The H1 21/22 results were decent with a strong Steel-making segment that exceeded the group’s own expectations and a less performing Plant-making one.
However, the order-book of the latter remained strong.
The group confirms its targets for the current year.
Our numbers look a bit conservative (we will upgrade these) but we believe that our current valuation (TP €23.8) probably does not need to be materially changed given the less favourable context (GDP growth and energy costs).
14 Mar 2022
A sound set of H1 21/22 results
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A sound set of H1 21/22 results
- Published:
14 Mar 2022 -
Author:
Fabrice Farigoule -
Pages:
3
The H1 21/22 results were decent with a strong Steel-making segment that exceeded the group’s own expectations and a less performing Plant-making one.
However, the order-book of the latter remained strong.
The group confirms its targets for the current year.
Our numbers look a bit conservative (we will upgrade these) but we believe that our current valuation (TP €23.8) probably does not need to be materially changed given the less favourable context (GDP growth and energy costs).