Sá, Nuno Quartin Bastos de Vasconcelos eHabert, Tobias2020-10-162020-10-162020-01-172020-01-03http://hdl.handle.net/10362/105700This equity research report provides an analytical and fundamental valuation of the Luxembourg listed steelmaker ArcelorMittal. After reviewing the Company’s historical financial and operational performance as well as conducting an in-depth industry analysis, we developed a forecast of ArcelorMittal’s income statement, balance sheet and cash flow statement to obta in at stock target price as of 31.12.2020.The recommendation of this report is to sell the stock of ArcelorMittal due to calculated and derived negative total shareholder return of -3.9% within the next 12 months.engArcelormittalSteel industryMetals and miningValuationmaster thesis202493938