MT - ArcelorMittal looks undervaled Citi says in maintaining Buy rating

ArcelorMittal's (NYSE:MT) current share price implies its enterprise value could approach zero by the end of 2025, given its free cash flow yield in the next three years and net cash position by the end of 2022, which looks unjustified, Citi analysts said Monday in reiterating a Buy rating and €50 price target. Citi said the market implication is unjustified even in a worst-case scenario when the steel maker gets no EBITDA contribution from as much as $50B in acquisitions, decarbonization spending without government support and global recession headwinds. Based on 2021 and 2022 estimates, ArcelorMittal's (MT) EBITDA is its second- and third-highest ever, Citi said in maintains its favorable view of the stock. ArcelorMittal's (MT) free cash flow trends are aligned with bullish technicals, Individual Trader writes in a bullish analysis published recently on Seeking Alpha.

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ArcelorMittal looks undervaled, Citi says in maintaining Buy rating