Oddo BHF confirms its 'outperform' rating on ArcelorMittal, while raising its target price from 35 to 38 euros, due to the increase in its forecasts for the steelmaker following a quarterly publication deemed solid last Thursday.

With an upside of 43%, ArcelorMittal now offers the best upside of our coverage", the broker points out, pointing to a valuation "more than ever an asset with a 2024 EBITDA multiple of three times, 20% below the sector".

According to Oddo BHF, ArcelorMittal currently offers the best geographical mix (with SSAB) and the best exposure to spot prices. The company's upstream integration in iron is also a long-term asset, as is its sound financial structure.

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