德意志银行-公司研究-arcelor mittal strong fcf,three free options and potential to double-upgrade to buy-20170712-deutschebank.pdfVIP

Deutsche Bank Markets Research Rating Company Date Buy ArcelorMittal 12 July 2017 Recommendation Europe Luxembourg Change Reuters Bloomberg Exchange Ticker Price at 11 Jul 2017 (EUR) 20.90 Steel MT.AS MT NA EOE MT Price Target (EUR) 28.00 Steel 52-week range (EUR) 26.30 - 14.75 Strong FCF, three free options and Bastian Synagowitz Research Analyst potential to double – upgrade to Buy (+41) 44 227-3377 bastian.synagowitz@ Attractive valuation and cash yield as cyclical upside underappreciated - Buy We have been on the sidelines on MT to avoid the risks stemming from an iron Key changes ore price correction, and the shares have underperformed European carbon steel peers by 13ppts since the start of 2017. Nevertheless, we believe the Rating Hold to Buy ↑ stock is now