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NUE - Nucor Has Major Macro Headwinds To Overcome In 2024
Nucor Corporation
2024-02-04 23:20:49 ET
Summary
Nucor faced a challenging FY23 with revenue decline and shrinking margins. I anticipate this trend to continue through 2024-2025.
Management remains optimistic for eFY24 as construction and infrastructure projects pick up; however, the reported macro data suggests significant headwinds.
Nucor is currently trading at a high premium when compared to their peer enterprise value-weighted EV/EBITDA, suggesting shares may trade down as margins continue to contract in eFY24 & eFY25.