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Algoma Steel Group Maintained at Buy at Stifel Canada Following Q1 Results; Price Target Kept at C$11.50

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Stifel Canada on Wednesday maintained its buy rating on the shares of Algoma Steel Group (ASTL.TO) and its C$11.50 price target after the company released first-quarter results.

"Algoma's 2Q26 adj. EBITDA (prior to capacity utilization adjustments) of -$111 mm was modestly better than our forecast of -$122 mm. Importantly, net debt exiting 1Q26 was $892 mm, 7.2% below our estimate of $961 mm. Liquidity exiting the quarter was $553 mm, and our FCF forecast between 2Q26E and 4Q26E is $13 mm due to a large tax refund expected in 3Q26E. We continue to believe the company has ample liquidity to last through the next Federal Election in the U.S. (potential tariff relief), and to retain its status as a "champion" that will benefit from Canadian defense spending," analyst Ian Gillies wrote.

(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Price: $7.36, Change: $+0.50, Percent Change: +7.29%

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