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I initiate coverage of Constellium SE with a Strong Buy rating and a $55 price target. Aerospace is my strongest growth driver, supported by recovering aircraft production, easing destocking and higher EBITDA per ton, while packaging, automotive rolled products and AS&I provide additional earnings growth. The valuation remains difficult for me to ignore, with CSTM trading at 6.54x FWD non-GAAP P/E and 5.23x FWD EV/EBITDA.
Constellium SE (CSTM) has twice raised FY2026 guidance, now targeting $980M–$1.02B Adjusted EBITDA and $300M+ free cash flow. CSTM trades at 7.4x trailing earnings and 5.4x EV/EBITDA, the lowest multiples in its peer group despite record results and active buybacks. Policy-driven tariff advantages and aerospace/auto contracts drive profitability, but commodity price lag and packaging softness present risks.
Constellium delivered record Q2 adjusted EBITDA, driven by robust aluminum pricing and disciplined execution, but faces near-term headwinds from falling commodity prices. CSTM raised guidance, expecting $980M–$1.02B in adjusted EBITDA and over $300M free cash flow, with 2028 targets now likely to be achieved ahead of schedule. I favor CSTM's quality and through-cycle economics over more levered peers, yet aluminum price volatility prompts a downgrade to Hold despite continued value.
California State Teachers Retirement System increased its position in shares of Constellium SE (NYSE: CSTM) by 24.0% during the undefined quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 145,732 shares of the industrial products company's stock after purchasing an additional 28,191 shares during the
Cetera Investment Advisers bought a new position in Constellium SE (NYSE: CSTM) during the undefined quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 107,583 shares of the industrial products company's stock, valued at approximately $2,644,000. Cetera Investment Advisers owned about 0.08%
Constellium lifts its 2026 outlook as aerospace demand, auto tightness and recycling gains support record EBITDA and free cash flow, even as tailwinds moderate.
CSTM and RYZ both ride aluminum demand, but stronger estimate revisions, share gains and valuation make Constellium stand out.
Constellium SE (CSTM) Q2 2026 Earnings Call Transcript