcelorMittal : En attendant la reprise, rachats d’actions et valorisa...
>Après un T2 résilient, nos attentes T3 sont quasi-inchangées - Nous avons fait le point avec la société après les résultats publiés la semaine dernière. Le T2 a été résilient avec un EBITDA de 1,86 Md$, 5% au-dessus du consensus et en recul limité de 5% vs T1 malgré la baisse mondiale des prix de l’acier et du fer et plusieurs incidents rencontrés au Mexique (grève d’ampleur), au Canada (feux de forêts) et en Afrique du Sud (pannes). A la suite de cette publication, ...
- Carole Braudeau
- Carole Braudeau
ArcelorMittal S.A.: ArcelorMittal completes acquisition of strategic s...
ArcelorMittal S.A.: ArcelorMittal completes acquisition of strategic stake in Vallourec 06 August 2024, 07:30 CET ArcelorMittal today announces that following the signature of a Share Purchase Agreement on 12 March 2024, and after the approval of relevant antitrust authorities and clearances under foreign investment regulations, it has completed the acquisition of 65,243,206 shares, representing c.28.41% equity interest in Vallourec, for €14.64 per share from funds managed by Apollo Global Management Inc., for a total consideration of approximately €955 million, subject to successful compl...
ArcelorMittal S.A.: ArcelorMittal announces publication of its 2024 ha...
ArcelorMittal S.A.: ArcelorMittal announces publication of its 2024 half-year report 02 August 2024, 18:00 CET ArcelorMittal (the ‘Company’) has today published its half-year report for the six-month period ended 30 June 2024. The report is available on under Investors > Financial reports > Half-year reports, and on the electronic database of the Luxembourg Stock Exchange (). The report has also been filed on Form 6-K with the U.S. Securities and Exchange Commission (SEC) and is available on under Investors > Financial reports > SEC filings. ENDS About ArcelorMittal ArcelorMittal...
- Olfa Taamallah
- Yan Derocles
DHL DHL GROUP
V1S ARKEMA
LR LEGRAND SA
BMW BAYERISCHE MOTOREN WERKE AG
VIE VEOLIA ENVIRONNEMENT SA
RR. ROLLS-ROYCE HOLDINGS PLC
MT ARCELORMITTAL SA
DGE DIAGEO PLC
SU SCHNEIDER ELECTRIC SE
COV COVIVIO SA
MTX MTU AERO ENGINES AG
QIA QIAGEN NV
LSEG LONDON STOCK EXCHANGE GROUP PLC
ALV ALLIANZ SE
MRK MERCK KGAA
VNA VONOVIA SE
SAF SAFRAN S.A.
VOW3 VOLKSWAGEN AG PREF
SY1 SYMRISE AG
NEM NEMETSCHEK SE
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
TIT TELECOM ITALIA S.P.A.
PRY PRYSMIAN S.P.A.
CABK CAIXABANK SA
WLN WORLDLINE SA
CLNX CELLNEX TELECOM S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
RIO RIO TINTO PLC
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
NEXI NEXI S.P.A.
JDEP JDE PEET'S NV
AZE AZELIS GROUP NV
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
SYENS SYENSQO
UN0 UNIPER SE
- Olfa Taamallah
- Yan Derocles
DHL DHL GROUP
V1S ARKEMA
LR LEGRAND SA
BMW BAYERISCHE MOTOREN WERKE AG
VIE VEOLIA ENVIRONNEMENT SA
RR. ROLLS-ROYCE HOLDINGS PLC
MT ARCELORMITTAL SA
DGE DIAGEO PLC
SU SCHNEIDER ELECTRIC SE
COV COVIVIO SA
MTX MTU AERO ENGINES AG
QIA QIAGEN NV
LSEG LONDON STOCK EXCHANGE GROUP PLC
ALV ALLIANZ SE
MRK MERCK KGAA
VNA VONOVIA SE
SAF SAFRAN S.A.
VOW3 VOLKSWAGEN AG PREF
SY1 SYMRISE AG
NEM NEMETSCHEK SE
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
TIT TELECOM ITALIA S.P.A.
PRY PRYSMIAN S.P.A.
CABK CAIXABANK SA
WLN WORLDLINE SA
CLNX CELLNEX TELECOM S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
RIO RIO TINTO PLC
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
NEXI NEXI S.P.A.
JDEP JDE PEET'S NV
AZE AZELIS GROUP NV
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
SYENS SYENSQO
UN0 UNIPER SE
- Carole Braudeau
- Carole Braudeau
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