Arcelor Mittal

ArcelorMittal is a steel company, based in Luxembourg, with operations in more than 60 countries. Co. is active in all major global steel markets, including automotive, construction, household appliances and packaging, as well as activities in Research & Development and technology, with captive supplies of raw materials and its own distribution network. Co. has an industrial presence in over 20 countries spanning four continents, covering key steel markets, from emerging to mature. Co. offers a complete spectrum of steel products from commodity steel to value-added products, from long products to flat, from standard to specialty products, from carbon steel to stainless steel and alloys.
  • TickerMT
  • ISINLU1598757687
  • ExchangeEuronext Amsterdam
  • 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

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 (

Andrew Lane

Morningstar | U.S. Steelmakers Issue Soft 3Q Guidance as Falling Steel Prices Portend Lower Profits

Having reviewed a flurry of guidance releases from U.S. steelmakers, we've softened our 2019 outlook for industrywide profits. Per the commentary provided, broader steel demand remains fairly steady except for a pocket of weakness associated with the automotive end market. Metal margins have contracted in recent months amid materially lower steel prices and a non-commensurate decrease in input costs. Additionally, we remain cautious about the industry's long-term prospects, as we expect steel demand to wane in China as global overcapacity persists. Further, a bevy of new capacity announcements...

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 ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/10/2019

...

ARCELORMITTAL sees an upgrade to Slightly Negative thanks to a better star rating, but the title remains unattractive

The independent financial analyst theScreener just awarded an improved star rating to ARCELORMITTAL (NL), active in the Steel industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 1 out of 4 possible stars. Given its market behaviour as risky, theScreener considers that these elements allowing slightly upgrading its general evaluation to Slightly Negative; the title, however, remains unattractive. As of the analysis date June 11, 2019, the closing price was EUR 15.01 and its target price was estimated at EUR 13.03.

ARCELORMITTAL sees an upgrade to Slightly Negative thanks to a better star rating, but the title remains unattractive

The independent financial analyst theScreener just awarded an improved star rating to ARCELORMITTAL (FR), active in the Steel industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 1 out of 4 possible stars. Given its market behaviour as risky, theScreener considers that these elements allowing slightly upgrading its general evaluation to Slightly Negative; the title, however, remains unattractive. As of the analysis date June 11, 2019, the closing price was EUR 15.01 and its target price was estimated at EUR 13.03.

Nurhayati Wan

Arcelor Mittal

Nurhayati Wan

Arcelor Mittal

Nurhayati Wan

Arcelor Mittal

Expert Corporate Governance Service (ECGS)

ArcelorMittal - Assemblée Générale des actionnaires du 7 mai 2019

Après le retour aux béné?ces après une perte historique de près de 8 milliards USD, ArcelorMittal a décidé de proposer la mise en place d'un dividende de 0,20 $ cette année, doublé par rapport à 2018. La société, après des années très difficiles, a réussi à maîtriser son endettement et à procéder pour la deuxième année à une distribution, même si elle reste très modérée. Nous recommanderons donc l'approbation à la résolution III. Proxinvest déplore depuis plusieurs années le montant excessif de jetons de présence, qui dépasse les 100 000 € par personne, ce qui crée une réelle dépendance écono...

Expert Corporate Governance Service (ECGS)

ArcelorMittal - AGM 07 May 2019

After a historic loss of nearly $ 8 billion in 2015, ArcelorMittal has decided to propose a dividend of $ 0.20 this year, doubled compared to 2018. The company, after difficult years, continues to control its debt and pays dividends for a second year, even if it remains very moderate. We will therefore recommend approval of the resolution III. For several years, ECGS has been complaining about the excessive amount of directors’ fees, which exceeds € 100 000  per person, as it creates a real economic dependence on the company. In addition, it is not indexed to real attendance. We therefore re...

ArecelorMittal - 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.

ArcelorMittal – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Proxy Report - 16/05/2018

In order to simplify its reporting process, ArcelorMittal asks its shareholders to change the currency of the share capital of the Company from Euro into US Dollar. It is positive that the company, evolving in a complex global sector, chose to standardize its accounts. We therefore recommend that shareholders approve this resolution.

Jérôme VINERIER

Analyse court terme - ARCELOR MITTAL : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 20,949 €. La tendance de fond serait remise en cause en cas de franchissement de 25,300 €.

Jérôme VINERIER

Short term view - ARCELOR MITTAL : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €20.949. The background trend would be questioned should prices rise above €25.300.

Jérôme VINERIER

Short term view - ARCELOR MITTAL : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €20.949, then €19.700. Passing €25.300 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - ARCELOR MITTAL : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 20,949 €, puis 19,700 €. Le franchissement de 25,300 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Analyse moyen terme - ARCELOR MITTAL : Les cours baissent.

La tendance est incertaine. Les cours baissent, et il y a une possibilité d'accélération baissière. Une nouvelle tendance baissière tente de démarrer.

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