Aperam: Oddo BHF trims TP

(CercleFinance.com) - Oddo BHF maintains its 'neutral' rating on Aperam shares, trimming its target price for them from E32 to E30.


The analyst believes that Q4, which was weak, but in line with expectations, marks the end of a difficult year for Aperam, as was the case for the rest of the sector.

Aperam was expecting EBITDA of E50m to E60m in Q4, a target which Oddo BHF believes will be met, but which is likely to be at the bottom of the target range, notably due to the deterioration of the Stainless & Electrical business.

Q1 trends are not very encouraging, and the long-awaited recovery in Europe is taking time to materialise, the broker says.

Overall, analysts have reduced their EBITDA expectations by 6% for 2024 to E456m and by 2.5% for 2025 to E656m, respectively 12% and 1% below the Visible Alpha consensus, they conclude.


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