Aperam S.A.

APERAM is a stainless and specialty steel producer. Co. produces a range of stainless steel products and products including electrical steel (grain oriented, non-grain oriented, and non-grain oriented semi-processed steel), nickel alloys and specialties. Co. sells its products to customers on three continents in over 40 countries, including aerospace, automotive, catering, construction, household appliances and electrical engineering, industrial processes, medical, and oil & gas industries. Co. manages its business according to three operating segments: Stainless and Electrical Steel; Services and Solutions; and Alloys and Specialties.
  • TickerAPAML
  • ISINLU0569974404
  • ExchangeLuxembourg Stock Exchange
  • SectorIndustrial Metals & Mining
  • CountryLuxembourg

Analysts

Alain William ...
  • Anis Zgaya
  • Jean-François Granjon
  • Jerôme Bodin
  • Khaled Ben Amor
  • Martial Descoutures
  • Nicolas Thorez
  • Oussema Denguir

ODDO BHF Small & MIDCAP MORNING NEWS - 07/11/2019

...

Alain William ...
  • Anis Zgaya
  • Jean-François Granjon
  • Jerôme Bodin
  • Khaled Ben Amor
  • Martial Descoutures
  • Nicolas Thorez
  • Oussema Denguir

ODDO BHF Small & MIDCAP MORNING NEWS - 11/07/2019

...

Alain William

Aperam : Impact of safeguard measures will soon feed through

>Still no sign of an inflection in demand - For Europe, CEO Timoteo Di Maulo expects end-markets to remain weak in Q4 2019 and sees no inflection in demand at this stage. In Europe, the automotive, household appliances and capital goods sectors remain lacklustre, but the negative momentum is fading. The level of stocks is low in absolute terms but high in terms of days of sales due to sluggish demand. However, there does not seem to be much room for additional destoc...

ING
Stijn Demeester

Aperam/3Q19 postview: Sound delivery in tough context/HOLD

We update our model following Aperam's 3Q19 results, slightly raising 2019F EBITDA by 2% but keeping our 2020-21F estimates largely unchanged. We raise our TP to €26 (€25), driven by lower net debt and a modest multiple increase, valuing Aperam at 5.8x 2020F EV/EBITDA. Aperam trades at 7.4x/6.1x 2019/2020F EV/EBITDA and c.8% FCF yield, which we believe is fair. HOLD reiterated.

Alain William ...
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Martial Descoutures
  • Nicolas David
  • Olfa Taamallah
  • Oussema Denguir
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 11/06/2019

...

Alain William

Aperam : Impact of safeguard measures will soon feed through

>Still no sign of an inflection in demand - For Europe, CEO Timoteo Di Maulo expects end-markets to remain weak in Q4 2019 and sees no inflection in demand at this stage. In Europe, the automotive, household appliances and capital goods sectors remain lacklustre, but the negative momentum is fading. The level of stocks is low in absolute terms but high in terms of days of sales due to sluggish demand. However, there does not seem to be much room for additional destoc...

ING
Stijn Demeester

Aperam/3Q19 postview: Sound delivery in tough context/HOLD

We update our model following Aperam's 3Q19 results, slightly raising 2019F EBITDA by 2% but keeping our 2020-21F estimates largely unchanged. We raise our TP to €26 (€25), driven by lower net debt and a modest multiple increase, valuing Aperam at 5.8x 2020F EV/EBITDA. Aperam trades at 7.4x/6.1x 2019/2020F EV/EBITDA and c.8% FCF yield, which we believe is fair. HOLD reiterated.

ING
ING Helpdesk

Benelux Morning Notes

Ageas: Asia keeps on delivering, level of capital gains higher than expected. Agfa Gevaert: Agfa Healthcare to be sold by year-end, REBIT in line with consensus. Ahold Delhaize: The beat goes on. ALD: Operating leverage remains sound Aperam: Solid 3Q19 beat, c.2-3% upside to FY19 consensus EBITDA. Balta: Guidance confirmed but margin pressure remains. Colruyt: Colruyt merges with Colruyt Ontex: It's not pants! Randstad: roadshow feedback; solid story, digital story gaining momentum

Alain William

Aperam : Q3 EBITDA down q-o-q but above consensus. Q4 expected up sequentially

>Q3 EBITDA down q-o-q - Aperam reported Q2 2019 EBITDA of € 79m, closer to our expectations (ODDO BHF: € 75m) than to the consensus (€ 70m). This compares with an EBITDA of € 95m in Q2. This (expected) q-o-q decrease was driven by: 1/ a seasonal slowdown in Europe (lower volumes); 2/ very soft end use demand notably in Europe and Brazil; 3/ high import penetration in Europe (28% market share according to Acerinox) that is weighing on prices. During the period, the Sta...

Alain William

Aperam : Q3 EBITDA down q-o-q but above consensus. Q4 expected up sequentially

>Q3 EBITDA down q-o-q - Aperam reported Q2 2019 EBITDA of € 79m, closer to our expectations (ODDO BHF: € 75m) than to the consensus (€ 70m). This compares with an EBITDA of € 95m in Q2. This (expected) q-o-q decrease was driven by: 1/ a seasonal slowdown in Europe (lower volumes); 2/ very soft end use demand notably in Europe and Brazil; 3/ high import penetration in Europe (28% market share according to Acerinox) that is weighing on prices. During the period, the Sta...

