ArcelorMittal: Jefferies says growth in India underestimated

(CercleFinance.com) - Jefferies confirms its Buy recommendation on the share with a target price of E33.
The analyst believes that growth prospects in India are underestimated.

India is the fastest-growing steel market, and is expected to double in the medium term. ArcelorMittal offers investors an interesting opportunity to play on the growth of steel in India, with their exposure to India rising from around 5-8% of the Group's EBITDA at present to 15%, the broker says.

Analysts consider the value of ArcelorMittal's Indian operations and joint ventures as undervalued - and, with a strong balance sheet - ArcelorMittal trades at 3x 2025 EV/EBITDA, Jefferies adds.


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