Earnings PotentialConstellium has multiple EBITDA drivers that should aid next year's results, including contributions from the Neuf-Brisach recycling facility, cost savings from the Vision 25 program, aerospace contracts repricing, and Muscle Shoals improvement.
Undervaluation OpportunityThe negatives are already reflected in the shares, suggesting a potential undervaluation.
ValuationDespite the sell-off, CSTM is believed to be over-penalized, trading below historical average forward multiples, and the longer-term EBITDA target remains attainable.