Acerinox : Focus sur le rachat de VDM et quid de la reprise en Europe et en Amérique
>VDM : l’opportunité qu’il ne fallait pas manquer - Nous avons organisé le roadshow de l’équipe d’IR d’Acerinox à Paris suite, notamment, à l’acquisition récente du leader des alliages spéciaux VDM (97 M€ d’EBITDA, soit 11% du CA en 2018/19, 20% de l’EBITDA d’Acerinox). Le rachat opportuniste de VDM (peu d’acquéreurs qualifiables) se fait à un prix raisonnable (VE de 532 M€ soit VE/EBITDA 18/19 de 5.5x vs 7.8x pour Aperam) avec une intégration simple (plug & play). La...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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