Did Sud Sivaji’s CEO Appointment Just Shift Aperam's (ENXTAM:APAM) Circular-Economy Investment Narrative?

• Aperam has completed its leadership succession plan, with Sud Sivaji officially taking over as Chief Executive Officer following Tim di Maulo’s retirement, bringing 25 years of engineering, supply chain and financial experience across steel, stainless and aerospace industries.
• The company is framing this leadership change as a springboard for its ambition to be a leading value creator in the circular economy of “infinite” materials, tying executive direction closely to sustainability and innovation priorities.
• We’ll now examine how Sud Sivaji’s industry and supply chain expertise could reshape Aperam’s investment narrative and medium-term earnings profile.

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Aperam Investment Narrative Recap

To own Aperam, you need to believe in its ability to turn a recycling focused stainless and alloys portfolio into consistent cash generation despite weak European demand and pricing pressure. Sud Sivaji’s move from CFO to CEO does not materially change the near term catalyst, which remains any clear evidence of earnings stabilisation in Recycling & Renewables, nor the biggest risk, which is prolonged softness and import pressure in the European stainless market.

The most relevant recent announcement is Aperam’s Q3 2025 results, which showed a net loss of €21 million on sales of €1,410 million, underlining how fragile profitability currently is. Against that backdrop, investors may see the new CEO’s supply chain and financial background as especially important when assessing how Aperam can protect margins while positioning for potential benefits from tighter European carbon rules and the future CBAM framework.

But investors should also be aware that prolonged low European stainless demand and high imports could still...

Read the full narrative on Aperam (it's free!)

Aperam's narrative projects €7.7 billion revenue and €299.2 million earnings by 2028. This requires 7.2% yearly revenue growth and about a €107 million earnings increase from €192.0 million today.

Uncover how Aperam's forecasts yield a €31.68 fair value, a 11% downside to its current price.

Exploring Other Perspectives

Eight members of the Simply Wall St Community estimate Aperam’s fair value between €25.91 and €58.23, underscoring how far opinions can differ. When you set those views against the risk of ongoing European stainless overcapacity and import pressure, it becomes even more important to compare several independent perspectives before forming an outlook on Aperam.

Explore 8 other fair value estimates on Aperam - why the stock might be worth 27% less than the current price!

Build Your Own Aperam Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Aperam research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.
• Our free Aperam research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Aperam's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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