Arcelormittal: Oddo raises target price
(CercleFinance.com) - Oddo maintains its "outperform" rating on ArcelorMittal and has raised its corresponding target price to 35 euros, from 24 euros previously (current price: 23.
2 euros, -0.2%).
The broker says that ArcelorMittal should benefit from a (sustainably) high steel margin. Its 2021 EBITDA estimate, which has been significantly raised with higher prices and is 34% above consensus expectations, suggests a more generous return of cash to shareholders than previously anticipated.
Under these conditions, the broker estimates that the company could return up to 40% of its market capitalisation to shareholders by 2023.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
2 euros, -0.2%).
The broker says that ArcelorMittal should benefit from a (sustainably) high steel margin. Its 2021 EBITDA estimate, which has been significantly raised with higher prices and is 34% above consensus expectations, suggests a more generous return of cash to shareholders than previously anticipated.
Under these conditions, the broker estimates that the company could return up to 40% of its market capitalisation to shareholders by 2023.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.