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ArcelorMittal: Oddo still a buyer, adjusts target price

(CercleFinance.com) - The broker confirms its Buy rating on the ArcelorMittal share, although has shaved one euro off its target price, which is now 12 euros (vs.
13 euros; current price: 9.3 euros).

Oddo believes that the group will meet its EBITDA guidelines for Q2 2020, while acknowledging that Q2 2020 will be very difficult... as expected.

Oddo expects Q2 2020 EBITDA of 501 million dollars (vs. 548 million dollars previously). It should be noted that management, which no longer provides EBITDA guidelines, has taken the risk of providing a forecast range of 400 million to 600 million dollars for Q2 (vs. 967 million dollars in Q1).

Analysts now expect 2020 EBITDA of 2.6 billion dollars (vs. 3.2 billion dollars previously and 5.2 billion dollars in 2019). It has reduced its expectations for all the group's divisions by integrating deliveries that are lower than expected in 2020 (-19% vs. -12% previously), analysis add; they have a 2021 EBITDA estimate of 5.4 billion dollars (vs. 6 billion dollars previously).


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