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

ODDO : Still no light at the end of the tunnel

After the strong margin compression in H1 2019, European steelmaker fundamentals are likely to remain complicated in H2. The lack of visibility as to the timing of a recovery is likely to deter investors from returning to the segment despite historically low valuations. We reiterate our Buy rating on ArcelorMittal, which is the most exposed to spot prices (“the first to pick up”). Conversely, we downgrade Voestalpine, which fully played its role as the most defensive stock in the...

Alain William

ODDO : Pas encore de lumière au bout du tunnel

Après un S1 2019 marqué par une forte compression des marges, les fondamentaux des aciéristes européens devraient rester compliqués au S2. Le manque de visibilité quant au timing de la reprise ne devrait pas inciter les investisseurs à revenir sur le segment en dépit de niveaux de valorisations historiquement faibles. Nous réitérons notre opinion Achat sur ArcelorMittal le plus exposé aux prix spots (« les premiers à repartir »). En revanche, nous abaissons notre recommandation s...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Johanna Jourdain
  • Matthias Desmarais
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/09/2019

While we were expecting a slowdown in the IT services market, the Q1 earnings releases were reassuring, with growth maintained at +4.0% year-on-year. Moreover, the leading indicators improved significantly in recent quarters, which reassures us about the outlook. The sector’s valuation levels have eased, which offers an attractive entry point and is conducive to M&A. Our preference goes to Devoteam, in addition to Atos and Capgemini for which we have revised up our target prices. - Cf....

Alain William

ODDO : Stainless steel: recovery taking longer than expected. Estimates and target price lowered

>A more favourable environment in Q2 2019 than in Q1 - In Q2 2019, 1/ safeguard measures in Europe proved more effective than in the case of carbon steel. Imports have fallen (-27% vs 2018) and their market share now represents just 22% vs 30% in 2018); 2/ stocks in Europe are below normal levels (

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Jean-François Granjon

ODDO BHF Small & MIDCAP MORNING NEWS - 07/09/2019

While we were expecting a slowdown in the IT services market, the Q1 earnings releases were reassuring, with growth maintained at +4.0% year-on-year. Moreover, the leading indicators improved significantly in recent quarters, which reassures us about the outlook. The sector’s valuation levels have eased, which offers an attractive entry point and is conducive to M&A. Our preference goes to Devoteam, in addition to Atos and Capgemini for which we have revised up our target prices. - Cf. ...

Alain William

ODDO : Still no light at the end of the tunnel

After the strong margin compression in H1 2019, European steelmaker fundamentals are likely to remain complicated in H2. The lack of visibility as to the timing of a recovery is likely to deter investors from returning to the segment despite historically low valuations. We reiterate our Buy rating on ArcelorMittal, which is the most exposed to spot prices (“the first to pick up”). Conversely, we downgrade Voestalpine, which fully played its role as the most defensive stock in the...

Alain William

ODDO : Pas encore de lumière au bout du tunnel

Après un S1 2019 marqué par une forte compression des marges, les fondamentaux des aciéristes européens devraient rester compliqués au S2. Le manque de visibilité quant au timing de la reprise ne devrait pas inciter les investisseurs à revenir sur le segment en dépit de niveaux de valorisations historiquement faibles. Nous réitérons notre opinion Achat sur ArcelorMittal le plus exposé aux prix spots (« les premiers à repartir »). En revanche, nous abaissons notre recommandation s...

Alain William

ODDO : Stainless steel: recovery taking longer than expected. Estimates and target price lowered

>A more favourable environment in Q2 2019 than in Q1 - In Q2 2019, 1/ safeguard measures in Europe proved more effective than in the case of carbon steel. Imports have fallen (-27% vs 2018) and their market share now represents just 22% vs 30% in 2018); 2/ stocks in Europe are below normal levels (

Alain William

ODDO : Aciers inoxydables: la reprise se fait attendre. Abaissement des estimations et OC

>Un environnement plus favorable au T2 2019 qu’au T1 - Au cours du T2 2019 : 1/ les mesures de sauvegarde en Europe se sont avérées plus efficaces que dans le cas des aciers au carbone. Les importations ont diminué (-27% vs 2018) et leur part de marché ne représente plus que 22% vs 30% l’an dernier) ; 2/ les stocks en Europe sont à des niveaux inférieurs à la normale (

ING
Stijn Demeester

Aperam/Solid performer, fragile outlook/HOLD

We see Aperam as a solid performer in the EU stainless steel space, but consider risk/reward more or less balanced given (1) the dim macro-economic outlook in Europe and, increasingly, Brazil, (2) uncertainty regarding the effectiveness of EU steel safeguards, and, thus, (3) continued threat of low-cost imports. Following a change in primary analyst, we set our TP at €25, valuing Aperam at 6x 2019F EV/EBITDA. With limited visibility on earnings momentum beyond 2Q19, we maintain HOLD, seeing c.5% downside to 2019F EBITDA consensus.

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 ...
  • Alfred Glaser
  • Delphine Brault
  • Johanna Jourdain
  • Matthias Desmarais
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/09/2019

While we were expecting a slowdown in the IT services market, the Q1 earnings releases were reassuring, with growth maintained at +4.0% year-on-year. Moreover, the leading indicators improved significantly in recent quarters, which reassures us about the outlook. The sector’s valuation levels have eased, which offers an attractive entry point and is conducive to M&A. Our preference goes to Devoteam, in addition to Atos and Capgemini for which we have revised up our target prices. - Cf....

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Jean-François Granjon

ODDO BHF Small & MIDCAP MORNING NEWS - 07/09/2019

While we were expecting a slowdown in the IT services market, the Q1 earnings releases were reassuring, with growth maintained at +4.0% year-on-year. Moreover, the leading indicators improved significantly in recent quarters, which reassures us about the outlook. The sector’s valuation levels have eased, which offers an attractive entry point and is conducive to M&A. Our preference goes to Devoteam, in addition to Atos and Capgemini for which we have revised up our target prices. - Cf. ...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Jean-François Granjon

ODDO BHF Small & MIDCAP MORNING NEWS - 09/07/2019

Tandis que nous nous attendions à un ralentissement du marché des Services IT, les publications du T1 ont été rassurantes, avec une croissance qui s’est maintenue à +4.0% yoy. De plus, les indicateurs avancés se sont améliorés au cours des derniers trimestres, ce qui nous rassure sur les perspectives, alors que les niveaux de valorisation du secteur se sont détendus, ce qui offre un point d’entrée attractif et favorise le M&A. Nous privilégions Devoteam ainsi qu'Atos et Capgemini sur ...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Johanna Jourdain
  • Matthias Desmarais
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/07/2019

Tandis que nous nous attendions à un ralentissement du marché des Services IT, les publications du T1 ont été rassurantes, avec une croissance qui s’est maintenue à +4.0% yoy. De plus, les indicateurs avancés se sont améliorés au cours des derniers trimestres, ce qui nous rassure sur les perspectives, alors que les niveaux de valorisation du secteur se sont détendus, ce qui offre un point d’entrée attractif et favorise le M&A. Nous privilégions Devoteam ainsi qu'Atos et Capgemini sur ...

Alain William ...
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Christophe Chaput
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Hela Zarrouk
  • Jean-François Granjon
  • Khaled Ben Amor
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Pierre Corby
  • Rémi Adam
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 05/09/2019

...

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 June 28, 2019, the closing price was EUR 24.83 and its expected value was estimated at EUR 24.04.

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

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...

MarketLine Department

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

Summary Marketline's POSCO 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 POSCO 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 Highlights This report...

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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