1 director sold

A director at Aperam SA sold 29,300 shares at 24.060EUR and the significance rating of the trade was 67/100. 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 clearly showing Close periods where trading activity is restricted under listing rules. The names of board memb...

Alain William ...
  • Anis Zgaya
  • Jean-François Granjon
  • Jerôme Bodin
  • Khaled Ben Amor
  • Martial Descoutures
  • Nicolas Thorez
  • Oussema Denguir

ODDO BHF Small & MIDCAP MORNING NEWS - 07/11/2019

...

Alain William ...
  • Anis Zgaya
  • Jean-François Granjon
  • Jerôme Bodin
  • Khaled Ben Amor
  • Martial Descoutures
  • Nicolas Thorez
  • Oussema Denguir

ODDO BHF Small & MIDCAP MORNING NEWS - 11/07/2019

...

Alain William ...
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Martial Descoutures
  • Nicolas David
  • Olfa Taamallah
  • Oussema Denguir
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 11/06/2019

...

Alain William ...
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Martial Descoutures
  • Nicolas David
  • Olfa Taamallah
  • Oussema Denguir
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 06/11/2019

...

Alain William ...
  • Cecile De Coincy
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Tegner

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/15/2019

Insurers are better equipped than a few years ago to cope with the low interest rate environment. With earnings per share set to continue to grow, the market is likely to focus primarily on solvency margin levels. We believe that they should remain within the target ranges as long as the German 10-year rate does not fall below -1.5%. We reiterate our Buy rating on AXA (target price of € 28). - Cf. company report published last evening. - ...

Thanks to a better fundamental star rating, APERAM SA sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to APERAM SA (NL), active in the Steel industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date November 5, 2019, the closing price was EUR 24.57 and its expected value was estimated at EUR 22.44.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

MarketLine Department

Acerinox SA - Strategy, SWOT and Corporate Finance Report

Summary Acerinox SA - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights Acerinox, SA (Acerinox) is a stainless steel manufacturing company in Spain. The company, through its subsidiaries, manufactures and distributes slabs, billets, black coils, plates, hot-rolled coils, hot-rolled sheets, flat bars, hot-rolled re-bars, hot-rolled black bars, engraved sheets, cold-ro...

MarketLine Department

Tenaris SA - Strategy, SWOT and Corporate Finance Report

Summary Tenaris SA - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights Tenaris SA (Tenaris) manufacturers and distributes of steel pipe products. It is principally involved in the production and sale of both seamless and welded steel tubular products and related services. The company product portfolio includes casing, tubing, line pipe, and mechanical and structural ...

MarketLine Department

POSCO - Strategy, SWOT and Corporate Finance Report

Summary POSCO - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights POSCO is an integrated steel manufacturing company that produces and markets steel rolled products and plates globally. It offers hot rolled and cold rolled products, wire rods, plates, silicon steel sheets and stainless steel products for automotive, shipbuilding, home appliance, engineering, and mach...

MarketLine Department

Outokumpu Oyj - Strategy, SWOT and Corporate Finance Report

Outokumpu Oyj - Strategy, SWOT and Corporate Finance Report Summary Outokumpu Oyj - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights OutokumpuOyj (Outokumpu or 'the company') is Finland based stainless steel producing company. The company offers a wide range of metal products and services. Its major products includes classic family and pro family. Under classic fa...

MarketLine Department

Outokumpu Oyj - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Outokumpu Oyj Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Outokumpu Oyj since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlig...

Expert Corporate Governance Service (ECGS)

Aperam - Assemblée Générale des actionnaires du

Cette année encore, au même titre que l'année dernière, en raison de nos fortes préoccupations liées à la gouvernance de la société ainsi qu'en raison de l'absence de communication de la rémunération individuelle du mandataire social dirigeant et de résolution permettant aux actionnaires de s'exprimer sur sa rémunération, la proposition demandant le quitus pour les administrateurs ne sera pas soutenue (résolution V). Le renouvellement de mandat de M. Lakshmi N. Mittal ne sera pas recommandé à cause du trop grand nombre de mandats (résolution VI).Par contre les renouvellements de mandat de de ...

Aperam - Assemblée générale des actionnaires du 07 mai 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Jehanne Leroy

Proxy Report - 09/05/2018

Cette année encore, au même titre que l’année dernière, en raison de nos fortes préoccupations liées à la gouvernance de la société ainsi qu'en raison de l'absence de communication de la rémunération individuelle du mandataire social dirigeant et de résolution permettant aux actionnaires de s'exprimer sur sa rémunération, la proposition demandant le quitus pour les administrateurs ne sera pas soutenue (résolution V). Les renouvellements du mandat d'administrateur de Philipe Darmayan sera approuvé car bien que non indépendant, le conseil reste majoritairement indépendant (résolution VI). La r...

Jérôme VINERIER

Analyse court terme - APERAM : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 29,20 €, puis 25,90 €. Le franchissement de 40,80 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - APERAM : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €29.20, then €25.90. Passing €40.80 would question the continuation of the fall.

Jérôme VINERIER

Short term view - APERAM : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €29.20, then €25.90. Passing €40.80 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - APERAM : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 29,20 €, puis 25,90 €. Le franchissement de 40,80 € remettrait en cause la suite de la baisse.

Valérie GASTALDY

Medium term view - APERAM : The trend is bearish.

The trend is bearish. The movement goes on. The next target is at €28.00, then €25.00. Passing €41.30 would question the continuation of the fall.

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