EFTA Document EFTA01385520

> Energy, Materials & Industrials ArcelorMittal - Bastian Synagowitz, BUY, close €28.7, €33 tgt, 15% upside ■ Despite having performed well recently, we believe the stock is still priced for a "cautious" $7bn EBITDA scenario. This appears too bearish as spot conditions remain strong and three structural changes have removed part of the downside risk: ■ Firstly, Europe is seeing the strongest consolidation dynamic since the creation of ArcelorMittal itself. ■ Second, trade policy continue