Kepler Cheuvreux resumes Aperam with 'buy' as it's 'recast for the future'

Aperam SA

22/05/2025 08:23

** Kepler Cheuvreux resumes coverage of Luxembourg-based stainless steel producer Aperam APAM.AS with "buy" rating, citing its diversification along the stainless steel value chain and strict savings plan enhancing EBITDA

** The broker says Aperam has become a much stronger company, with capacity to lift normalised adjusted EBITDA by EUR 300 million to over EUR 700-800 million

** "We see it as a good way to play the recovery of the European (German) economy," Kepler Cheuvreux says, also noting Aperam's cost efficiency and exposure to the Brazilian market

** Aperam's diversification and integration of Universal Stainless & Alloy provides increasing exposure to attractive niches, the broker adds

** By reducing its exposure to the cyclicality of the stainless steel business to less than 50% of adjusted EBITDA, Aperam is "recast for the future," Kepler Cheuvreux says

 (Reporting by Anna Peverieri)

 ((Anna.peverieri@thomsonreuters.com))