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Outokumpu: UBS upgrades to buy

( - UBS has upgraded its rating on the share of Finnish stainless steel maker Outokumpu, having been previously neutral on the share.

The broker has adjusted its 12-month target price to 5.30 euros (-0.30 euro), which suggests upside potential of around 35%.

"We think", its report says, "the market prices in a recessionary scenario, overlooking several drivers that should help the company grow EBIT c10% in 2019". First, "Stainless steel base prices in Europe are better than the data providers suggest," UBS states, according to its own estimates.

Finally, debt refinancing operations (over 500 million euros since 2016) carried out by the group have reduced interest by 41 million euros p.a., which UBS believes generates an additional 0.9 euro in value per share, and which does not appear to be priced in at present.

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