Acerinox : Q2 2020 results will validate the group’s defensive characteristics
>Q1 2020 EBITDA hit by a writedown of stocks - Acerinox generated EBITDA of € 85m in Q1 2020 (vs ODDO BHF: € 95m, consensus: € 94m and Q4 2019: € 112m). This figure includes a negative inventory adjustment of € 16m (sharp fall in nickel prices) and the first effects of the Spanish lockdown measures, which more than offset the 22% increase in deliveries compared to Q4 2019. Note that Q1 EBITDA does not include the contribution of VDM (€ 10m in March).Varyi...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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