Aperam: Valuation Reset, Policy Tailwinds, and Cost Efficiencies Create an Attractive Buy Opportunity

In a report released today, Tommaso Castello from Jefferies upgraded Aperam S.A. to a Buy, with a price target of €47.00.

Tommaso Castello has given his Buy rating due to a combination of factors, including Aperam’s meaningful upside from both EU policy support and internal efficiency programs over the next three years. He expects up to €200m of additional EBITDA from European measures such as CBAM and trade defense, complemented by roughly €150m of cost and self-help gains, while Q1 guidance stability under geopolitical stress underlines operational resilience.

Tommaso Castello’s rating is based on the stock’s recent valuation pullback, which has reset the EV/EBITDA multiple about one turn lower and, in his view, created an attractive entry point versus its long‑term average. He also highlights Aperam’s cost leadership, diversified earnings base with roughly 80% of EBITDA generated outside Europe, a visible deleveraging path, and a solid dividend yield above 5%, which together provide both leverage to a mid‑cycle recovery and downside protection despite near‑term macro risks.

In another report released yesterday, Deutsche Bank also maintained a Buy rating on the stock with a €63.00 price target.