Oddo BHF maintains its 'neutral' rating on Aperam shares, with a price target slightly lowered from 32 to 30 euros.

The analyst believes that the 4th quarter "weak but in line with expectations", marks the end of a difficult year for Aperam as for the rest of the sector.

Aperam was expecting EBITDA of between €50 and €60 million in Q4, a target which Oddo BHF believes will be met, but which is likely to be in the low range, notably due to the deteriorated situation of the Stainless & Electrical business.

"Q1 trends are not very encouraging, and the long-awaited recovery in Europe is taking time to materialize", stresses the broker.

Overall, we have reduced our EBITDA expectations by 6% in 2024 to 456 ME and by 2.5% in 2025 to 656 ME, which puts us respectively 12% and 1% below the Visible Alpha consensus', concludes the analyst.

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