ArcelorMittal: Oddo BHF reduces target price

(CercleFinance.com) - Oddo BHF maintains its outperform rating on ArcelorMittal shares, while trimming its target price for them from E37 to E35.


With ArcelorMittal due to publish its Q2 results on 27 July, Oddo BHF expects EBITDA to come in at $2.38bn, in line with the Visible Alpha consensus ($2.4bn).

However, cash generation should remain modest, with FCF expected to come in at $297m, due to the rise in Capex and the seasonal consumption of WCR, before a sharp improvement in H2, the analyst notes.

Against this backdrop, Oddo BHF has left its 2023 estimates unchanged, with EBITDA forecast at $7.93bn (vs $7.91bn), in line with the consensus.


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