(News Bulletin 247) – Oddo maintains its ‘outperformance’ rating on ArcelorMittal stock, with a price target raised from 35 to 36 euros.
ArcelorMittal was optimistic for 2023 when presenting its 2022 results, expecting an increase in apparent global steel consumption (excluding China) between 2 and 3% but intends for its part to outperform the market with an increase of its own volumes around 5%.
Even if uncertainties remain regarding the global economy with the bankruptcy of several banking institutions in the United States, Oddo anticipates an EBITDA of $1.56 billion in Q1 (i.e. +24%) and $2.1 billion in Q2 (i.e. +34 %), thanks to dynamic volumes and rising prices before normalizing in Q3 (-9%) and Q4 (-2%), with the decline in prices.
“We have therefore increased our 2023 forecast by 15% to $7.58 billion, which puts us 7% above the consensus. Our forecasts for 2025 are at this stage little modified (+2%) in the face of uncertainties’, concludes the broker.
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