Acerinox S.A.

Acerinox is the parent company of a group engaged in the manufacture and sale of flat and long stainless steel products, and stainless steel wires. Co.'s major products include slabs, billets, black coils, plates, hot-rolled coils, hot-rolled sheets, flat bars, hot-rolled re-bars, hot-rolled black bars, engraved sheets, cold-rolled coils, cold-rolled sheets and circles. Co. also provides long stainless steel products, such as wire rods, angles, hot rolled flat bars, hot rolled re-bars, reinforced bars in coils, cold rolled re-bars, hot rolled black bars, cold drawn bars, and smooth turned bars. In addition, Co. offers wires, welding wire bars, and bars for electrodes.
  • TickerACX
  • ISINES0132105018
  • ExchangeMadrid Stock Exchange
  • SectorIndustrial Metals & Mining
  • CountrySpain
Alain William ...
  • Fatma Agnès Hamdani
  • Jean-François Granjon
  • Jerôme Bodin

ODDO BHF Small & MIDCAP MORNING NEWS - 07/03/2020

Ecology and economic development are often depicted as opposing forces. The European Green Deal pulls off the feat of promoting the former to ensure the latter. Whilst its financing may have raised doubts, the prospect of the € 750bn recovery plan underpins its credibility. Better still, this plan, which proposes for the first time a pooling of debts, is revolutionary. Indeed, for the sectors and stocks concerned, it catalyses the cumulative effects of the additional activity that th...

Alain William ...
  • Fatma Agnès Hamdani
  • Jean-François Granjon
  • Jerôme Bodin

ODDO BHF Small & MIDCAP MORNING NEWS - 03/07/2020

On oppose souvent écologie et développement économique. Le pacte vert européen réussit le tour de force de promouvoir la première pour assurer le second. Si son financement a pu soulever des doutes, la perspective d’adoption du plan de recovery de 750 Md€ renforce sa crédibilité. Mieux, ce plan, qui propose pour la première fois une mutualisation des dettes, est révolutionnaire. En effet, il catalyse pour les secteurs et valeurs concernées, les effets cumulés du supplément d’activité ...

Alain William

Acerinox : Limited decline in EBITDA in Q2 2020 thanks to NAS and the consolidation of VDM

>Mixed performance by division in Q2 2020 - At the Q1 2020 results publication, management had indicated that it was expecting a limiting of the capacity utilisation rate at around 65%, of which 75% in April/ 60% in May and 50% in June. Note that the Bahru (Malaysia) and Colombus (South Africa) production sites were halted in April and have since resumed activity on a moderate base (dependence on Europe and Asia). On our estimates, North American Stainless (NAS, US) m...

Alain William

Acerinox : Une baisse contenue de l’EBITDA au T2 2020 grâce à NAS et à la consolidation de VDM

>Des performances par division à géométrie variable au T2 2020 - Lors de la publication des résultats du T1, le management avait indiqué s’attendre au T2 2020 à une limitation du taux d’utilisation des capacités autour de 65% dont 75% en avril / 60% en mai et 50% en juin. Rappelons que Bahru (Malaisie) et Colombus (Afrique du Sud) ont été arrêtés au mois d’avril et ont repris depuis sur une base modérée (dépendance à l’Europe et à l’Asie). Nous estimons que North Amer...

ACERINOX SA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of ACERINOX SA (ES), a company active in the Steel industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date June 16, 2020, the closing price was EUR 7.42 and its potential was estimated at EUR 8.25.

Jérôme VINERIER

Short term view - ACERINOX : The trend is bearish.

The trend is bearish. The movement goes on. The next target is at €9.705, then €8.300. Passing €11.100 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - ACERINOX : La tendance est baissière.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 9,705 €, puis 8,300 €. Le franchissement de 11,100 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Analyse court terme - ACERINOX : Le mouvement se poursuit.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 9,705 €, puis 8,300 €. Le franchissement de 11,100 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - ACERINOX : The movement goes on.

The trend is bearish. The movement goes on. The next target is at €9.705, then €8.300. Passing €11.100 would question the continuation of the fall.

Jérôme VINERIER

Medium term view - ACERINOX : The trend is bearish.

The trend is bearish. The movement goes on. The next target is at €10.10, then €8.30. Passing €14.34 would question the continuation of the fall.

Alain William

Acerinox : Limited decline in EBITDA in Q2 2020 thanks to NAS and the consolidation of VDM

>Mixed performance by division in Q2 2020 - At the Q1 2020 results publication, management had indicated that it was expecting a limiting of the capacity utilisation rate at around 65%, of which 75% in April/ 60% in May and 50% in June. Note that the Bahru (Malaysia) and Colombus (South Africa) production sites were halted in April and have since resumed activity on a moderate base (dependence on Europe and Asia). On our estimates, North American Stainless (NAS, US) m...

Alain William

Acerinox : Une baisse contenue de l’EBITDA au T2 2020 grâce à NAS et à la consolidation de VDM

>Des performances par division à géométrie variable au T2 2020 - Lors de la publication des résultats du T1, le management avait indiqué s’attendre au T2 2020 à une limitation du taux d’utilisation des capacités autour de 65% dont 75% en avril / 60% en mai et 50% en juin. Rappelons que Bahru (Malaisie) et Colombus (Afrique du Sud) ont été arrêtés au mois d’avril et ont repris depuis sur une base modérée (dépendance à l’Europe et à l’Asie). Nous estimons que North Amer...

