Acerinox : Focus on the acquisition of VDM and what of the recovery in Europe and in North America?
>VDM: the opportunity that was not to be missed - We organised the road show for Acerinox’s IR in Paris following, notably, the recent acquisition of the leader in special alloys VDM (€ 97m in EBITDA, i.e. 11% of Acerinox’s 2018-19 sales, 20% of its EBITDA). The opportunistic acquisition of VDM (few qualified buyers) was made at a reasonable price (enterprise value of € 532m, i.e. 2018-19 EV/EBITDA of 5.5x vs 7.8x for Aperam) with a simple integration (plug & play). T...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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