Research Department

IBERIAN DAILY 15 JUNE (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACCIONA, ACERINOX, ARCELOR MITTAL, BANKING SECTOR, BANKINTER, IBERDROLA, MÁSMÓVIL, NATURGY, TELEFÓNICA, UNICAJA. MARKETS YESTERDAY AND TODAY Attempt at a rally, with curves ahead The session worsened as it went in most European stock markets, which closed with slight gains following the drops over the past few days. In the Euro STOXX, Basic Materials and Autos showed the best relative performance, compared to Retail and Financial Services, which fell the most. On the macro side, in the euro zone, April’s industrial output fell less than expected to -28.0% YoY. In the UK, April’...

Francisco Rodriguez

ACERINOX: MESSAGES FROM THE COMPANY’S CONFERENCE CALL (ANÁLISIS BANCO SABADELL)

Highlights from today’s virtual roadshow:  Operating performance: The company foresees a “significantly” positive EBITDA level in the 2Q’20 thanks to the stability of prices, the cost-cutting measures and the favourable performance of April. It also expects positive FCF thanks to the good performance of working capital. The situation in the US is robust, and in Europe the company thinks that the protectionist measures will have a greater impact than those implemented thus far, as they are applied from the first ton.  Dividend: The dividend will most likely be paid and only in a catastrophic...

Francisco Rodriguez

ACERINOX: MENSAJES DE LA CONFERENCE CALL CON LA COMPAÑÍA (ANÁLISIS BANCO SABADELL)

De los comentarios en el virtual Roadshow mantenido hoy con la compañía destacamos:  Evolución operativa: Prevén EBITDA “sensiblemente” positivo en 2T’20 gracias a la estabilidad de precios, las medidas de ahorro de costes y un buen mes de abril. También esperan FCF positivo gracias a la favorable evolución del circulante. La situación en EE.UU. es sólida, en Europa creen que las nuevas medidas proteccionistas tendrán más efecto que las implantadas hasta ahora, puesto que se aplican desde la primera tonelada.  Dividendo: El escenario más probable es que el dividendo se pague y sólo en un esc...

Alain William ...
  • Fatma Agnès Hamdani
  • Jean-François Granjon
  • Jerôme Bodin

ODDO BHF Small & MIDCAP MORNING NEWS - 07/03/2020

Ecology and economic development are often depicted as opposing forces. The European Green Deal pulls off the feat of promoting the former to ensure the latter. Whilst its financing may have raised doubts, the prospect of the € 750bn recovery plan underpins its credibility. Better still, this plan, which proposes for the first time a pooling of debts, is revolutionary. Indeed, for the sectors and stocks concerned, it catalyses the cumulative effects of the additional activity that th...

Alain William ...
  • Fatma Agnès Hamdani
  • Jean-François Granjon
  • Jerôme Bodin

ODDO BHF Small & MIDCAP MORNING NEWS - 03/07/2020

On oppose souvent écologie et développement économique. Le pacte vert européen réussit le tour de force de promouvoir la première pour assurer le second. Si son financement a pu soulever des doutes, la perspective d’adoption du plan de recovery de 750 Md€ renforce sa crédibilité. Mieux, ce plan, qui propose pour la première fois une mutualisation des dettes, est révolutionnaire. En effet, il catalyse pour les secteurs et valeurs concernées, les effets cumulés du supplément d’activité ...

Alain William ...
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe Chaput
  • Fatma Agnès Hamdani
  • Hela Zarrouk
  • Nicolas David
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - DETAILED COMMENTS 04/27/2020

...

Alain William ...
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe Chaput
  • Fatma Agnès Hamdani
  • Hela Zarrouk
  • Nicolas David
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 27/04/2020

Dans cette étude nous revenons en détail sur la valorisation d’Encavis après le CMD du 22 avril qui confirme le plan de croissance du groupe « Fast Forward 2025 » annoncé en janvier dernier. Notre nouvelle valorisation à 12.8 € résulte d'une moyenne entre un DCF à 13.0 €, une somme des parties à 12.0 € et une approche par multiples PE à 13.5 €. Nous intégrons désormais une croissance des capacités de 300 MW par an sur 2021-2025 alors que notre ancienne valorisation à 10.0€, basée sur ...

Alain William ...
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Emira Sagaama
  • Fatma Ayachi
  • Jean-François Granjon
  • Jeremy Garnier
  • Martial Descoutures
  • Nicolas Thorez
  • Olfa Taamallah
  • Oussema Denguir
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 04/01/2020

We simulated the impact of COVID-19 on companies in our universe of coverage from an operating viewpoint. Setting target prices is a risky business amid uncertainty and very rapid movements in the financial markets, reacting more to political/sanitary news flow than to corporate disclosures. However, we tried to include the increase in the perceived risk premium and the change in aggregates in our valuations. As the current crisis is set to have radically different impacts on the twen...

ACERINOX SA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of ACERINOX SA (ES), a company active in the Steel industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date June 16, 2020, the closing price was EUR 7.42 and its potential was estimated at EUR 8.25.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Acerinox – AGM 22 April 2020

In item 9, the Board asks for the authority to issue fixed-income instruments, including convertible bonds, with the power to exclude pre-emptive rights for a total amount of up to €3 billion. We have concerns over the possibility to increase the share capital without pre-emptive rights by up to 50%, which largely surpasses ECGS' limit of 10%. Therefore, we recommend opposition.   In item 12, shareholders are called for an annual advisory vote on the Directors' Remuneration Report. Concerns may arise over the lack of disclosure on the non-financial assessment metrics for variable remuneratio...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch